Does your business have ONE major referral source? Do you offer ONE service? Do you have ONE type of target client? This little post is for you!
Part of being a super entrepreneur is ensuring you and your business can handle changes. Life happens. (And this year, things have felt more uncertain and unpredictable than ever.)
To be best prepared, it’s smart to diversify important aspects of your business.
Here are some of the top aspects to consider when deciding if you should look into diversifying:
- Do you offer one service? If so, how stable is the need for it?
- If one of your services was no longer viable, would your business be okay? How likely would this scenario be? (For example, for some of us, the outdoor services we’ve been offering since COVID will become a challenge with colder months ahead.
- Referral sources
- How many referral sources do you have?
- Would losing any one referral source be a significant blow to your business? Do any of them contribute a pretty significant percentage of your business?
- Marketing strategies
- How many different ways do you market your business?
- Think about how you market to current clients, like email newsletters, private Facebook groups, etc., as well as how you reach out to potential clients, like Google or Facebook ads.
Thinking about these things is a great way to be prepared and smartly run your business.
Coming in October and November, you’ll hear much more from us on how to decide if you need to diversify, and how to do it! Keep your eyes open in the DTU Facebook group for an upcoming presentation date!