Why Business Diversification?
I have been a bit obsessed lately with business diversification and with quite a good reason.
If you own a business I am going to ask you to think about your business in this article. If you don’t then imagine for a moment that you do.
Now, this could be any type of business. It could be a traditional store front or service business such as a retail store, a plumbing company, a contracting business, doctor, lawyer, or maybe a restaurant or other food business. Perhaps it’s an online business doing any number of things, or a network marketing or mlm model. It does not matter which you look at what I am about to share with you is crucial for longevity.
See, I have been observing quite carefully lately some “hidden” trends. We all know we are facing what could be the most trying global economic downturn in recent history. Never has there been a more important time to understand and implement these business diversification strategies.
Why diversifying your business is important
Now Back to you and your business. You have worked hard, maybe even built up something substantial and at times you may have even thought ahhh I can coast a little because of all my hard work.
Then…. along comes the current economic situation. We are not done with it yet, the U.S. Dollar for example is still primed to take a nosedive and when that happens things will get worse not better.
Well.. unless you are prepared.
let me share a little story if I may…
I used to be quite similar to you, the only difference is I mostly had worked as a straight commissioned sales professional (the most misunderstood self-employed group anywhere) for other companies most of my life. However, I earned pretty well (as long as I continued to bring in more sales every month). I managed to do that for nearly 30 years. I spent almost 25 of those years in the floor covering business, and I can honestly say I became fairly good at it and produced at the top of every company I worked for. Many Times I produced well over $100,000 in a month.
Why am I sharing this?
Well, because in about 2006 the construction/housing market began to collapse. There I sat doing great but sitting on a basket of eggs. The operative word being “a” as in 1. Yes, I had all my eggs in one basket! Though I really knew better and knew that diversification in business was crucial I lost site of that.
So what did I do? I fought harder, I worked my way up to a position of ownership so I could build a team and keep more of the profits instead of working for someone else. (this may sound familiar to some of you). Our team worked very hard and built a nice business during very difficult times. Somehow we had hoped things would get better.
By the end of 2011 sales that were well over $1,000,000 per year were less than $400,000 and the overhead was taking it’s toll. I still sell flooring today, it’s almost like it is in my blood, but…
Now I am VERY Focused on business diversification strategies. Why some of you might ask?
Simply put, the current business environment coupled with stressful economic conditions have consumers completely changing their buying habits. There are obvious changes, but the hidden trends are things such as focusing on there own survival by maybe starting up their own home based business for example. maybe investing in their education or learning instead of buying new carpet for another. Perhaps you get this point?
The thing is NO business of any kind is immune to this and that is why I have discovered specific business diversification strategies.
Diversifying business strategies
Here is the core of my simple strategies.
- Find a minimum of 4-5 different business fields to diversify to
- Make sure at least half of them can be conducted online
- Make sure that all of them can be marketed successfully online
- Be sure that no more than two of them are in similar industries
- Make sure at least 2 of them include ways to establish residual income
In another post I am sharing the must do steps for successful business diversification. This will tell how to avoid becoming overwhelmed or losing focus on any one business. Many people believe trying to build more than one business causes one to lose focus and hurt their success. I will show how to make it happen.
The simplest road to diversification in business
For now I would like to propose what I have found to be what might turn out to be the best business diversification tool in history. That’s right, I believe this could be the one vehicle that will make this all so simple that nearly anyone can do it. Frankly everyone should and if you don’t I fear what is coming next will take you down and I do not wish to see that happen to you or anyone else.
If you are concerned about or do not know how to market your business online you will find priceless insights and get step by step assistance by signing up for theperfect lead machine system.
“May All Your Endeavors Be Blessed”
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