Many of you reading this, would have either started your business or being in business for a few years, although there will be some who this can be shared with who are considering starting a business.
I know there will be several people who will read this and debate the process I will talk about, and like anything in business, you need to find the method that works for your business.
Often we talk about Niche and your business, if you niche your business owner it can be a way to differentiate you between you and your competition which can be a bonus.
When we niche our business we either niche as far as the services or products we provide or by the potential client in which we target in our marketing.
Whilst when you first start your business understanding how to Niche your business idea can be beneficial, as this also helps you get a name within the business industry which helps with your reputation, of course this depends on your background.
However, please ensure you have the availability to offer other services, products, and can work with other industries, or other potential client base, to ensure you will always have work.
Think it is one thing we have learnt from this current Health Pandemic, also known as COVID-19, is any industry or business can be shut down basically over night, and with no fault of your own, it is just one of things which legislation can affect your business.
In my circumstances, as a small business mentor, the clients i had back in March, I was doing okay, however as the world started closing down, many of my clients, cancelled their service, as they wanted to save their money for a month or two just to see what was going to happen.
I started thinking, wow there goes some of my work, what will I do, then I thought well whilst it is not money coming, in, I have wanted to offer a training service to business owners I thought I could use the time for that, although it did not bring money in, so this was a slightly concern.
However, within a week, I have other business owners talking to me about Business Continuity Plans which was something else I knew about, I was able to help business owners to quickly test and evaluate their Business Continuity Plans and then look at implementing them. This went on for a few weeks, which was a relief as it starting bringing money in again.
I then looked at my calendar and bookings were looking a little lacking at the times, and I was starting to think what will I do. I was then fortunate enough to have the phone ringing again for Security Advice and Risk Management work in Victoria as I am a licensed Security Advisor in the State, so again I knew their was money coming in.
I fortunate that the rest of the country outside Victoria, starting opening up again, and I was able to pick up a few interstate mentoring clients, which was a relief again.
The moral of the story, is take any opportunity you can in life, especially when it comes to training and development, as you never know when that training will be useful, or even if it learning more about products and the type of products which will go with your other products, and you can sell as a package, just learn and learn.
Often in business the owners will see Training and Development as an expense rather than an investment in your business, and you never know at some point in the future it will pay for itself. It is amazing what you can achieve even with the extra little bit of training and development.
Good luck in your business, however if you can think of different services/ products with your business before you start it might even help with the name you choose. It was was on the reason I chose Business Services as part of my Business name at the time, was because it is a service and I can add any service to what I offer, without it affecting the name as such…….Although many do ask what does Business Services mean- especially if they think of the term of car services.
Please if you are unsure on what other products or services you can add to your business, think about speaking with your Business Mentor, Business Coach about it, and they will be able to help you complete a SWOT analysis, and guide you in the direction to take.