You’ve built a great business, and now you have a new idea. It's exciting, but also terrifying. You ask yourself, "What if I try to grow and I fail, am I going to hurt the business I already have?" In this episode of "What the Biz?!," Daniel Proczko and Brigitte Vegter get candid about the fear of expansion. They share personal client stories of both success and failure, and they reveal a strategic plan that will help you confidently expand without jeopardizing your current brand.
You'll uncover:
- A cautionary tale from Brigitte about a client who expanded without healthy profit margins, and a lesson about why that's a red flag.
- Daniel’s story about a client who tried to enter a new market with a "just because" mentality and failed.
- The "building two bridges at once" metaphor and why it might be preventing your business from ever reaching success.
- Why you should always aim to pre-sell your new service or fill a waitlist to prove market demand before you fully launch.
Key Takeaways:
- Assess Before You Act: Before expanding, ensure your core business is financially stable and profitable. Also, verify that the new market has a viable size and a clear need for your service.
- Treat it as a Separate Business: Create an independent budget, P&L, and a risk management plan for the new venture.
- Don't Dilute Your Brand: Test new niches using microsites or sub-sites to avoid confusing your existing audience.
- Go All In (for a Time): Give the new niche enough runway—at least a year—to properly test its profitability and operations.
- Account for All Costs: Be sure to independently track all costs, including the use of existing resources and staff time, to truly know if the new venture is profitable.
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Hosts
Daniel Proczko - myPocketMarketing
Brigitte Vegter - Vegter Financial
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