is important to diversify streams of income for both companies and individuals. Businesses can do this by offering multiple goods and services.
It is best to offer products/services in differing markets. It essentially represents the meaning of the idiom ‘Don’t put all your eggs in one basket’, meaning not to rely on only one source (basket) because if that basket is dropped, all the eggs will break. With regards to this article, businesses can survive setbacks by providing products and services in different markets; if one service/product becomes unprofitable, there will be another service/item that can be relied on to make a steady income.
Apple is a great example of a company that has diversified their streams of income by selling different types of electronics, like phones, tablets, laptops and all-in-one computers. Apple also offers online services such as iTunes, where consumers can download and organize their music playlist. In addition to this, Apple began to develop their own electric vehicles in 2014. The project’s name is ‘Project Titan’ and Apple had over 1,000 employees working on the development of the electric powered vehicle. One of the main focuses of this vehicle is that it will be able to drive itself. With the growing demand for sustainable solutions and the AI industry, Apple recognises the major potential in both areas and is making moves to place themselves in these markets.
Diversifying goods and services is key for a company’s longevity. This can also be seen by Disney’s adaptability, with their recent launch of Disney+; they have managed to pinpoint the current trend of streaming, and have shifted their focus from producing physical copies such as DVDs to benefit from a highly profitable market. Are there any ways your might be able to diversify your streams of income? Are you putting all your eggs in one basket? Contact us here for a free online consultation.