You may recall one of my previous posts (4 May 2018) discussed OOPS businesses (Only One Product or Service). So how do you know the right time to diversify your business and develop new offerings? If you listen to your customers and what their problems and issues are, especially if they start to ask you “I need to have some design work done – do you know anyone?” – you can discover new opportunities to develop and diversify your products or services.
There is significant advantage to offering multiple product services and offerings – especially if your market is not big enough to sustain the income that you require. It’s far easier to convert your existing customer to your next product or service then find a completely new customer.
Please ensure you comment below if you have any questions. We’re also keen to hear your ideas on future topics.