This goes back to the old saying, “put all your eggs in one basket and watch the basket.”
Recently I have noticed that more and more small businesses are trying to offer more and more products and services. The reason for the diversification, they tell me, is to appeal to a greater base and thus, hopefully increase their bottom line. The other reason is a hope that one of them will become the magic elixir that will skyrocket the business to national prominence.
In theory this sounds like a good idea, in practice it could result in a total failure.
It takes time to introduce a product or service to the market place. Many small business owners feel pressured if instant success is not achieved. There are several reasons for this thought process: it could be a lack of capital when the business was opened and survival money is disappearing; it could be unreasonable expectations due to a badly developed business plan or the lack of a business plan altogether; it could also be the “nature” of the business founder who’s main strength is generating ideas, not the follow thru.
Too many good ideas for products and services never have a chance to test their acceptance in the market place. Diversification is rarely possible in a one-person business, especially in its first year. Intuition is a very valuable ally; and if a single product or service resulted in the opening of a business, then the idea has merit. A dream was formed; dollars and time were invested in the initial phases of the businesses life. This is the time to have confidence in your own dreams and abilities.
For every “Apple” and “Dell” that experienced worldwide acceptance from a very small start, there are thousands .who either gave up on their dream or didn’t know how to put work clothes on it to make it a reality.
Don’t give up on your dream; take the time to get help to improve your chances of success. Support doesn’t have to be an overwhelming expense. There are ways of paying a coach/mentor such as taking a part of the profits or getting some ownership in the business. The end result is much better than having to close a business.
As an example, I respond to all my calls and always encourage a preliminary hour long, get acquainted meeting with no obligation of either part. Everything from our www.onebizcentral.com small business support website, to our “immediately applicable education session” and our best , live coaching sessions will improve your chances for success.
The ball is in your court, do you want to play?
Nick J. Petra CFP Strategic Duck was founded to help you achieve sustainability and profitability.