Diversification in business is good and shouldn’t be overlooked or taken lightly. Businesses just starting out are encouraged to find their place, or niche, in the business world. For some, that’s as easy as determining the types of services to be offered or products to be sold. The diversification comes into play with how we operate in a chosen niche.

Looking at the financial sector, you’ll notice that investment planners suggest that you never put all of your eggs in one basket but diversify your assets. This may mean...Click here to read the rest of this post at The Naked VA Blog.

The Naked VA Blog is authored by VAF member Ruth of Maplewood Virtual Assistance.

Interesting article and I agree. A niche is fine but too narrow a focus can hurt.

For example, choosing to have a hotel only for corporate business is going to hurt you if you're in a destination market city like New Orleans or Orlando because the majority of people coming to the city are tourists not business people.

Yes, that's a very good point.

As Frank Perdue broadened out his services in the chicken industry consider if there are places within your chosen niche that you, too, could broaden your offerings. Sometimes, it's as easy as offering add-ons to what you're doing. For Perdue he incorporated more service areas all the way from the hatchery to the package warehouses and all the steps in-between. Nothing happens at once but gradually reaches out to enlarge your circle and tap into a wider ring in the circle of your target group.

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Ruth Martin, Maplewood Virtual Assistance
www.MaplewoodVA.com