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.

Related Articles
. Choose Your Path to Business Growth
. Is It Time to Pour More Money Into Your Business?
. Instant Growth Through Mergers and Acquistions

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.