|
Small Business Resources
My business is niche, tiny, and I need it to grow to be able to support itself finally. I am subsidizing it also by contracting during the day. How do I grow it? How do people decide on "new lines of business" to take on and venture into, without diluting their focus?
Hi Sebastian, Your question actually raises a number of issues. First off, let me congratulate you for your instinct regarding focus. There are far too many entrepreneurs who suffer from what I call "ideatosis"; an affliction that has them jump from idea to idea without ever completing anything. They enjoy the delusion that they are making progress because there is a flurry of activity. What they don't realize is that they are confusing imagination with creativity. I can't tell you the number of times someone has described themselves as being "extremely creative" because they have lots of ideas. Ideation is not the same as creation. Simply put, to be creative one must actually create something. Those who suffer from Ideatosis rarely reach their dreams because they simple never go far enough to fully create the value that lies waiting within their great ideas. You seem to be conscious of this danger, which says a lot about your emotional maturity as an entrepreneur. The other parts of your question are rather large. But here are a few thoughts. One of the questions to consider is how large the niche is. Can it sustain your business in light of competitive issues even if you captured a large part of the niche? If not, then you have to consider whether it is worth remaining in the niche. If there are strategic reasons for remaining in the niche, such as the possibility of getting in the door with key clients with larger needs you can service, then by all means continue and work on your diversification strategy. If the niche is large enough, but you just don't know how to access it, then you need to get to work on your marketing. This is a huge area and I really can't advise you well without knowing who your market is, what marketing activities you have tried, what results have flowed from those activities etc. However, to get you started, you might consider picking up a couple of books. I would recommend Instant Cashflow by Bradley J. Sugars and Guerrilla Marketing by Jay Levinson as great starting points. In terms of expanding your product or service lines, again, there is no single magic bullet. However, the closer the new service is to your existing one, such that it is an add-on or a complement, the easier it will be for your customers to understand your business and your value. If, on the other hand you go from interior design to automotive repair, your customers are likely to be confused and less trusting. If you do wish to launch off into another business entirely, then set it up as a different business with its own brand and own marketing activities. Finally, you may want to come out to something I run called ProfitCLUB, which is a group of entrepreneurs who serve as each others' board of advisors and who receive regular training and coaching by me. If you are interested, drop me a note at warrencoughlin at actioncoach.com Good fortune, Warren
You have a question for our expert Warren Coughlin? You too can
ASK A QUESTION!
|
| Coupons Deals Expired Deals Features Freebies Forums Links Retailer Ratings Marketplace Canadian Price Comparison |
Copyright © 2000 -
RedFlagDeals.com, a division of Clear Sky Media, Inc. All rights reserved.
(Terms of Use, Privacy Policy)
