Many businesses today are looking to expand. One means of expansion is by offering additional products and services. This is an acceptable avenue to gain customers’ interest and purchasing power for an existing company. Such a development can be a money-maker when it is well-thought out, and appropriate market research concludes the customers are there. There are many opportunities to expand in the coming year; always be on the lookout for popular trends small businesses might follow.
Opportunities to Grow
Many opportunities for expansion exist, such as the hairdresser selling not only hair care products, but also makeup and nail products. A roofing company might expand into the installation of solar panels. Most existing businesses can diversify by beginning to layer services, while staying within their client base.
Expand Landscaping Services to Include Hardscape Features
An example of a particularly compatible means of layering services is for the local landscaping company. Already diverse, most landscape companies plant, mow, and fertilize lawns, while preparing planting areas for flower beds and gardens. Their professionals plant and maintain the landscape. Many of these companies also plant trees and shrubs and maintain their health, taking care of pruning and pest control.
Using similar skill sets, many larger companies build and install hardscape items for the properties, such as patios, pergolas and arbors. A more recent trend in the industry is that of creating outdoor rooms; taking outdoor space and turning it into a series of outdoor living areas. An example of this would be turning a normal grill area into a fully-equipped outdoor kitchen, filled with a stove, counters, and outdoor cabinetry. A wide range of materials are involved in these installations, and the landscape company may become an affiliated dealer with lumber, stone, and even appliance companies.
Outdoor kitchens, bars, and seating areas are increasingly trendy. Often, homeowners wish to extend their outdoor family life and entertaining into the colder season by adding an outdoor fire pit or fireplace. The innovative landscaper can concentrate on becoming a full-service company by offering products such as those mentioned and learning how to install them. This type of work fits seamlessly into the groundskeeping work the company already provides.
Are Your Employees Ready?
These are genuine ways to layer services if you have the proper personnel, expertise and the time. Becoming a full-service company need not become complicated when more products are added if managers are on top of product trends to help make such an undertaking successful. Be sure to notify your top people before instituting expansion and changes. They’re more likely to cooperate when they are informed.
Even the smaller, one or two-person landscaping businesses can expand their offerings into services such as pressure-washing, trash-hauling and building clean-out.
Research Your Market Before Adding Products
Don’t just jump into ordering a new product line. Ask existing customers about their interest in products you want to offer. Be sure to remember any requests for something different, any product or service they might have requested.
If you communicate with your client base by email, send a survey to learn about their interests. Numerous companies online are set up to assist with this type of research. Learn about new products your competitors offer successfully, with a little spy mission, also available on the internet.
However, make sure the research is done and confirm that the market is there in your particular situation before you begin offering additional products and services.