How Diversifying Saved My Business and Could Save Yours Too

FOREWORD

I was blessed with a unique career journey, one which seldom found me behind the office desk. From an Infantry Officer in The Singapore Armed Forces to a Corporate Leadership Chief Trainer, I enjoyed the mobility of my work, and insight to various corporate cultures and management system.
Now, I run 2 successful businesses; Biking Singapore and Grace at Work Teambuilding offering sports and events management services. The article that follows shares my journey both successes and failure, which I hope will help your journey as a business owner.
Tony Loo
My childhood was mostly spent in the clothing store my parents managed together. Mum was a talented Seamstress with a large fan base, so opening a retail shop naturally became the logical investment. 
​Looking back, I could still remember scenes of Dad working his sales charm on the unsuspecting customer. Mum at her seat behind the cashier machine, whispering the right discounts or counter offers to my Dad. 
​It wasn’t till I took this journey myself did I finally realise who had the shrewd business mind in the family.
In 2014, I took the first step into entrepreneurship, with a simple business idea. Cycling Tours for Tourist. 
​We promoted our tours as a cycling adventure to hidden trails in Singapore, paired with a localised experience by a friendly Singaporean guide.
Picture riding through Kampong Glam, while your guide shares stories on Singapore's humble beginnings. Stopping by Lau Pa Sat for the popular Satay under the stars. Riding along the Singapore River and absorbing the people, culture and intensity of this tiny country.
​That’s the experience we wanted our guests to remember of Singapore.
​With that, Biking Singapore was born with 4 foldable bicycles, 1 self-proclaimed guide and a red Honda Fit kindly sponsored by my lovely wife.
​With a lot of trial and error, we finally had our first customer. Then we had the Second. And soon we were getting reviews on Tripadvisor! That’s when we learn the power of the Internet. Both good and bad (story for another article).
​If anyone told you that entrepreneurship would be an uphill climb. It’s a lie. The journey was anything but upwards. Often you would find yourself going in circles (Doubt). The occasional downwards slide would also jumps on you (Disappointment). ​However, as cliché as it sounds, there are valuable lesson from these moments.
Photo by Markus Spiske on Unsplash
I remember sitting at my in-laws dining table one afternoon, staring blankly at the quiet inbox. It has been 2 weeks since our last tour request and we had just lost a group booking to another operator. That’s when I knew I needed to Diversify. 
​I cannot be held ransom to an individual service or customer base. I needed to have multiple source of revenue and I had to be smart about it. 
Running a one man business, doesn’t allow the luxury of testing every idea that comes to mind. So I settled on the mode of shared resources; I had bicycles and mobility of our family car, so let’s introduce a mobile bicycle rental and Learn to Cycle Service.
​Fast forward 5 years. Biking Singapore is now the top cycling training school in Singapore, and our Learn to Cycle class have also expanded to schools. This idea born from a crisis has actually contributed up to 60% of the company’s revenue!
​Our mobile bicycle rental service has also continued to serve us during our down time and especially more during the COVID 19 season. Read more about our experience in our article; Navigating your Business through a Pandemic.
We have seen many business evolve and innovate during this season.
Cab drivers taking up delivery services as an alternative income, raising from the peak in online shopping and drop in passenger flow.  Fitness trainers offering virtual exercise sessions through video conferencing platforms such as Zoom.
Perhaps you are a baker and have been forced to suspend your services. Why not offer a "Bake it yourself" kit, where you can send pre-packed ingredients with recipe to baking enthusiast.
​To leverage on this service, encourage your customers to share their baking experience on their personal social media platforms. This can lead to increase in online traffic and brand awareness, important for your business when the upturn in economy comes.
​Unfortunately, Cycling Tours, our first business idea that gave birth to Biking Singapore was shut in 2018, due to regulations by the Singapore Tourism Board.
Sometimes being an entrepreneur requires you to find your fit in regulations seemingly unrelated to your business.
If there is room for improvement, work hard on improving your system to abide by regulations set by governing bodies. But if there isn't a fit, make the strategic decision to Change or Cut.
​In our case, we choose the later. Ironic how the master plan became the first to go isn’t it?
​Diversification has saved us from losing our core revenue and it has also helped us recognize potential opportunities. Should anyone give up on the first sign of failure? Not immediately. My advice, recognise your options first and give your mind a chance to digest them. Do a risk assessment of your situation and if available, give your solution a fighting chance. You never know, that could be your next Cash Cow.