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At a time when startups are launched almost daily, the ones that truly shine understand the art of diversification. Success, in this case, is not only about exploring one interest to its maximum but about venturing into different areas, using unique strategies and skill sets.
Diversification can be a tightrope walk, balancing numerous variables, making high-stake decisions, and facing unexpected challenges. But, When executed well, it can lead to unprecedented growth and success.
Take the story of Armando Colimodio, an entrepreneur whose business ventures are as diverse as they are innovative. A native of Venezuela, Armando relocated to the U.S. in 2000 for higher education. He pursued mechanical engineering in New York and kick-started his professional journey in Miami.
The seeds for entrepreneurship were sown during his time at a manufacturing company in North Carolina, where he negotiated contracts and prices for a budget worth around $40 million annually.
Returning to Miami in 2018, Colimodio ventured on an entrepreneurial journey with a former classmate, starting the Colsen Fire Pits company. Driven by personal interest and an uncanny instinct for market trends, Colimodio identified a product with the potential for high demand but little competition on Amazon at the right time.
“Funny enough, I have always been fascinated by fire, and my friend had extensive knowledge about concrete,” Colimodio shares. “When I noticed that a product similar to a fire pit was being sold online, I realized the potential and decided we could manufacture and sell that ourselves.”
Colimodio’s sharp instincts turned into a massive success as Colsen Fire Pits became one of the first fire pits sellers on Amazon, practically securing a monopoly in that segment for over a year since its inception, generating tremendous revenue and giving Colimodio a boost to explore more opportunities.
Viewing diversification as a critical point of success for any entrepreneur and motivated by Colsen’s major success, Colimodio began to branch out.
He skillfully utilized the power of various e-commerce platforms, including Shopify, embarking on a carefully crafted sales journey.
Still, his diversification efforts peaked with the founding of Blackforest Supplements, Colimodio’s first step through the door of the health supplement industry. Here, he identified another niche market – men in their 30s and 40s looking for an extra boost to enhance muscle mass and strength.
“The competition in the men’s supplements sector is fierce, but we’ve managed to build a successful business because we cater to a very specific consumer target,” Colimodio explains. “Also, we sell NMN, a supplement designed to promote youthfulness. The product has been controversial because the FDA intends to regulate it. As a result, there has been a rush among consumers to purchase it before any stricter regulations.”
Reflecting on his strategies, Colimodio underscores the importance of personal interest and keen market understanding when approaching any business idea. With years of experience and a number of diverse ventures under his belt, Colimodio advises hopeful entrepreneurs to expand beyond a single niche.
“My primary criterion is personal interest when deciding which business to venture into. I need to like the product or service genuinely,” Colimodio says. “This approach has paid off massively for me, and I believe it can potentially steer any young entrepreneur in the right direction.”
As he looks towards the future, Colimodio continues to exhibit his signature spirit of diversification. With plans to sell some parts of his businesses, he seeks to make room for new ventures. In an era where industries constantly evolve, Colimodio’s business approach may be the key to sustained growth and success.
Colimodio says, “In business, you need to explore, adapt and be willing to step into the unknown if you want to succeed. You may miss incredible opportunities if you refuse to set new challenges or test new waters.”
