FREE Shipping throughout CANADA!

news

PUTTING ALL YOUR EGGS IN ONE BASKET...WHAT IF THE BASKET BREAKS???

David Franklin

To build a strong small business, you need to take advantage of every available resource. And, with ever changing designs and popular styles in the wreathing world, businesses that don't evolve, die; it's that simple. 

Think of your business as being supported by customers made up of a tightly woven net with thousands of connections. If one connection breaks, and you lose a customer, you’re still good because you have the remaining connections. A cautionary note, due to the nature of the wreathing industry, and the fact that customers only need you WHEN they need you, you must continue to build-out your net with a steady stream of new customers, you need a wide and varied customer base. 

I am sure you have heard of a very familiar saying, “Putting all your eggs in one basket”! The origin of this familiar phrase comes from the novel, “Don Quixote,” “It is the part of a wise man to keep himself today for tomorrow, and not ventured all his eggs in one basket.” Meaning, if you have all your eggs in just one basket, if you trip, or if someone steals your basket, all that you’ve worked for is gone.   Don’t make your business' success dependent on only one style or one selling platform (don't just sell on Etsy or just sell on Facebook, sell on both).  Always have at least two avenues of revenue to sell on.

Ideally, your wreathing business (your basket) shouldn't be powered by only ONE type of wreath. One product leads to one type of customer and causes a homogeneous customer base; or all your eggs in one basket. Contrarily, your wreathing business should constantly be replenished with a steady stream of various types of customers; a diverse product offering on multiple platforms will help ensure this, and there’s no reason you shouldn’t already be doing it.

The successful small business owner knows that surrendering their business’ sovereignty to any one type of entity, like just making “work frame wreaths” or just “grapevine” wreaths, narrows your potential customer type. Diversification, or not putting all of your eggs in one basket, is the very best way to ensure you have the best chance at reaching the most potential customers for your industry.

DIVERSIFICATION / di·ver·si·fi·ca·tion

Noun: the action of diversifying something or the fact of becoming more diverse; or variation. As in:

The process of a business enlarging or varying its range of products or field of operation. Wreathers should start planning a wide variety of wreath styles to meet ALL customers needs, not just one type of customer, not just one type of wreath. With the potential for things like a small wreathing business benefiting from offering multiple wreath styles and growing because of diversification. 

Basically, what I'm saying is this, don't restrict yourself to one kind of wreath style. Learn a new wreathing style, perfect it then try another style and perfect that style too. You'll not only be learning new skills and offering a more varied product to your customers, you’ll be able to reach more potential customers, like adding a new part to your net. In the context of eggs, even though an egg is just one product, egg farmers have diversified their product offering by putting that product into grades, colour, size, free range, organic etc. They have taken one product and diversified that one product to reach as many types of egg customers as they can. Don't put all your eggs in one basket; there are customers out there waiting for you, don't disappoint them with one style of wreath!