When diversification should be considered

Hello readers, hope you are doing good. I will be writing about diversification. This time around I will be advising you on when you should diversify your product line. It sounds interesting, right? Here they are.

You should diversify your product line when the products you sell is only useful during a particular period. Thus, your products only satisfy seasonal needs. It brings you seasonal income, as such, diversify your products so that you can start receiving some regular income.

You should also diversify your product line if you want to expand your business, as diversification will make you enter a new market or increase the amount of product your present customers do buy.

You should also diversify your product line, if you know that your present products will sell more when you do. Complementary products will help your present product sell more.

If the income you receive from your present product is not enough, you can consider diversification as it will help you expand your market thus bringing you more income.

In all, your present product must be stable before you consider diversification.

Make sure your business is halal. Everything should be done for the sake of Allah. Part of doing something for the sake means hoping for a reward in this life and the Hereafter. Everything happens according to the will of Allah (you have freewill, therefore, you are responsible for actions).

Halal means anything lawful Islamically

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