Diversify Your Business

There's a reason farmers grow more than one crop,restaurants offer menus and cats have nine lives. In business andlife, success is often a numbers game, where more is more, notless. One sole successful revenue stream might bring in enough tosupport a company, but depending on it as your only source isincredibly risky. So what do you do? Start where you're mostsuccessful by making sure your revenue streams are related. Forexample, if you manufacture umbrellas, it makes sense to start aline of galoshes, rain coats and then perhaps winter coats andgloves. Need more ideas? Open a branch location. Acquire anotherbusiness. Find new markets Franchise your business. Expandinternationally. The list of possibilities is endless. But nomatter how you do it, start looking now. If your business has asuccessful product or service, you can diversify.