Diversifying your business

Unexpected change can knock any business off its feet. When you're running your own business, it can feel as though the obstacles are overwhelming. However, the good news is that there are things you can do to diversify. In this article, I explore how you can turn obstacles into opportunities, which is my specialism as a coach and trainer.

As humans, we get used to doing things a certain way and, if a system works, why change it? If we do what we've always done and get good results, it makes sense to keep doing it.

However, when circumstances change, it often requires a different way of thinking. We may need to develop new skills, rethink how our business operates and explore new ways of creating sustainable income.

There are many ways we can adapt and become more flexible with our businesses. Let's explore what that could mean for you.

The Oxford Dictionary describes the word 'diversify' as 'to make or become more diverse or varied' and, in the case of a business, to 'enlarge or vary its range of products or field of operation'.

I have put together nine tips to help you diversify your business.

1. Get creative and branch out

We can change the products or services we offer to our clients. We can expand to provide additional services or offer the same products in a different way.

Think about how you might deliver your expertise in a different format.

Have your customers ever asked for something you didn't have the time or confidence to develop?

Is there a way you can continue providing your specialist knowledge but in a different format, to a wider audience or even internationally?

This might be the time to take that risk and branch out.

2. Understand the added value you provide

Have a think about what you're known for and what makes your business stand out.

It can help to work out what people really gain from your products or services.

I was once told the story of a café in London that thought it was selling refreshments. Whilst it was selling drinks, people were really visiting because they needed somewhere free to meet and network. The real value wasn't just the coffee; it was the space.

Take a jewellery business, for example. You might think they're selling jewellery, but perhaps they're really helping customers make someone they love feel special.

Think about what you're really selling. What does your business enable people to do, feel or achieve? Understanding that can help you discover new ways to deliver the same outcome.

3. Target differently

You may be able to keep the same products or services while reaching a different audience.

Think about who your current clients are, what they value and who else might benefit from what you offer.

Sometimes even a small change in how you deliver your service can open up entirely new audiences.

4. Build positive networks

A successful business is rarely built alone.

Referrals, recommendations and collaboration all play an important part in helping businesses grow.

Ask yourself:

• What does my network look like today?
• What would I like it to look like?
• Who helps me think differently?
• Who encourages me?
• Who recommends my business?
• Who could introduce me to new opportunities?

Collaboration with other businesses can also create exciting opportunities. Some of the most innovative ideas often emerge when people work together.

5. Keep learning

We are responsible for our own continuous professional development. Coaching, training, books, podcasts and tutorials can all help generate fresh ideas for your business.

Complete a skills inventory.

• What strengths do you already have?
• Which are transferable?
• What new skills would help move your business forward?

Then create a plan for developing them.

6. Believe in yourself and have a vision

We can sometimes lose sight of why we started our business.

Ask yourself:

• What strengthens your self-belief?
• What values sit at the heart of your business?
• What type of work gives you the greatest sense of fulfilment?

The qualities that encouraged you to start your business are often the same qualities that will help you adapt when circumstances change.

Never lose sight of your vision.

7. Move outside your comfort zone

Diversifying often means trying something unfamiliar.

Be kind to yourself during the process.

Meet with others and bounce ideas around.

When you're brainstorming, don't worry too much about the quality of your ideas initially. Focus on quantity first and then refine them.

Sometimes the ideas that seem the most unusual become the most successful.

Choose one idea that stretches you and put it into action.

Over time, what once felt uncomfortable gradually becomes your new comfort zone.

8. Get inspired

Take a look at what others in your industry are doing.

You don't need to copy them, but you may find inspiration that you can adapt in your own unique way.

Think about who inspires you.

What qualities do they demonstrate?

How do they communicate?

How do they continue to evolve?

Community and connection remain important to many customers.

How can you create an experience that people genuinely value?

9. See the bigger picture

I was recently talking with a business owner who said that, during a challenging period, they had to "take a step back and see the bigger picture."

What are your long-term goals?

Which decisions today will help move you towards them while keeping your business sustainable?

When change happens, it's easy to feel like a rabbit caught in the headlights.

However, when we take time to think beyond today's challenge and consider the long-term direction of our business, it becomes much easier to move forward with confidence.