Starting a business can be a time-consuming task that could lead you down the path to financial success or utter ruin. For those brave enough to venture out and try to stake their claim in the American dream there are a few things that you can do to help build your business and to diversify your income.
The first is to take your business and see if it is viable for a franchise. With a franchise you will allow others to take your proven business model and reproduce your success with their own businesses. To learn about turning your business into a franchise, consult a franchise attorney about different options and possibilities.
Diversify your products to specific niches. When you have a product that is working why not take a chance and see if you can diversify that same product but target a different demographic or subset of possible clients. An example of this would be a water bottle. All of us drink water and we should drink water when we exercise or do sports. If your company sells water bottles why not consider doing a few minor tweaks to the design to fit the needs of runners, cyclists, climbers and more. When you take a proven product and diversify into other areas you can increase your reach and customer base.
Compete with yourself
One thing in businesspeople tell you not to do is compete with yourself. However, if you do this correctly then you can make a lot of money. Look at Pepsi for example. Pepsi doesn’t just make soda they also own Pizza Hut and a wide assortment of different restaurants. With all of these diversified businesses wouldn’t you think that Pepsi would be spreading itself too thin. No, because they have found small micro businesses that work off a major product that they provide which is soda. Since they mixed in food with the soda, they are getting everyone who is hungry and thirsty.
This is what you should do when looking to expand your business.