4 Questions to Ask Before Diversifying a Business
Diversification is a great way to catapult your existing business. The decision on which business opportunity to grab onto, however, can be tough.
As you narrow down a shortlist of contenders for your business opportunities, you get into the deep research phase known as “discovery.” Here is where you need to dive below the surface to truly ascertain if there is a good fit between you and the business you are considering. You will need to understand more than just the numbers. This is also the time to look at things that are less tangible, like how you fit in with the vision, the culture and the leadership.
The following questions can help in your discovery phase and as you get closer to deciding which business opportunity would be right for you:
- Am I comfortable with the existing culture and value systems? This is a deal-breaker. It’s often overlooked as investors focus on numbers, market share and revenue potential. The importance of being aligned in areas like leadership styles, communication optimization and culture cannot be downplayed. So, it’s imperative that you ask lots of questions and get a handle on culture and values before you make your final decision.
- Am I ready and willing to share in the collective success of a network of business owners, sharing financial and operational best practices? Like with most things in life, your commitment determines your success. As a business owner, you join a team. It is important to make sure you sync up with this team before investing.
- Do the current resources give me a distinct benefit, am I receptive to changes in marketing and technology, and am I open to new learning? Marketing and technology are the driving forces of any successful business. Every business has a different model for its use of tech and marketing. As part of your discovery phase, it is important to make sure that you will be able to get up to speed and embrace the marketing and technology tools that your business utilizes. You will want to choose wisely. Many opportunities include initial training for business owners who are then left to manage it on their own.
- Do the current business owners’ stories align (professionally and personally) with what I am seeking? Your working relationship with other business owners in the network is also a key piece to your success. Professional rapport and personal interaction will help you leverage the collective knowledge of the network to get the most out of the business system and find success in your business engagement.
Founded in 1988, Plainfield, Illinois-based Pet Butler has been providing professional pet waste clean-up and removal services for over 30 years. Pet Butler is an attractive opportunity for existing pet industry business owners who want to diversify their business strategy and increase the long-term value, while aligning themselves to a business model with healthy profit margins, industry-leading business and marketing intelligence, recurring revenue and the ongoing support of a dedicated business consultant. To start a conversation, contact Mark Potocki at firstname.lastname@example.org or 844-777-8608.