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Entrepreneurs--Don't Put All Your Eggs In One Basket

No doubt many times you have heard the expression "don't put all your eggs in one basket." However, for entrepreneurs that could mean the difference between making or losing a sale. In previous articles of this blog I have discussed different types of businesses you might look into to make money when unemployed.  Here though is an additional aspect to consider when starting your own business: diversify!  Yes, diversity is the name of the game in this challenging economic environment that becomes increasingly competitive each day.  So what does it mean to diversify?

Basically, when you diversify you offer or create variety of your product or service. The more things you offer your customer means they will get more for their money. That's a win for them.  As such, you also have a greater chance of hitting something they need or want.  Of course, never sacrifice quality. Remember, quality and price can and should be brothers. How then do you diversify?

Keep it simple.  Once you have started your small business and interchange with your customers, you will see what additional things they may be looking for. Realistically look at your abilities, talents, cost factors, and time involvement when determining your next direction.  You could have a trial-run with a few customers to determine if it is a money maker and something you could enthusiastically support. If it drains too much from your original intent of your business or doesn't feel right, you'll know not to launch the additional service or product.

Here are some examples of diversification:
  • dog walking combined with house sitting and shopping
  • house cleaning combined with shopping
  • house painting combined with power washing
  • companion care combined with dog sitting or dog walking
  • accounting service combined with notary service
  • lunch deliveries combined with homemade bake goods
  • car wash combined with pick-up and delivery services
  • wedding planning combined with center piece arrangements
  • wedding cakes combined with cookies for wedding or family
  • private car detailing combined with grass cutting
One of the best examples of diversification is Handy.com, a cleaning service based in NYC. This company has an excellent web site for booking and explaining their services.  Their extra services include deeper cleaning of specific areas in the home that are not part of most general cleaning services.  Learn from others how they have diversified.  You don't always need to re-invent the wheel.

Hopefully, you get the idea.  In addition, do not forget to check with your local authorities to make sure you are meeting all legal and licensing requirements.  Get your thinking caps on and get busy with diversification.