Grow Your Income By Expanding Your Product Range

Most small business owners are constantly looking for ways to grow their inome.

One of the easiest ways to do this is to expand your product range. At least 20% of your past and existing clients would happily do further business with you if you just had something else to offer them.

A large number of the hundreds of small business owners I have coached have been very one dimensional in their product or service range. They have a very narrow view of what products or services their customers will purchase, or of what business they are really in. You could quickly grow your income by expanding your view.

Here are five ways to quickly expand your product range:

1/ Productise Your Service – If you have been busy delivering a service and then charging a fee for that service then you have a level of skills, and intellectual property that could be turned into a product. Information products are the easiest and fastest way to do this. Take what you do as a service and turn it into a range of products. Many of your clients currently paying for your services will happily invest in the products you develop.

2/ Add Services To Your Products – If your business is mostly product driven right now then consider adding a range of services as options or upsells. The car sales industry do this well. When you buy a new car they then sell you a range of services such as extended warranties etc. Think about the photocopier industry … they sell Service Contracts with the purchase of the new photocopier. What services can you wrap around your existing products?

3/ Product Ascension – Product ascension means having a range of products at various price points. This makes it easier for your customers, and you products to do business with you. By taking them through an ascension of products they get to build trust and confidence in your business. So you want to structure your product offerings from a low dollar value entry level product through to mid range products and then high dollar value products. When you structure this correctly you will find many clients will start at the low dollar value product and ascend through therefore increasing the overall life time value of a client.

4/ License Products – One of the fastest ways to expand your product range is through licensing products. Many products can be private labeled. I know one chap who had never been in business before and built a $70 million a year business by private labelling someone else’s product. Recently we have tripled our product range through licensing a range of products that are related and complimentary to what we do. So you could expand your product range overnight simply by licensing other peoples products.

5/ Expand Into Additional Businesses – If you have already done the four steps above then the next logical move for you might be to expand into additional businesses. There is a chain of Chiropractors in the USA who have recently added weight loss clinics to their practices. Same clients … expanded offerings. If you look at our business in Profit Minute where our clients are all small business owners and solo entrepreneurs it makes sense for us to expand from Attraction Marketing into areas such as productivity, time management, business mindest, entrepreneurial strategies, dealing with employee issues, information products, etc. What additional businesses can you add to your business that are a natural extension of what you do for your client base?

Implement just one of the ideas above and you will grow your income into your business. Implement several and you can get a huge boost to your 2010 income.

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