How 'For Every Body' Built a Portfolio of Products and Services
Becky Anderson is the founder of For Every Body. Becky began by opening a retail bath and body shop, started making her own products, began selling her products to other retailers, and has grown into one of the largest and fastest growing soy candle companies in the United States. Her products are now sold in 90 retail chains and 6,500 independent stores around the world.
Becky understands the critical concept of planning for new opportunities and its importance in new venture creation. The concept is simple, but yet often overlooked by entrepreneurs.
Once a new venture is up and running, successful entrepreneurs don’t live in an ivory tower. Rather, they continue to interact with their customers, products, vendors, and employees. As a result, they see myriad opportunities that would have otherwise gone overlooked.
They soon have the same experience they had with their original idea, but now they have customers, team members, resources, and a stronger position in the industry. Over time, they (1) develop related products and services to sell to their existing customers, and/or (2) utilize their existing resources (team members, plants, technologies, funds, etc.) to cultivate new but related business opportunities.
In other words, they do not remain stagnant; they continue to diversify within an industry, which provides multiple streams of revenue and reduces the vulnerability of a single product or service.
Winning business builders get in the game, and then keep their eyes open for new opportunities. Over time, they amend a “portfolio of products and services” based on feedback from customers, tactics of competitors, new technology, and missing pieces in the marketplace.
About the Author:
Shawn Sadowski is the CEO and co-founder of www.mynewenterprise.com. He is also the founder of two start-ups in the transportation and logistics industry. Shawn has met with and interviewed successful entrepreneurs from all across America and has a unique perspective on the attributes of successful business builders. Shawn lives in the Rocky Mountains of Utah and is an avid cyclist and water skier.