If you’ve been in business a while, you may have reached the top of your growth curve unless you find a way to diversify your offerings. If you want to keep growing, you’ll need to find a way to offer more to current customers or offer more to a new audience. There are various ways to diversify your business offers that make sense.
Fill in the Gaps
When you organize your products in order from entry level to highest cost products, can you identify any gaps in your offerings? For example, your income stream might look like this: website/blog, affiliate products, your own products, and courses and training. You could then add in coaching and memberships to the mix successfully.
Open Other Locations
If you have a business focused on one location (whether digital or brick and mortar) and it’s profitable, figure out if your business is duplicable. For example if you’ve written one book, why wouldn’t another book do as well? If you have one store in the north side of town, can you open another in the south side?
Teach Others to Do What You Do
If you’ve made a good business for yourself and it’s something other people can do, you can create a course to teach others how to do it. You can then even help them set up the entire business.
Create a Joint Venture
Working with someone who sells complementary products or services can help you get new ideas for more products. Breathing new life into your business with a new person involved can help you become more creative.
Sell Complementary Products/Services
For example, if you sell a course to build WordPress websites, you can offer a done-for-you opportunity to that same audience. They may then decide, even upon learning how to do it, that they’d rather pay someone.
Write a Book
A really great way to offer a new product or service is to write a book. Once your book is published you can use the book as the start of a course, speaking circuit, how to and more.
Join the Speaking Circuit
A great way to diversify is to create a speech or talk and join the speaking circuit. When you start speaking to audiences you’ll find new offerings start coming to your mind, as you try to give the audience what they need and want.
Expand Your Target Market
Another way to diversify is to find another target market. For example, if you have training for moms to learn to work from home, you could rebrand the same training with a few tweaks for almost anyone if you take out the mom part. For example, you could rebrand it as ways for retirees to work from home.
When you think about your offerings today, you should be able to organize them in a way that makes it easy to figure out where you have gaps and where you can expand and do more. You’ll increase your profit and grow your business smart if you give this a lot of thought and research.