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How well do your new products and services complement each other?

Today, I am going to talk about business expansion and how it has helped me at Hostalite.
Let’s consider a common scenario , when you plan to make a new purchase, there are many things you will consider before making a decision and handing over your money.
These considerations might include factors like quality, price, and/or popularity– but inevitably one of the most important things that you’ll think about is convenience and ease of use.

Convenience and usability depend largely on one core principle – how well will your new purchase integrate with your life and the products you already own and use.
If you’re looking to buy a new mobile phone for example, you’ll want to know how quickly and easily you can get it set up and in use without disrupting your routine.
Will the new device connect easily to your computer for charging or syncing? Can you easily transfer all of the data and contact records stored in your old phone? Will your new device maintain information about the apps that you use to run your business, and your life, on a day-to-day basis?

If you could answer ‘yes’ to all of these questions, it’s likely that you would be buying your new phone from a company that has successfully implemented the concept of ‘product system innovation’. It’s a type of innovation that is based upon a simple idea: the creation of complementary products and services that are part of a single ecosystem.

My experience at Hostalite:
When the time for business expansion at Hostalite reached, I had many ideas of starting other companies or product lines in the name of expansion. Remember any young businessman would want to be called a group C.E.O but that’s just a title which doesn’t make sense if the companies in the group are not performing or if they are in a Cannibalism state.(Topic for another day)

Long story short, after careful thought and research, decided to start a new business that would complement Hostalite and that’s Hostalite Cyber Academy. This is an I.T school that teaches practical I.T skills as it rides on a 7 year experience of Hostalite.

I didn’t start a pharmacy, or a construction company because it would take me the a lot of time to learn the dynamics, make mistakes and stabilize 7 years later, of which the academy would now be a University, which is the plan by the way.

There are many other advantages in addition to being a one stop centre for your customers and instead of running around looking for new clients, its better to innovate and offer them related products and services at no extra sales cost.

As a result, Hostalite was recently selected to Host and Execute the Marie Stopes Health App challenge, a 2-day Hackathon event in which local innovators selected from 12 universities across Uganda came together to create mobile applications for use on mobile devices aimed at increasing uptake of Sexual Reproductive Health Services in Uganda.
*And guess what, one of the most contributing factors was Hostalite’s ability to incubate the winners at the Academy.

Lesson.
Choose your businesses expansion plan wisely.
Choose businesses that will support each other as opposed to eating each other up.

(Pic: With Faith of Marie Stopes, Jackie of Vodafone)
‪#‎HCAHACK‬

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