Are You Ready to Offer a New Service?
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Businesses often need to grow in order to survive, and web hosting businesses are no exception. One way to grow your business is by adding a new service. This article discusses some points to consider if you are thinking about expanding in this direction.
Many web hosts are expanding their businesses with new packages, new services, upgrades to existing services, more capacity, and so on. It seems as if companies post press releases about this kind of growth almost daily. Maybe in this competitive field, you’ve been feeling the pressure. Are you ready to add another service offering?
If you don’t think you are, maybe you need to examine your reasons. (Don’t worry, I’ll talk to those of you who are in just a minute!). You might be holding back out of fear. Are you afraid that you might not be able to manage the new service? Or that what you’d like to add won’t fit in with the rest of your offerings? Maybe you’re so afraid it will fail that you can’t take that first step. Or maybe you believe you don’t have the resources, and as a result you will be stretched too thin and shortchange your customers.
All of those are valid concerns, but you should not let them paralyze you. With so many web hosts chasing customers and coming up with new ways to serve them, the fear of failure can become a self-fulfilling prophecy. This doesn’t mean you should rush right into doing something new, of course! But if you step back and take some time to think about it, you can roll out a new service that will make sense as a part of what you already offer.
Not convinced? One management consultancy insists that businesses need to create a “revenue octopus” for the sake of their own security. Joel G. Block, founder of Growth-Logic, says that “You need around eight different revenue-generation streams.” One successful stream can support a company, but it’s very risky to depend on it.
Ready to start thinking about what else you can do for your customers now? Good. You might not be quite sure where to start. It’s right in front you: start with what you do best.
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