A common diversification strategy for interior designers is to create products. On the face of it, this appears to make sense. Aside from designing interiors and managing projects, what most designers know a lot about is product. Certainly, many designers have successfully launched their own product lines, some quite famously. In the current market, however, if you are looking to diversify your business, product may not be the right direction in which to go.
With globalization and new production technologies, the amount of product available to designers and their clients has grown exponentially in recent years. And along with it, the number of distribution channels have multiplied, especially on the internet, which is where most clients are searching for product. It is a challenge for anyone selling products these days to attract a profitable share of those eyeballs. If you think it is difficult marketing interior design services online, try promoting products. It requires substantial effort and resources, and constant vigilance.
On the other hand, if you have a sizeable and active clientele and/or network of designers interested in purchasing your products, or have access to bespoke retail outlets, creating products may work for you. Preferably these would be distinctive products that could be provided on demand or manufactured in small enough quantities to minimize your initial investment and overhead costs. They should also be easily scalable, so if demand increases you can quickly ramp up to meet it.
If you’re thinking about diversifying your business, whether with adding product or new services, contact us. We can advise you on what may be your best options and help you avoid missteps by developing a realistic transition plan to keep your current business thriving while you grow into your new one.