When running an event business, diversifying your customer base can make a big difference in your bottom line. While it’s beneficial for many entrepreneurs to niche down, you may find more success by expanding your reach. For instance, if you specialize in wedding photography but want to maintain a steady income during slow seasons, branching out to family shoots, headshots, or brand photography can help.
However, entering a new market is not a one-and-done solution. Before you jump into rebranding mode, you’ll want to ensure you have the means to support this pivot in your business. From reviewing your finances to assessing your bandwidth, reflecting on your foundation will help you determine if entering a new market is the right move.
Review these five tips to clarify your next steps and prepare for a seamless transition in reaching a new audience.