Evolving the business

[TotalControl]

I have a business that isn't really doing much at the moment due to the downward momentum of the jobs coming through (we worked with some large businesses doing WiFi surveys, office builds for devices ordered through the large companies, dealt with recycling of packaging and large boxes etc.) and wondered if taking it in a slightly different direction whilst keeping the current services would be worthwhile?

I'm currently studying for my level 3 electrical course, so that's something that will be implemented at a later date, but the thought is there. Currently, being service based, I wanted to introduce sales and products but on social media platforms (forever grateful to DSLiverpool for his advice to me). My health not being the best currently, I'm hoping the studying and some part time work to top up my skills will be sufficient. I'm already qualified as a PM as well. I've tried to use all the skills I have to gain extra work (when it was sparce during covid and still is) with the companies I have done work with for the last few years.

Would it be acceptable to start a separate sales channel with a 'trading as' name that differs slightly from my current business name? As everything is already in place, I'm confused a little as to whether I should start a separate company for this or use what I already have available.

Any advice greatly appreciated in advance.

[Ezra]

My advice would be not to overthink things too much at this stage. As a business owner you have to be entrepreneurial, flexible, resourceful and resilient, and finding new sources of work from slightly different area's is exactly how a business should operate.

My wife has a craft business. She started printing tote bags and selling via eBay. Then she noticed during lockdown that craft kits were taking off so she went large into producing macrame kits and selling on eBay and FB marketplace. She went to various craft fares with the macrame and noticed dried flower arrangements were becoming a thing. Her biz is now, yup you've guessed it, dried flower arrangements for weddings etc and she sells via Etsy and her own web page. She hasn't changed the biz name at all, just different product lines. She is quick, adaptable, resourceful and quick to spot an opportunity, and doesn't overthink the admin.

Just go with the idea, if it really takes off, sort out the admin if/when it's needed.

[TotalControl]

Ezra, comment appreciated. I'll look into seeing what I can do.

Anyone else want to provide examples or information, please feel free.

Was tying my head in knots over the last week thinking about this.

[Frimley111R]

We are a domestic and commercial EV installer but when domestic installations dropped off a couple of years ago we took a chance and moved into solar. A few of our customers had asked us about it and so we created a new site and do that now, so mostly commercial EV and Solar. Then one of our team mentioned voltage optimisers which save commercial clients 8-10% on their electricity costs. So we do that plus the other two.

It helps to allow us to sell multiple products to existing and new clients. We still do a few domestic EV jobs but there's little demand for those and margins are small.

Brand name didn't change.