Diversifying is a good way to ensure your business remains sustainable. Many companies have diversified and had great success. You can diversify at any time, but you should be able to answer “yes” to the following questions:
1. Is my company in a strong position and able to take on new challenges?
2. Does my business have all the resources it needs to successfully diversify?
3. Can we take on something new and be better than our competitors?
4. Would we be able to withstand the loss if things didn’t work out?