Diversification of revenues provides financial stability for your company, reduces business risk, and makes your business infinitely more marketable when it comes time to sell.
The benefit of diversification is that it enables businesses to maximize their use of resources and fully realize their potential. You might only be able to diversify horizontally, by adding a new product or service to appeal to your current customer base.
Successful diversification can help you expand without spending more or hiring extra staff
The ideal scenario for any business is to be able to expand income without increasing your outgoings. Diversification of your revenue streams is a good way to achieve this, because (as I mentioned above) it can be more about using wasted resources than investing more money into the business. Depending on the type of diversification possible, it can either help you tap into exciting new markets to take advantage of high growth potential or it can simply fill a niche that satisfies your existing customer base. But both ends of this approach will help you grow the business with very little added investment.
Stability—less risk with revenue
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You can expand your business without increasing your team, as you will be utilizing and leveraging existing resources that would’ve otherwise been wasted.
The top reasons why you want to have multiple streams of income in your business:
1. Withstanding economic downturns
If an industry or sector is facing a downturn and sales start to decline; as a result, you protect your business and add a layer of insurance by having other revenue sources to fall back on, which allows the company to continue moving forward.
2. Playing offence is better than playing defense
Creativity and innovation require clarity and confidence and those can become more difficult to possess when your business is in fight or flight mode. Having other streams of income gives you the mental and emotional space to strategically pave the way forward with clarity and confidence, even when one branch of the business may be suffering.
3. Expands visibility & market reach
Having more than one revenue stream in your business increases your visibility in different markets and can act as a feeder system to other sectors within your business’s framework. It can also help drive word of mouth marketing as one customer who experiences a product or service can share with someone they know who may be interested in a different product or service under your overarching banner.
“entrepreneurs innovate, customers validate.”
if you closely observe the jobs they are trying to get done and the obstacles they face, and truly understand the pain they are feeling, you are now well positioned to create an innovative hypothesis to solve that pain.22”
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