Intro
Where do new ventures pop up?
Starting the new business within your current business
When does the add-venture become a revenue stream?
Sustaining and scaling the other business
What's holding you back from the shift?
What you can do with our platform
There's always something more that could be potentially achieved with your business, isn't there? Either the staffing can be improved, the market demand is shifting, or the profits could be more consistent. What do you do in those situations? If you're looking to shift your trajectory and leverage your situation to your advantage, you're in the right place. Before you course correct, ask yourself:
Do you make the right decisions all the time? Or do you take risks hoping things will turn out well eventually? Calculated risk taking is a natural part of running a successful business. You could call it a business instinct that pulls you toward betting on all odds when you see a slight glimmer of profit from a new venture. And this is especially more appealing when you find that glimmer before your competitors.
How do new ventures pop up?
When your sales team overworks to meet another target to sustain your business
Is there another way to go about it?
Does it have to be such a struggle?
When you discuss the individual growth of an employee
What's next?
Are you going to upskill yourself?
When you've hit rock bottom
How do I climb out of this?
Here's what I'll do right next time.
When you regularly touch base with customers
What else can I do for you?
Is there something I am not doing?
When opportunity presents itself
Will this help me reach my goals to retire earlier?
Is my competitor aware of this?
Starting the new venture in your current venture
To start a venture within your current venture, you don't have to be a master of all trades; you just need to master adaptability and ensure that this adaptability extends to your business. This entails your workforce, your bank account, and your software/tech ecosystem.
Take the example of hospitals, which not only provide medical services but also pharmaceutical services, lab services, equipment, and post-op services like physical therapy. By providing these value-adds, hospitals institutionalize themselves and subsequently increase their YOY profits.
Like a hospital, there are several types of add-on ventures you can attach to your business: ecommerce, merchandise, education, entertainment, or even consulting. In some cases, your add-venture doesn't have to be a full-fledged; it could just be an extended campaign or project.
It's important to remember that your customers are always on the lookout to find the most advantageous, least complicated, and most popular solution in the market, so don't give your competitors that advantage. Instead, refine your product or service while inspiring your customers with value-addingventures.
When does the add-venture become a revenue stream?
Cross-selling and upselling are the most evident ways to make your add-venture a source of income. However, your entire current customer base may not like the pandering. To overcome this and to ensure expedited adoption, it is necessary to stop introducing your add-venture as though it is revolutionary and transformational, or as though it's potentially the next big thing in the market.
In the same way that your business has internal strategies that you use to make decisions, your prospects also have their own ways of reaching decisions. Positioning your add-venture as transformational increases the weight of the decision, and your prospect might therefore put off coming to a decision altogether.
That's why businesses today need to find a way to propose their add-ventures as smaller, minuscule, everyday decisions—or make it seem that way to customers. Smaller decisions take a few seconds because prospects are neurologically inclined to make faster decisions.
Sustaining and scaling the business
An art gallery director may have success selling their own line of champagne to their gallery visitors, but how do they share it with the world? Sharing a product/service as a venture takes more than just one vapid marketing effort. Securing an audience with a new prospect is a challenge, and this opens doors to more factors like managing supply, creating demand, staffing, financing, and book keeping to consider.
You may be thinking that starting another business within your business isn't worth all that. This would be the best time to use your analytics tools and gain some crucial insight: "How long will this customer subscribe to my business?" and the other question to ask yourself, one that doesn't require an analytical tool: "Am I happy with how much my current business makes YOY?"
What's holding you back from the shift?
The whole notion of starting a new venture might not seem too appealing because of how unapproachable, inconvenient, and complex your current business operations are. This lack of adaptability in businesses holds you back from evolving and growing. Plus, there's that strenuous call you would have to make to your software implementation partner, explaining to them why an online course setup will do good for your apothecary business.
What you can do with our platform
You can do it all: starting your business, acquiring new customers, managing supply and demand, hiring the right people, predicting the market, and gaining insights into what you're doing right. Gain access to 45+ apps and a software ecosystem that is unified and can help you grow and scale your business and its allied ventures: an approach that will help improve your margins and give you an edge over your competitors.
Here's an example of a business that started another business with Zoho One:
Iron Roots, a digital marketing company, branched out and started a second company called AdRobin with the help of Zoho One.
Iron Roots took the route of asking 'what else can I do for my customers'. This helped them understand they were spending too much of their time: tracking, integrating, and managing their entire business with standalone products. They had to get an all-in-one solution that would help them focus on improving customer relations.
By choosing Zoho One, Iron Roots were able to streamline their internal processes, and this helped them derive organized insights. This—combined with improved customer relations—helped them start an add-venture. At present, Iron Roots regularly uses 17 unique solutions, all available on the Zoho One platform. They've automated their emails, cut down on customer response times, improved their customer retention rate, and bumped up their ROI.
Here's their full story.
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