Saturday, February 5, 2011

Finding Spin-Offs to Your Business

Do not limit yourself to just one product, service, or business.
     Sometimes a home business can offer more opportunities than just one business.

Options for you to consider.
Spin-offs: Polly made different brands of potpourri mixes to be sold in various sewn items. She loved the
fragrances so much that she decide to incorporate them into creating handmade soaps which she sells to various craft and gift shops.

One for profit, One for Your Passion: Regina uses one home business to help her fund another. She cleans homes during the
week and on the weekends sells her own specially-designed jewelry at artisan shows and specialty shops which fulfills her creative outlets.

Seasonal: One woman featured in a business magazine has three businesses based on her area: She is a ski instructor in the winter months; grows fresh herbs to sell to restaurants; and makes flavored vinegars which she sells to gourmet cooking shops.
Here are some tips in handling multiple ventures:

*Keep each business completely separate (even if they are related) especially with your records, advertising, accounts, etc. Consult regularly with your accountant to monitor your financial statements.

*Have a separate business plan for each venture including short-and-long-range goals, market research and planning,  and review them regularly.

*Contract with a home-based, virtual assistant for a few hours a week to help you keep up-to-date with correspondence so you can concentrate on the business’ services, production and marketing.

*Use customer feedback and market research to (1) improve and expand each business and (2) possibly find lucrative spin-offs in these businesses, also.
     As I tell women in my business workshops, one man in my community has eighteen businesses, so why not you someday?

SIDEBAR: Six Ways to Find Spin-Offs in Your Current Business(es)

1. Self-publish your expertise in books, booklets, or publications. People love to read success tips by someone who has “made it.” Offer these for sale especially in your industry. Patricia Gallagher ran a successful at-home day care business and then put her practical experiences into a book which she sold to two different publishers.
2. Create software of templates, mini-programs, or training manuals for other entrepreneurs in your industry based on your experiences.
3. Offer yourself as a workshop leader, keynote speaker, or panel participant for industry conferences.
4. At the end of the talks, or for persons who are not able to attend conferences, offer audio or videotapes or transcripts of the tapes.
5. Write articles (online social sites or through print-media) and/or columns in industry or consumer publications that will reach your target audiences.
6. Look to see if your local cable or radio show will allow you to have a regular show about on your expertise.

Next post: Avoiding Home-Business Scams

No comments:

Post a Comment