There will come a time in your business where you feel ready to add another service offering. To make this successful, there are ten tips to consider before moving ahead.
1) Revisit your business plan. If you don't have one, write one for your business as it currently exists (even a one-page, brief summary will work fine). Compare how your business plan will be the same or different with the addition of this new service.
2) Will this new offering build adequately on what you already have in place? This refers not only to your resources, but also to your own skills and those of your staff. Does this new offering extend further what you've already been doing? Or is it a detour into a new area?
3) Is the addition going to be cost effective? For example, if you're building on what you already have in place, you're probably going deeper into your current market rather than trying to start a whole new business from scratch. Generally speaking, it's almost always going to be more cost effective to add a related service line than it is to start a new one.
4) Have your customers asked you about this or expressed a need for something new? If you regularly consult with your customers you will know what they need and want. If they continually ask you whether you provide a particular service, use this information to guide what you next add to your business. Your bottom line will thank you.
5) If you are a solo professional, how will the new service improve what you're doing now? Will it provide you additional income or additional freedom? Is it an area that is more interesting to you? Just be sure that adding the service is likely to provide you with definable personal benefits otherwise, you might stretch yourself too thin.
6) How will your customers benefit from this new service? If you don't have a built in market for what you're offering be sure to think about what this new service will do for your existing customers. Will it allow you to serve more people? Fewer people? Will it cost less? Are the results going to be better?
7) Ask yourself: Why this and why now? What is driving your decision? Is this the right time to implement this new plan? Timing, sometimes, is the main difference between success and failure.
8) Give adequate notice. Be sure to give your customers adequate notice of these changes if this addition is going to impact your existing customers (as in you might be less available for a while or your prices might increase). Customers are very resilient when they know what's going on and why.
9) Communicate your enthusiasm. If you are excited about a new offering be sure to share this with everyone you know. Once you've decided to go ahead get as much help and support as you can. As the business owner, you have a lot of influence on your customer's view and response to this change.
10) Set some goals and revenue projections for the new offering. Create a marketing plan and decide how you will reach your targets. Measure your results. This will assist you in gauging if you're on the right track.
Most of all, have fun with this process. One of the best parts of owning your own business is that you can make adjustments which make your business better for your customers and yourself.
(c) 2004, Dr. Rachna D. Jain. All rights in all media reserved.
About The Author
Dr. Rachna D. Jain is a sales and marketing consultant to small business owners/solo entrepreneurs who want to make more money and have more fun in their businesses. Check out her daily insights at http://www.salesandmarketingcoach.com/blog
http://www.salesandmarketingcoach.com/blog
Mercedes Benz s500 rentals Salem ..If you don't know what a Virtual Assistant (or VA)... Read More
It has been discussed allowing Franchising companies to electronically disclose... Read More
Multimedia is everywhere on the Internet, whether in the form... Read More
In today's marketplace the words 'job security' have become an... Read More
Completion not Perfection Five Keys To Doubling Your Productivity and... Read More
If you run a pressure washing business it is a... Read More
Franchisors of home based and mobile businesses need to carefully... Read More
When starting a business, you have to determine the method... Read More
The temporary staffing industry continues to expand, with yearly double-digit... Read More
Many mobile car wash operators would like to add de-ionized... Read More
Many investors and business ethics professionals are calling for more... Read More
In the summer, I can't drive two blocks without seeing... Read More
Introduction: This article is written as a general discussion on... Read More
Washing manufactured homes, mobile homes, can be a lucrative and... Read More
Running a business, whether large, small or in your home,... Read More
How is your pipeline structured?I assume most of you have... Read More
If you are a motorcycle detailer and need to expand... Read More
So what exactly is a "Small Business Lone Ranger?" A... Read More
What are the 5 best ways to gain new contacts?There... Read More
Q: I'm curious. What is the dumbest business question you've... Read More
Whether it has been thrust upon you by external market... Read More
Here are some sound debt collection techniques that can be... Read More
Now that you have invested your time, energy and money... Read More
How careful are you with the data you collect from... Read More
If you are the boss and you think your job... Read More
Dowagiac cheap limo service ..Being a small or home-based business owner can be loads... Read More
At one point or another, almost every business runs short... Read More
If you run a pressure washing business it is a... Read More
One of the hidden perks of raising six children is... Read More
If you are in the pressure washing business and are... Read More
Business owners rarely go into business to deal with the... Read More
Last year, trillions of dollars transferred hands on the internet... Read More
First you have to start with knowing your budget and... Read More
How do you make sure you have the business solutions... Read More
Here are just a few ways to increase and diversify... Read More
In a perfect world, starting a small business would be... Read More
Why does research and education play an important part of... Read More
Remember the cleaning business is all about time ratio to... Read More
You can't imagine how many people ask me how I... Read More
Everyone wants to succeed in life. Most people want to... Read More
Unfortunately for all buyers, each selling organization and their individual... Read More
Many times small businesses want to expand their businesses and... Read More
What image do you and your people portray to your... Read More
Part of the power plan is making sure you have... Read More
Cash is the lifeblood of any business. As humans need... Read More
"I don't know the key to success, but the key... Read More
On June 8, 2004, the world witnessed what no one... Read More
Pet Transportation Services are needed as the number of pets... Read More
This year, some 700,000 American businesses will be sold. Most... Read More
Many people ask how many graphs or charts they should... Read More
Small Business |