Diversifying your small business’s offerings can be a great way to bring in extra income and protect your business from prolonged slumps. But when adding new products or services, you have to find something that makes sense based on the resources and customer base you already have.
For that reason, some Oregon wineries are finding a unique way to diversify their offerings — with legal marijuana.
It might sound strange. But those wineries already have plenty of land and the resources to grow crops. And since the climate works for growing both grapes and cannabis plants, it’s a relatively easy way for those businesses to add new products to their list of offerings.
For some of those wineries though, convincing their existing customers that this new venture is worthwhile might be another story. But if there’s enough overlap, or if wineries can keep their two product lines separate enough to keep wine buyers happy, then this new business opportunity may help plenty of businesses in the state increase profits and avoid sales slumps.
Business Diversification Tip
Though this specific situation might not apply to your small business, you can learn something about diversifying from these Oregon wineries. When looking to add new products or services to your small business, find something that is compatible with your current brand and customer base if you want to be successful.
Marijuana Photo via Shutterstock