Nowadays its not hard to find articles and posts encouraging sign shops to consider diversifying. And not just diversifying into more obvious areas, such as, say, vehicle wraps or digital signs, but also into other, somewhat related, activities and products. Popular examples are fabric prints, wallpaper, and T-shirt prints.
Recently I read about a sign shop that diversified into posters, t-shirts and vehicle graphics. This owner credits diversification for the success of his shop. But then recently too, I read a blog post that encourages new entrepreneurs to narrow their focus. There’s also much to be said for this concept in certain circumstances such as the subject of the post, a three-year-old men’s jeans company that has grown into a million-dollar business. The business focuses only on “jeans for men that are as comfortable as sweat pants.”
So, focus or diversification? Well, it depends upon variables such as your resources, location, and market. The important thing to know is that your shop’s success could depend upon one or the other of these two options. You therefore need to study both and make an informed decision rather than just continuing with business as usual while you miss out on the lucrative benefits of a deliberate, well-reasoned strategy.