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Diversify Your Business

It's one way to ensure your business keeps growing.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

There's a reason farmers grow more than one crop, restaurants offer menus and cats have nine lives. In business and life, success is often a numbers game, where more is more, not less. One sole successful revenue stream might bring in enough to support a company, but depending on it as your only source is incredibly risky. So what do you do? Start where you're most successful by making sure your revenue streams are related. For example, if you manufacture umbrellas, it makes sense to start a line of galoshes, rain coats and then perhaps winter coats and gloves. Need more ideas? Open a branch location. Acquire another business. Find new markets Franchise your business. Expand internationally. The list of possibilities is endless. But no matter how you do it, start looking now. If your business has a successful product or service, you can diversify.

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