The Value of Diversification in Your Business Model - Ryan Kugler

Instead of just doing one job with one focus I decided to make life a bit more exciting and run three companies at the same time. When I say run three companies I mean it, I’m not a silent owner or investor, I’m involved with all three companies every day. I have a small team that helps me run these companies and they serve the same role in each of them. 

Growing up I’m not sure I ever heard the word entrepreneurship but I always had a passion to work hard. As a kid, my mom worked in PR for the film industry and I had the chance to visit the sets of various TV shows or movies. One Summer I was hanging out on the set of the Cheers sitcom and Ted Danson saw me and asked what I was doing there, so I told him I wanted to learn how to be a director. So he let me write and direct a 2-minute short that included Woody Harrelson, Ted Danson, Kirstie Alley, and George Wendt.  

Fast-forward to after I graduated from college I started working in our family business which was selling videos to movie rental stores. As time evolved and people started streaming movies instead of buying them I realized I needed to find other products we could sell. So we pivoted the business to start selling the other items a retail store might buy alongside the movie purchase. Over the years we expanded into other categories and thousands of items. 

Plan B is our business that buys and resells excess inventory, we are the backup plan for the manufacture or reseller that makes or buys products they can no longer sell. We help give new life to the products and more importantly help those products find new homes. The typical retailer that buys from us are retailers that focus on expanding the life of products when other retailers are done with them. 

When it comes to diversifying your products or services, I always think it’s a good idea. No matter if you are a burger chain or a production company you should looks for areas around your niche to diversify your offerings. Then if you want to take your business to the next level look for ways to diversify into different industries. That way if one industry starts to die you have other industries you can rely on to keep things moving forward. COVID is a great example, I own an event business and you can imagine how that business has done this past year. However, I had two other businesses to fall back on which kept the lights on and employees paid this past year. 

As it relates to entrepreneurship, I feel there are a few traits that will help you be more successful. The first is to educate yourself about business, the second would be the ability to make decisions quickly, and the last is the willingness to take risks and try something new. From an educational standpoint, I wish schools taught more classes on things like applying for a business license, steps to apply for a business loan, tips on business networking, or how to overcome objections. I think vocational schools are also a great path for kids to learn a trade and get their start on the entrepreneurial journey. 

If you are planning to start a new business, one of the first things I recommend is to go secure your own domain and email address. Do not use Gmail, Yahoo, or the like for your business because it makes you look unprofessional. Domains are cheap and easy to secure and give your new business more credibility than if you use a consumer email provider. One of the tricks I’ve found when you are sending emails to prospects is to ask a question in the subject line and provide the answer in the body of the email. Also, make sure the email is simple and gets directly to the point, no prospect is going to read a 4 paragraph email. These tips will help you get the most from your email marketing efforts. 

Resources Shared: 

Plan B Distribution

A5 Events

Ideal Content