New Business Opportunities & Diversification

For any small business, this is advice that
should be taken seriously--especially
with the speed of change, in this digital
Hollywood Video and Blockbuster put all
their eggs in the local video rental
You don’t want that to happen to your small
business. The answer is diversification, but it’s
an answer that is much more easily offered
than implemented.
You need to strap the thinking cap on tightly
and tap the most creative minds in your small
Here are some seeds for your brain storms.
Inside the Camp – traditionally companies
look for opportunities inside their current
business and market area.
Outside the Camp – When do you move to
opportunities outside the traditional
business, but within the market area.
Are there products that go along with what you
sell or that your customers purchase from
If so, adapt and tweak your product to include
a service so it appeals to a new targeted group
of users.
Bundle features that will make your service
more appealing to a group of consumers.
Are technological changes beginning to
erode your base? Find out what’s next, don’t
be the last to sense where things are going.
VOIP Business Services
OTT Video Services
Devote part of your business to meeting the
needs of the “early adopters,” and then you’ll
be ready if a major shift occurs.
Are there products or services that go along
with what you do? Can we do more?
Perhaps the local electrician in your small
town is approaching retirement age? If the
service closes, who is going to fill that need.
installation and support services,
Generators, Solar Panels, yes Solar Panels?
Integra Solutions
This might be anything: training, cloud services,
apps, additional gear, monitoring, servicing-;the
possibilities are endless.
Farm tractors and implements feature highly
advanced instruments, but many farmers only use
a small portion of the capabilities in the cab. Is
there a new niche in providing ongoing training
and support for AG equipment along with your
Smart Farm broadband service products.
The most aggressive version of this strategy
is to buy a company that provides services
related to yours.
If you can swing it, this can be a very smart
move, if you diversify your lineup and remove
a potential competitor from the playing field.
Over $100 million dollars earned by home and
repair businesses using Square.
 Accept credit cards, send invoices, and run your
home and repair service from your smartphone
or iPad. On-site repair, or any other service—
 Square can help you simplify your accounting,
manage your whole team, and get you paid right
 If you don’t offer your products over the Internet,
add an e-commerce element to your website. If
you already sell online, sell online more.
If your physical location has been there for
years, remodel to get a new more modern look
at your location.
If you have one physical location, consider
opening a second. Make yourself relevant to
your customers!