An age old business question, should you stick to one product or service and devote all your energy to making it successful, or should you diversify and offer several services or products?
My answer is “to do what you do well”. if your diversification is such that you can either watch over it yourself or have people under you that care about your product or service, that multiple products and services are good. It is only a bad idea when you take away from serving you current clients in order to expand your lie of services and products.
With one of my favorite quotes “change is the only constant in our lives”, I believe that growth is necessary and that could mean expanding the offerings of your current product or service or adding new services or products. People are no longer going to buy 10 inch black and white TV’s, and if that is what you are selling that you have a problem.
Apple is an awesome example of diversification under the umbrella of technology. Their multiple lines of products are all inter-related with the goal of providing the most advanced computers, telephones, i-pods, etc. They proved that music, telephones and computers can be mixed in such a way as to create a world wide demand for their product, which, in essence is a combination of existing products.
Re-invent your current business, if possible, or add new, related products or services that you can offer to your existing client base.
when you choose a business that is with the trend , it’s like floating downhill with the current towards a successful future.
Have a great day!