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When Is the Best Time to Diversify Your Green-Industry Business?

diversify green industry business

“If you’re not growing, you’re dying.”

This well-worn aphorism has been attributed to seemingly hundreds of figures: poets, actors, business leaders, motivational speakers. While we may never know who first uttered the words, they ring true nonetheless. And they can be applied to personal as well as business growth.

Many businesses have learned the hard way that placing faith in one revenue stream can be fatal: Blockbuster Video, for instance, ignored the signs that streaming was the way of the future — signs Netflix capitalized on — and their brick-and-mortar stores quickly began to shutter.

So, is your green-industry business growing…or dying? If dying isn’t the way you saw your business in the future, consider diversification.

Is diversification right for your business?

If you’re not sure whether diversification is the best move for you, here are three scenarios when the time is right for you to diversify your green-industry business.

1. You want to increase your revenue

If you’re looking to increase your green-industry business’s overall revenue, diversification can be a great strategy. Diversification can take the form of add-on services to an existing core business, or a new revenue stream entirely.

Spring-Green Franchise Owner Mike Valestin, who also owns Valestin Landscape Design Company in Mequon, Wis., decided to diversify his business after realizing he was leaving money on the table by limiting himself to one-off landscape and hardscape installations.

Recurring lawn care services were the diversification he needed to take his business’s revenue to the next level. “I decided to diversify my business by adding lawn care because it’s the most profitable area besides design and build,” Valestin said.

If your business revolves around one-off services — even if they’re big-ticket services — you can increase your revenue by adding on complementary recurring services like lawn care.

2. Your business’s growth has stalled

Got your local market cornered in your particular green-industry specialization? Don’t become complacent…there are always new ways to grow, especially if you already have a built-in network of happy customers who are willing to pay for your services.

After 10 years in business, Ben Whitehouse, Owner of Whitehouse Lawns in Charlotte, N.C., acquired a competitor’s business that doubled his revenue and vastly increased his local customer base. But the prospect of growing that business was daunting — until he discovered Spring-Green Lawn Care.

As a Franchise Owner, Whitehouse has a proven business model in place, as well as a support system to provide the infrastructure he needs to continue focusing on offering the best-possible service to his customers.

Whether you’re growing as part of an acquisition or looking to expand by adding new services to an existing base of enthusiastic customers, diversification can help you capitalize on that growth — especially if you’re considering a franchise like Spring-Green!

3. You’re contemplating your exit strategy

Whether you’re just starting out or have decades of industry experience under your belt, every smart business owner needs an exit strategy.

That exit strategy might entail getting acquired by another business, selling to an employee, or handing a business in good standing off to a family successor. Regardless of what your exit strategy looks like, diversification can play an important role in whipping your green-industry business into shape to be successful long after you’re gone.

One reason for this: Diversifying, especially with an established franchise operation, can introduce repeatable processes, a reliable business model, and — most importantly — stable income to your business and make it more attractive to would-be buyers or prospective successors who are on the fence about committing to a future in the family business.

Ready to diversify? We can help.

Spring-Green can help you grow and diversify with our 40 years of experience and our proven expertise in marketing and technology.

Learn more about how Spring-Green can expand your lawn care services. Call 1-800-777-8608 or visit us at www.growmygreenindustrybusiness.com