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
same or different with
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
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
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
service is likely to provide you with definable personal benefits otherwise, you might stretch yourself too thin.