Monday, 13 February 2017
When diversification should be considered
Hello readers, hope you are doing good. I guess you all missed me. I am back now, sorry for not delivering articles for a while. So today I will be writing about diversification. This time around I will be advising you on when you should diversify your products. It sounds interesting, right? Here they are.
You should diversify your products when the products you sell is only useful during a particular period. Thus, your products only satisfy seasonal needs. It brings you seasonal income, as such, diversify your products so that you can start receiving some regular income.
You should also diversify your products if you want to expand your business, as diversification will make you enter a new market or increase the amount of product your present customers do buy.
You should also diversify your products, if you know that your present product will sell more when you do. Complementary products will help your present product sell more.
If the income you receive from your present product is not enough, you can consider diversification as it will help you expand your market thus bringing you more income.
In all, your present product must be stable before you consider diversification. Thanks for reading this article. Keep checking out my blog regularly. Like my page on facebook. Cheers!