# How to successfully expand and manage your businesses in multiple industries
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-05-29
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Andy Scott, Chairman of Rel Capital: Tips for Expanding into
Meta Description: Discover key insights from Andy Scott, Chairman of Rel Capital, on successfully expanding your business into new sectors. Learn from experience, build a loyal
URL: https://financedigest.com/how-to-successfully-expand-and-manage-your-businessesin-multiple-industrieshtml

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[_Andy Scott, Chairman of Rel Cap_](https://www.apscott.eu/) _ital_

Every entrepreneur dreams of their company, or companies, thriving in a wide variety of sectors. Companies like Virgin perfectly exemplify a business that has permeated a huge range of sectors starting as a small record company to expanding into transatlantic airlines, trains, banking and most recently, spaceflight. It’s no surprise that Richard Branson is a business idol for many young and old aspiring business leaders.

However, Richard Branson needn’t be the few. Entrepreneurs with a true [understanding of their industry](https://www.financedigest.com/anti-snoring-devices-and-snoring-surgery-market-strategic-analysis-to-understand-the-competitive-outlook-of-the-industry-2024.html "Anti-snoring Devices and Snoring Surgery Market Strategic Analysis to Understand the Competitive Outlook of the Industry, 2024") and customers can successfully expand further afield. It’s always an exciting [time moving](https://www.financedigest.com/move-over-tina-its-time-for-tara.html "Move over TINA, it’s time for TARA") into a new industry or sector, introducing and proving yourself to a new audience. If you have a passion to learn and keep learning you’ll always have the drive to succeed, however, there are a few tips that any business leader should consider when making that first jump.

**Experience**

When I expand into any new sector, I always make sure that I have some experience, whether it’s as an owner in a similar sector oras an interested customer. The person running that [business](https://www.financedigest.com/royal-mail-says-uk-business-losing-one-million-pounds-a-day-amid-union-clash.html "Royal Mail says UK business losing one million pounds a day amid union clash") day to day, must have years of experience, so I can challenge them at every stage and learn along the way.This can range from nightclubs, to law firms and property development companies; none of them are the same, they all work in mysterious ways, but all have a common mission: increase top line and trim the [bottom line without negatively affecting](https://www.financedigest.com/business-leaders-flexibility-for-everyone-contributes-to-gender-equality-in-the-workplace-without-affecting-your-bottom-line.html "Business leaders: flexibility for everyone contributes to gender equality in the workplace, without affecting your bottom line") service. As a customer, you know how you want to receive a service, or a product.As a [business owner](https://www.financedigest.com/carbon-zero-what-it-means-for-business-owners.html "Carbon Zero: What it Means for Business Owners"), you want to give your customer the best experience possible to keep them loyal. Balancing what is in your interestand the interest of your customer is key. Additionally, be aware of how different customers are in different industries, what may be of interest in one might not be the same in the other.

**Loyal following**

If you create a strong sense of loyalty among your existing customers, and you enter a complementary sector, they may well follow you on your new ventures. Building a strong reputation in your existing sector, one of trust and reliability, could ensure a cult-like following if you can [develop a strong](https://www.financedigest.com/tire-recycling-downstream-products-market-to-observe-strong-development-by-2019-2027.html "Tire Recycling Downstream Products Market to Observe Strong Development by 2019-2027") overarching brand, creating an automatic revenue. People buy people and there is nothing better for [company growth](https://www.financedigest.com/top-social-media-growth-companies-in-the-uk.html "Top Social Media Growth Companies in the UK") than word of mouth.However, once you’ve expanded into another sector make sure not to forget your original core customers. They are your ‘bread and butter’, and usually most loyal and without them you wouldn’t have been able to expand in the first place. A strong ‘fan base’ is your most valuable asset and could put a zero on the [value of your business](https://www.financedigest.com/pediatric-hiv-infection-treatment-market-by-covid-19-impact-analysis-volume-and-value-revenue-business-opportunity-future-projections-and-key-trends.html "Pediatric HIV Infection Treatment Market By Covid-19 Impact Analysis – Volume And Value, Revenue, Business Opportunity, Future Projections, And Key Trends").

