NEW START // ISSUE 6 // 49 THE IOD'S DAVID WATT

BEEN THERE, DONE THAT MICHELLE MONE

Underwear tycoon Michelle Mone is set to launch a new range for men. Having built a strong brand in female underwear, her company, MJM International, is rumoured to be worth over £50 million.

But diversifying doesn’t always mean new products and services, it can simply mean tapping into new markets or delivering services in different ways.

It can be tempting to stick to what you know, particularly in tough times, but branching out can often mean the difference between success and failure.

It doesn’t have to mean huge changes. Training companies who offer courses aimed at senior management, could consider changing their course to suit junior management. Hair and beauty businesses could look into adding a retail side to their business, selling the products they use. It could even be as simple as considering new geographical areas.

While you may not be ready to take your business global, exporting beyond your current market could mean new business. If you only operate in Scotland, could you market your business to the rest of the UK? A flight to London can take the same time as a train journey from Glasgow to Edinburgh. Extending your reach can open up whole new markets.

Offering a new product or services costs time and money, but it can be rewarding. According to Defra, around 50% of farms in the UK supplement their traditional income through farm diversification. As well as providing supermarkets with their products, many farmers also set up farm shops, selling their produce or turning unused buildings in to accommodation or offices. On average, the additional income per diversified farm totaled £14,500.

Last year, online retailer Amazon – which started life as an online book store - enjoyed its best Christmas ever as more customers opted to buy online. In the UK alone the company sold over 1.4 million items – equivalent to 11 orders per second. The company succeeded in diversifying and now offers everything from power tools to jewelry.

Even one-time clothing giant Marks and Spencer has had to branch out. The company, which started as a single market stall in Leeds, now sells financial products such as insurance, credit cards and loans as well as food and home goods.

DAVID & VICTORIA BECKHAM Brand Beckham is estimated to be worth £275 million.

While Victoria has (sensibly) left singing behind and now

concentrates on her fashion range, she recently made headlines after posing in her undies for Armani's new Spring/Summer collection. And David has yet again topped the footballer players’ rich list. Having secured many advertising deals for global brands such as Adidas, Vodafone and Pepsi, his name has been leant to fragrances, computer games and even pens.

STELIOS HAJI-IOANNOU Best known as the founder of easyJet, the budget airline, Stelios started his career with his own shipping company, Stelmar shipping. Having sold the business for $1.3 Billion, Stelios went on to build the easyGroup offering to include cars, cruises, buses, hotels and even internet cafes.

RICHARD HAMMOND From local radio journalism to one of the BBC’s most loved presenters, Richard Hammond knows that his Top Gear days won’t last forever. Instead of planning to join the after-dinner speaker brigade, Hammond took things into his own hands. Having launched his own production company, Hamster’s Wheel, Hammond has landed a £2 million deal with the BBC to produce a new children's science series, Lab Rats.