Diversification. It's a charged concept in business, to be sure. It means exploring and investing in new opportunities to ensure that you're prepared for shifts in demand for your teaching services. We believe it to be prudent, given trends toward online education in your customer base, but we also recognize that both points of view are worth exploring.
On one hand, it can be looked at as an opportunity to grow your offerings and remain relevant in a changing education market. On the other, you may be fearful of it's consequences on your existing business as you focus less on what you know. But, as you spread your eggs to multiple baskets, diversifying may mean the difference between consistent and lost revenues in the near future.
We've spoken with hundreds of education business owners in the past year, and here are the best reasons they have given us for why many of them have chosen to diversify now rather than later.