Reduce Your Risk by Growing More Than One Crop
I used to be married to a farmer. I moved from the city out to the country to live with him, and that was when I started to grow my own vegetables, as well. There’s a lot to be learned from farming and growing vegetables in regard to having your own business.
For instance, a farmer always tries to grow many different crops, and there are several reasons for this. One is that the soil gets better, and the crops are less prone to diseases. Another is the risk of complete failure is reduced if one crop does not thrive. In your business you should also think about the possibility of offering more than one product or service.
This is because your business is vulnerable if you only offer one thing. Okay, yes! I do understand that if you are new to business completely you have to start somewhere, and trying out only one thing is advisable.
Ask yourself this, however:
What’s the point of starting out if I am not growing my business with the long-term future in mind?
This is business risk management, so please consider growing more stuff in your business garden after you’ve planted your first crop.
The reasoning behind this is simple:
- Diversity lets you help more people.
- Your clients (and you!) don’t get tired of the “same old taste” in your product, service or marketing campaigns.
- Your risk of failure is reduced significantly.
- You maintain a flexible mind for new ideas.
Really, when you start out on your business venture, you might not even know if you like what you’re doing, and that’s an entirely different problem. You didn’t go into business for yourself to be miserable in your work, so it’s good to plan on multiple offerings so you can weed out what you don’t enjoy.
I once got excited about a beautiful crop called chard. It was so pretty in its various colors, and it grew well in my vegetable patch, but its taste was just blaaahhhh.
I tried to serve it in different dishes, but neither my family nor I liked it. It would have been a big shame if I had planted this throughout the entire garden.
So, my advice to you is to take a long walk, with a notepad or phone pad in hand, and think about what types of products or services would be a good mix for you. You do not have to implement them all at once—in fact, I advise strongly against that—but having more in your market stall to offer in the long run is a good idea. You’re planting an entire garden, not just one crop, and that garden must sustain you for years to come!
If you’d like, please post your business risk management ideas in the Greenies Community on Facebook and have the other Greenies give you feedback. I will also read them there and offer some advice.
I’m looking forward to hearing from you. Now, go grow your own business!