How to Grow Your Small Business Through Diversification

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Taking your small business to the next level can be a great challenge and time consuming. The growth of business through diversification which is simply adding variety to it to provide your customers several choices when they come to buy from you can be a way of ensuring a speedy growth. It’s just a way of assuring your customers that you can provide them different options to choose from and make their shopping a great fun.

We are going to consider what and what you could add to your small business to provide variety irrespective of the area you have chosen to ply your trade. So the areas we are going to look at would fare better if we consider the possibility of adding extra flavour to whatever services or products we offer our customers.

Baking materials:

If you choose to sell baking flour for example, you should be aware that your customers who come to buy flour would not use the flour alone to bake bread, meat pie, fish roll, sandwich, doughnuts, gala, etc; they are going to need other things to make the baking process complete. Therefore you need to add sugar, baking powder, butter, groundnut oil, Soya oil, canola oil, yeast, iced/fresh fish, vanilla, icing sugar, etc. When you add these, any baker who comes to your shop would be happy to find nearly everything he requires to bake his snack and would never go back without buying at least an item from you. This is a way of ensuring the growth of your business through diversification.

Foodstuff:

Selling of foodstuff as a small business owner also means you have to get what the customer would have in mind before coming to your shop. If the customer is coming to buy garri (processed cassava), there is the tendency that he/she would also need things for soup; which means that items like palm oil, pepper, maggi, crayfish, stockfish, dry fish, meat, onions, melon, okra, vegetables, etc. to prepare soup for the garri meal should be added to your stock. It would therefore not make sense to adhere to selling only garri and keep your customers looking for where to get ingredients for soup. Adding these other items would make your buyers spend more money whenever they come to your shop because you are able to provide them with diversity.

Moreover, selling rice would also mean you have to consider having tinned tomatoes, onions, fresh pepper, groundnut oil, sardine, geisha, thyme, curry, corned beef, beef, etc. because they would be needed for stew.

Restaurant:

Do you own a restaurant? What do you want to offer your customers? Selling cooked food like rice, beans, garri, pounded yam, fried plantain, etc and adding other varieties like pepper soup, soft drinks, fruits, snacks, etc makes your customer enjoy coming back to your restaurant since they are sure of good treat each time they come around.

Boutique:

If you are into selling of clothes, you must try to accommodate both sexes by selling both male and female wears. In addition, consider adding shoes, sandals, canvas, fez caps, handkerchiefs, neckties, wrist watches, trinkets, etc. because they would be needed to complement the dressing.

Business centre:

Running a business centre demands that you provide extra products like printer inks, flash drives, cables, printing papers, and even recharge cards. Adding snacks may not be bad idea as some of your customers who stay longer to get their jobs done may get hungry in the process and need the snacks and soft drinks.

Adding diversification to your small business ensures that you are able to provide your customers with more services or more products to choose from each time they come to your shop. By so doing, you make their shopping a sweet experience, and also make more profit for yourself in the process. With more buyers coming to you daily, there is a better prospect for your business, and the more they patronize you the more your small business grows.

Growth of business through diversification is guaranteed when you provide your customers with variety to choose from when doing business with you.


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      April 23, 2013

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