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Diversification can help you expand and grow your business or keep your cashflow healthy if there is seasonal fluctuation in your industry. However, diversification itself comes with risks. You must choose the right market and balance carefully the resources your diversification needs vs. your continuing day-to-day business.

One good idea for diversification is software. If you’re already in the technology industry and have technical staff, then you can build your own - it’ll just be a case of redistributing some of your resources from client projects to form your own product team.

If you’re not in technology though, don’t feel that you’re ruled out! You can kill two birds with one stone if you can identify a need for a particular software or mobile app product in your industry. Maybe off-the-shelf software packages don’t cater for your type of business as well as they could, maybe some do but they’re too expensive. By creating software or a mobile app that you know is needed and works for you in your industry, you can take a lot of the risk and guesswork out of diversifying your income.

You can approach a software development company to build your idea for you - they can work to your initial ideas or you can provide fuller designs if you have more detailed plans in mind. You can test and use the software in your own business, which will help you to refine it. Then, not only do you use software that is essentially bespoke built to your business, you can profit from it by reselling it to other similar businesses in your industry.

Worst case scenario: you’ve invested in a bespoke system for your business that better facilitates your business processes and goals. Best case scenario: you’ve invested in a bespoke system for your own business and you’re generating new revenue from other businesses who purchase and use your software. If you provide your software on a subscription basis (SaaS - software as a service), then you will be able to receive regular, recurring income from this source - not just income from one-off purchases.

Who doesn’t want a bespoke system and an additional source of income for their business? And remember - if you’re looking for a development partner, Centu can offer software, web and mobile app development. You can call us on 0161 871 7429 or email hello@centu.co.uk.

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