**Buy businesses**

Occasionally, your existing [business venture isn’t suited to the new industry](https://www.financedigest.com/metal-cans-and-glass-jars-market-demand-from-food-industry-to-grant-sustainable-business-prospects.html "Metal Cans and Glass Jars Market – Demand from Food Industry to Grant Sustainable Business Prospects ") you want to become prominent in. What you can do instead is buy or bolt onto an existing business and immediately [cut combined](https://www.financedigest.com/traders-cut-ukraine-2022-combined-grain-and-oilseeds-crop-forecast.html "Traders cut Ukraine 2022 combined grain and oilseeds crop forecast") overhead. For example, I was working with my solicitors and when I noticed that they were struggling, it [made sense for me to buy](https://www.financedigest.com/britains-next-buys-failed-furniture-retailer-made-com-400-jobs-axed.html "Britain’s Next buys failed furniture retailer Made.com, 400 jobs axed") them and introduce a new entrepreneurial flare and team. This allowed some of the partners to retire and fresh, hungry talent to replace them – a perfect way to [boost a company’s profits](https://www.financedigest.com/festive-cheer-boosts-profit-outlook-for-uks-card-factory.html "Festive cheer boosts profit outlook for UK’s Card Factory") and introduce yourself into a new industry.

Although a company might be struggling when you take it over, the core business is there and buying income could give you a much needed head start to add your start up alongside, all it may need is restructuring which gives you the head start when [learning a new industry’s tactics](https://www.financedigest.com/brand-strategy-tactics-for-an-online-learning-platform.html "Brand Strategy Tactics for an Online Learning Platform").

**Don’t manage everyone**

There is a lot of misconception about the [leadership etiquette for managing](https://www.financedigest.com/leadership-vs-management-can-you-be-good-at-both.html "Leadership vs. Management – Can You Be Good At Both?") multiple businesses. Many try to do too much and become the CEO, MD and Chairman of all the businesses. This isn’t usually the most effective way and they are different roles for a reason, that they are different job types. This could actually become detrimental to the [development of your business](https://www.financedigest.com/exit-bee-hires-neil-stewart-as-business-development-director-as-its-client-roster-grows.html "Exit Bee hires Neil Stewart as Business Development Director as its client roster grows"). Understand your strengths and weaknesses – you may be an expert in your existing business, but this doesn’t mean that you know everything in your new venture. Create a network of trusted experts such as friends or mentors to get their [insight of how a new industry](https://www.financedigest.com/ventricular-restoration-systems-market-development-history-current-scenario-industry-insights-2030.html "Ventricular Restoration Systems Market Development History, Current Scenario & Industry Insights 2030") would work. These people, or existing people in the business if you’re taking over a company, can [become great leaders](https://www.financedigest.com/rishi-sunak-declared-next-leader-of-uk-conservative-party-to-become-next-pm.html "Rishi Sunak declared next leader of UK Conservative Party, to become next PM") of your companies. There is nothing more precious than time and giving these businesses the time they require and so rightly deserve will make sure that all of your businesses succeed for the long term.

Ultimately, all [successful businesses](https://www.financedigest.com/why-seo-is-crucial-for-business-success-post-pandemic.html "Why SEO is crucial for business success post-pandemic") have strong numbers, a solid management team and a mid to long term plan or exit. If you can add value and growth to an [existing company or bring a new perspective to the market](https://www.financedigest.com/computerized-physician-order-entry-cpoe-systems-market-to-generate-profitable-avenues-for-existing-companies-as-well-as-new-players.html "Computerized Physician Order Entry (CPOE) Systems Market to Generate Profitable Avenues for Existing Companies as Well as New Players"), the most important thing is to make sure it is something you have a passion for. Entrepreneurs are typically not detailed people, and you will invariably make expensive mistakes in the first months or year, and that passion is needed to ensure you stick at it, and don’t give up. If you do make it, the reward of [operating successful](https://www.financedigest.com/white-bullet-appoints-stuart-dickinson-as-director-of-advertising-operations-and-client-success.html "White Bullet appoints Stuart Dickinson as Director of Advertising Operations and Client Success") and profitable businesses in different sectors is immense. You will have a sense of pride, safe in the knowledge that no one can call you lucky, or a one trick pony!


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