Work Within Your Means
When it comes to expanding the service offerings of your business, it’s important to work within your means. Here’s what I mean:
When you open up new services, you can drum up a lot of initial business through interest in your expansion.
“Oh, they do this and that now, too?” clients will say. “Cool, maybe I’ll check them out.”
The catch is, though, that when you offer extra services, you have to make sure your company not only can handle it, but also can handle it well.
If those new, highly interested clients use your new services and are disappointed, you can create detractors and, as anyone in the service industry will tell you, detractors are far worse than people who just don’t know or care about your business because they will go out of their way to spread the bad word about your company.
If you expand too quickly, you risk falling short in a number of ways, including:
1. Logistics: Do you have enough staff, product, equipment, etc. to handle the demands of new services and the growth caused by an influx of clients?
2. Experience: Do you have the time to train your employees properly, allowing them to do a good job for the client? The more services you offer, the more skilled your team will need to be. Plus, if you open up multiple new service offerings at the same time, your employees could become overwhelmed, which won’t bode well for your clients or your company.
It can take years before a company is ready to open up an alternate revenue stream, and even then it can be risky. You need to consider how any new service will fit within your brand, work with your other services, affect your staff and more.
A good tip would be to think through how you created your initial, core services and all you needed to consider when starting your company in the first place because, essentially, when you offer more services, you’re changing the face of your company and basically creating a new one altogether.
Even with all the risk, though, there are obvious benefits to creating additional revenue streams.
Just make sure, before you make any decisions, that you’re working within your means.
Director of Creativity
College Hunks Hauling Junk franchise company
Learn more about the College Hunks Hauling Junk franchise opportunity.
College Hunks Hauling Junk is a franchise opportunity with an established and award-winning junk removal business seeing rapid growth. Our focus is on capturing both residential and commercial clients’ attention and securing their loyalty. College Hunks offers a complete franchise system for growing your business in a very hot and highly fragmented industry. We grant large exclusive territories so you can provide greatly needed services to commercial and residential clients in your community. Currently locations are in 39 markets . NEW! College Hunks Moving dual-branded franchise opportunities.