Business diversification is a normal and most sought-after phenomenon which are bound to happen for the sole purpose of profitability and expansion of the company and entrepreneur’s own growth.
Can I diversify my business into new streams? This is a usual question most of the entrepreneurs’ posses. Suppose, if an entrepreneur who is into the business of garment manufacturing is struggling with this question the answer could be very motivating. Business diversification is a normal and most sought-after phenomenon which are bound to happen for the sole purpose of profitability and expansion of the company and entrepreneur’s own growth.
Now, if we are taking an example of garment manufacturing business and let us suppose the entrepreneur of that business entity would intend to diversify.
So, information technology is a promising area for that entrepreneur. This applies to any business segment but by going to the example, we can look at the following areas of IT business which can make great revenue potential for the garment manufacturing company to diversify.
Here are some popular categories of IT services which the entrepreneur from the non-IT background can explore.
Managed IT or Management ICT Services
Since an entrepreneur who has spent a considerable amount of time in garment manufacturing and has deployed right set of technologies for his business, he could become the most relevant consultant for other garment manufacturers who wish to deploy best possible IT solutions. Many IT service providers that work with small businesses are called managed service providers. This can actually encompass a variety of specifics but allows the business to service the company’s network on an ongoing basis at a regular rate. It is often less costly for companies over time since it can prevent expensive problems from forming in the first place.
The Managed IT Services include various sub-segments which can be elaborated further and can become dedicated offerings under the managed IT services portfolio. There are:
- On Demand IT
- Networking Setup & Management
- Networking & Data Security
- Cloud Computing
- Software Development & Support
- Database Management
These subcategories include specific types of IT services that require a dedicated expertise. Since we are discussing an example of garment manufacturing, developing expertise of deploying IT and ICT based solution can definitely lead to a new business opportunity altogether.
As an example, a cloud platform or SaaS offering can lead to a wonderful and lucrative business opportunity.
This can be considered as a formula to diversify and the starting of such diversification happens when you figure out an industry-wide challenge. If an entrepreneur manages to resolve that challenge by deploying or developing an ICT solution, that entrepreneur automatically can become the role model.