There are no shortage of opportunities in the marketplace. There are no shortage of opportunities your business can take advantage of. Ideas are easy. Executing on ideas is very hard. Executing on an idea and being profitable is extremely hard. Just because it’s hard doesn’t mean you shouldn’t try. Because the failure rate of businesses is so high, your business has a chance to benefit from what other businesses are leaving behind.
In concept I think many entrepreneurs understand the opportunity that exists to leverage and diversify their product or service offering but few are able to do it. This is because leveraging and diversifying your business means you have to be working from stable ground. Your business needs to have a stable balance sheet, an amazing team that continues to exceed expectations and most importantly, a culture of getting things done. Leadership plays an enormous role in a business being able to get to this stage. Entrepreneurs that worked hard to get their business off the ground often times can’t muster the energy or motivation to get their business to the next level. While an entrepreneur might have done a reasonably good job launching and running their business, they need to step outside of their comfort zone when it comes to leveraging and diversifying their business for growth.
On November 19, 2019, Warby Parker will be launching a line of contact lenses to compliment its current offering of high quality and trendy eye glasses. Credited often times with the first company to do “direct-to-consumer”, Warby Parker has been a market leader in delivering to consumers a great eye glass experience. Having spent a decade getting it right, Warby Parker is now looking to leverage its knowledge, experience and talented team of over 2,000 people to deliver contact lenses to consumers through an improved online and retail experience. Warby Parker is known for its distinguished brand and their “free try on offering” that allows customers to order five pairs of glasses online and try them on at home for free. If a customer is not happy, they simply return the glasses through a very straight forward return process. The idea of ordering glasses online, trying them on and returning them for free was revolutionary when it first launched and continues to be a recognizable feature of Warby Parker.
You have a team. You have resources. If you are looking to grow your business the simplest place to start is to ask yourself: “What is our company the best in market at?” and once you have answered that question you can begin to brainstorm other products, services or customer experience improvements you can add to your business. If you don’t know whether or not your company is the best in market, that is probably the next challenge to tackle if you are looking to grow your business.