Sharing Daily Discoveries About Personal Finance And Business Topics

Immediately Diversifying or Waiting

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It was interesting reading some stories about people who dedicated themselves to a specific company or platform as a means to sell their products or services. For the most part they were extremely successful too as they made an above average income. They never saw the need to entertain other company offers or opportunities as everything seemed perfect. Wouldn’t you know it that the company they have been with for years all of a sudden has some kind of policy or business direction change which meant they couldn’t really facilitate these people anymore.

As a result they literally lost their ability to operate their business overnight. To make it worst they didn’t really use other forms of communication so that their current user base will know what happened and where to find them. While you could say they should have diversified right from the beginning I don’t think it is usually that straight forward. Especially when you are starting out you often wan to develop some kind of base as usually that gives you a foundation to expand upon. No different than starting like say a store in your local market and the expanding when it makes sense.

I suppose that is the biggest question. When exactly should you start diversifying your business offerings or presence? There is no easy answer but I would imagine if you are at a point where you can comfortably start investing your funds to expand then maybe you should try it as soon as possible. It’s probably the ideal time too where it’s less risky in the sense of if something doesn’t work you can always go back to what does.


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