Does your company need to diversify or identify new revenue streams? If this is part of your long-term business plan, there are a great many considerations. For example, depending on your business, you may want to think about identifying a gap in your brand, creating a feasible strategic plan, building the right partnerships, finding investors, and constructing optimal manufacturing facilities. To give you a better idea of how to handle these aspects, we’d like to tell you about our ongoing project for the Sault Ste. Marie Airport as an example of successful business expansion.
The Background: Figure Out the Problem and Get Creative
The Sault Ste. Marie Airport came to Northstar Consulting with a problem: they wanted to diversify, but they didn’t know what type of business they should add to their portfolio, or how to approach this daunting task. They currently have a number of businesses on airport property, including JD Aero, MRNF, and the Sault College Aviation School; they needed to find and attract a business that would add a viable revenue stream, while also complementing their already existing businesses.
The Plan: Identify the Gap and Be Strategic
Our first step was to identify the gap: we needed to figure out what types of businesses would make the most sense for their premises, while also being intelligent additions to their existing portfolio. Creativity and research was key here. We brainstormed and completed studies to find several businesses that would best fit, including airplane painting, accommodation facilities, and an RV Park.
Currently, we are focusing on airplane painting. Owners of similar businesses were interviewed to gain valuable insights, and strategic partnerships were formed. Our research included comparing costs and gaining quotes for engineering the necessary facility. To ensure this plan works for the long-term, we worked with a 3rd party firm with specific aviation experience to create a feasibility study, as well as identified and acquired applicable funding and investors. Our advanced manufacturing and engineering background came in handy to analyze the feasibility study and working with local contractors to design the building plans.
The Result: Moving Forward and Making Progress
Although we’ve worked through many of the stages of the process, this is an ongoing project we continue to develop for the Airport. As we see our plans becoming reality, we continue to research to ensure every aspect of this expansion is handled strategically. We’re excited to keep progressing and to see the ways in which this business positively influences the Sault Ste. Marie Airport and the larger economic growth of our community.
We hope this has sparked your creativity and strategic planning; however, if you want some ideas about how to best expand your unique business, Northstar Consulting would be happy to help you with your business development plans and implementation.