5 Ways To Expand Your Business Portfolio
By Space Coast Daily // August 17, 2022
You’ve spent the past few years building up your business and getting it ready to grow. That’s great! But you’re probably wondering how you can take things to the next level.
There’s no question that having a diversified business portfolio is vital for any business owner. But how do you expand your business beyond what you’re currently doing? Here are five tips to get you started.
Networking is a great way to expand your business portfolio. You can network with other professionals with different skills and experiences than you, allowing you to expand your client base and offer more services in your niche. You can also network with people who share common interests and who might be able to refer clients or partners that fit well with your company’s needs.
Networking is a great way to get new ideas. One of the best things about networking is that it’s always available—there are many meet-ups, conferences, and events happening every day around the world that are easy for anyone with an Internet connection to attend live or watch online later on if they cannot make it at the time.
2. Adding a New Revenue Stream
The “how” of adding a new revenue stream is the same as that for all other additions to your business: identify, research, and implement.
The first step is determining what kind of revenue you’re looking for. There are many different types of streams—some common ones include subscriptions, ads, and upsells (selling customers more than they initially purchased).
An excellent place to start searching for ideas is Google Adwords or Facebook Ads Manager; both platforms allow users to create ads based on any keyword or phrase they want. From there, it’s just a matter of testing out various combinations until you find something that works well within the parameters set by your budget and target audience’s preferences.
3. Lateral Moves
You may be an excellent fit for another position in your company or even another company. If you’re not sure where to look, come up with a list of companies that have similar values and practices as yours. Then, figure out the titles of some jobs that interest you and search LinkedIn for those positions.
If you feel like it’s time to move on from your current job but don’t want to take on the risk associated with starting a new business venture, consider moving into something completely different (but still related) within your field.
Remember that lateral moves don’t necessarily mean moving up or down; they can also mean moving sideways into a different position within the same industry—such as switching from working as an agent at an agency called “Insurance Agency” over to working at another agency called “Home Insurance Agency.”
4. Invest in Startups
There are plenty of ways you can invest your time and money in start-ups. If you’re looking for companies with a positive impact on the world, consider investing in those focusing on renewable energy or recycling.
If you want to support startups that have great teams, consider angel investing in companies where the founders have been successful before (such as Airbnb). You can also look for businesses that align with your values and interests, such as organic food delivery services or ethical fashion retailers.
5. Buying a Franchise
Franchising is an excellent option if you want to grow a business but don’t want the burden of finding a new location and hiring employees. When you buy into a franchise, you’re buying into an established business that’s been successful in other areas.
Franchising allows you to leverage a parent company’s proven business model and ongoing support while working independently with minimal financial risk. The franchisor has already done most of the heavy lifting when it comes to creating a successful business, so all you have to do is reap the rewards.
For example, let’s say you have an established residential cleaning business, and now you want to expand to the commercial side of the business. You could buy a commercial janitorial franchise that’s already proven successful, or you could start from scratch. If you buy into a franchise, you’ll be able to leverage the parent company’s established brand, ongoing support, and strong reputation within the industry.
Expanding Your Business Portfolio Will Help You Stay Ahead of the Curve
If you want to stay ahead of the curve, then it’s important you expand your business portfolio. You can buy into a franchise, expand your business with an affiliate program, or start your brand from scratch. The key is to find the right opportunity for you and your business to make the most of it while increasing your chances of success. We hope that these tips help you achieve your business goals, whether to grow your company or keep up with the competition.