Develop New Products and Services
You may grow your business and increase your profitability by developing new products or services.
Work with other markets
If you have developed a product or service in one market, you could adapt your offering to suit another market without too much effort. It’s easiest to move into a new area where you know some people, so think about who you know, ask them what they need, and then tailor your existing product or service to meet their needs.
For example, if you already provide services to accountants, you could offer services to bookkeepers as well. Don’t rule out working with groups who may not normally be able to afford your services, such as small businesses or the not-for-profit sector. One way of working with such groups is finding a sponsor to subsidise your work.
For example, if you were running a training seminar for a non-profit organisation, you could ask a corporate client for the use of their training room in exchange for putting their logo on your promotional material and workbooks.
Bundle your products or services together
Some businesses bundle together products and services, such as training manuals, CDs, books, audiotapes and online learning packages, into what’s called an ‘infoproduct’. Overall, people get a discount for each item, but as they would seldom buy each item at the one time, you make a larger profit. People will often buy infoproducts after they’ve heard you speak and are inspired by your speech. Have a look on the Internet and you’ll find many businesses offering infoproducts as well as plenty of other sites offering to help you develop yours.
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