in a large market like New York City. You would think this would be a no-brainer, but this is something that many investors are hesitant to consider. I don’t know about you, but I’ve been burned so many times by a single-business owner that it doesn’t matter if I buy that company or not – I still lose.
in a large market like New York City. You would think this would be a no-brainer, but this is something that many investors are hesitant to consider. I don’t know about you, but I’ve been burned so many times by a single-business owner that it doesn’t matter if I buy that company or not – I still lose.That being said, many successful businesses have diversified into multiple businesses to help them grow. Some have done this by becoming multiple companies and diversifying their product lines and operations. Other businesses have taken a more “vertical” approach, like the successful clothing retailer Bonobos. Bonobos is not a single company. They have three distinct lines of clothing, one of which is a line for girls and one of which is a line for boys.
in a large market like New York City. You would think this would be a no-brainer, but this is something that many investors are hesitant to consider. I don’t know about you, but I’ve been burned so many times by a single-business owner that it doesn’t matter if I buy that company or not – I still lose.That being said, many successful businesses have diversified into multiple businesses to help them grow. Some have done this by becoming multiple companies and diversifying their product lines and operations. Other businesses have taken a more “vertical” approach, like the successful clothing retailer Bonobos. Bonobos is not a single company. They have three distinct lines of clothing, one of which is a line for girls and one of which is a line for boys.I’ve been talking about diversification with customers like you a lot lately, so I’m going to go ahead and say that the diversification of the company you’ve just purchased or are buying may not be the best strategy for you. If you need to diversify and find a way to add new products to your product line, as well as differentiate your company in some other way, then I would recommend doing so.
in a large market like New York City. You would think this would be a no-brainer, but this is something that many investors are hesitant to consider. I don’t know about you, but I’ve been burned so many times by a single-business owner that it doesn’t matter if I buy that company or not – I still lose.That being said, many successful businesses have diversified into multiple businesses to help them grow. Some have done this by becoming multiple companies and diversifying their product lines and operations. Other businesses have taken a more “vertical” approach, like the successful clothing retailer Bonobos. Bonobos is not a single company. They have three distinct lines of clothing, one of which is a line for girls and one of which is a line for boys.I’ve been talking about diversification with customers like you a lot lately, so I’m going to go ahead and say that the diversification of the company you’ve just purchased or are buying may not be the best strategy for you. If you need to diversify and find a way to add new products to your product line, as well as differentiate your company in some other way, then I would recommend doing so.The best way to differentiate your company is to change the name, but diversifying the company may be a better strategy. Ive written about this in my book.