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  1. remnant

    remnant Entrepreneur

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    Most people launch into business with a vision to expand them in size and scope. But this is easier said than done due to limiting factors like competition, slow microeconomic environment and unsustainable operational costs. Research shows that only a small percentage of businesses survive beyond 5 years. One effective method to cushion your business from folding up is to introduce services and products related to the niche you are in. For example if you sell paint, you can start a painter recruitment service.
     

  2. Nancy

    Nancy Entrepreneur

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    A niche is the way to go!! With my contract embroidery business I specialized in sports lettering and did well. Find an untapped market (niche) and go for it!!
     
  3. Valerie

    Valerie Entrepreneur

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    Huh, I like that idea. It sounds very similar to what a mentor of mine has done. He wanted to build a dance school, but a dance school alone is very challenging to make. You have to find the right dancers, promote, and work in the red zone for a good portion of the year. Finally, he decided that the best way to recruit instructors and students was to put on shows that featured his choreography and teaching style.

    The idea took off. Now he's running a dancer dispatch service, co-founded a modeling agency, and does freelance work for commercials while operating his dance school. It's amazing. All these little facets of the entertainment business gave him different building blocks to stack, knock down, and rebuild. His business model is always evolving, but he doesn't have to worry about losing too much profit because he still has the underlying cushion: the loyalty of students and coworkers.
     
  4. ruener79

    ruener79 Entrepreneur

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    I think the general idea here is to be INNOVATIVE. This is key in business, I think. You're lucky if you are the only player in the market. But truth is, there will always be competition. You may be the first to start, but sometime in the future, a competition will emerge. Thus, it's important to know how to innovate; how to set your business apart from the others. The suggestion made by remnant is one way to innovate. It truly is nice to not limit your products and services offerings. However, this must be done with caution. Don't overreach too much.
     
  5. Alaine

    Alaine Entrepreneur

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    You also have to be willing and ready to "branch out" any time you see a business opportunity that can be profitable. Often competition will ensure that you make less and less money and to stay one step ahead of your competitors you have to do what no one else is doing. But I do like the OP's idea. If you provide better services than everyone else then it will be hard for competitors to steal many of your customers.
     
  6. Corazon

    Corazon Entrepreneur

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    As of now, the only start up cushion I can think of are prospective business partners. If the business goes well then there's no problem. But when the business experiences tough times in the financial side, business partners can come in with added capital. Particularly those investors inside your circle, relatives and friends, I'm sure they would be willing to provide their financial support to your business. However, I understand that they should believe in you and in your business as well.
     
  7. T J Tutor

    T J Tutor Entrepreneur

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    Branching is nothing new and it is wise advice! Happy to see someone raise this subject. Branching is awesome and expands most any business exponentially over time as the options are limitless in some ways.
     

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