It should come as no surprise that today’s events industry is as competitive as it gets. With that in mind, it is essential for businesses to gain an edge by determining what sets them apart from other companies. There is always an opportunity for growth if you know where to look for it--diversifying your products and services is one way to help you reach your long-term goals.
Here at Fantasy Sound, our roots are in DJ services but, after some time in the industry, we continued to grow our services, and we now provide lighting, photo booths, drapery, videography and coordination in addition to DJ services. All of these offerings fall under the “entertainment” category, so our expansion came naturally within our local market.
In a similar fashion, it’s important for all professionals who hope to expand their services to consider what is a natural progression from their preexisting work. Otherwise, these efforts may come across as disjointed and can stretch the team thin if everyone is working on entirely different things.
In addition to creating alternative streams of revenue to your company, adding products and services to your repertoire can also boost your reputation as an industry expert. It can also simplify the planning process for your clients, as they’ll be able to knock out a number of to-dos just by working with you.
When planning for company growth, be sure to take a good, hard look at where your expertise already lies. Now is not the time to learn a new skill and build it into your company--you’ll want your new venture to be one that you’re already passionate about and experienced to ensure a smooth transition.
In some cases, this process might even involve looking into opportunities into other industries. For example, if design is the name of your game and you have a real knack for color theory, your services may do well in the home decor market as well. An open mind is key to any type of growth! When in doubt, don’t be afraid to ask your past and current clients what other products or services they would love to see you offer.
Throughout your growth, be sure to be open and transparent about the changes happening within your company. Your current clients are of utmost importance--they need to find out about your changes directly from you. You’ll also want to keep your industry peers in mind, as you don’t want your expansion to step on any toes or be misconstrued in any way.
Keep in mind that everyone’s path to growth is different. While your competitor may have expanded in one direction, you may find that your skill set takes you down an entirely different road. This is a good thing--in addition to capitalizing on your strengths, you’ll also be differentiating yourself and your business from anyone else. Your journey to a diverse repertoire starts with the careful analysis of your current business structure. From there, you’ll get a good idea of where to go next!
Kevin Dennis is the owner of Fantasy Sound Event Services, a full-service event company based in Livermore, Calif. Dennis is the current chapter president for Silicon Valley NACE and the immediate national president for WIPA.