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Business Diversification  

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hlbennettpls
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What are you guys doing in your business to keep from "having your eggs all in one basket"?  Currently we have a bulk of our business tied to the housing and construction industry and that has me quite concerned.  We were able to survive the Great Recession basically because of our name and how long we had been in business here we had lots of contacts built up.  However in that span of time we did branch off and do some other things such as utility easements, and environmental services, but they really weren't things we "attacked" when the housing market went away.  I'd like to actively pursue some other avenues and am currently looking into wetland delineation as one of these.  I've also heard that asset management for GIS is another good diversification method not solely tied to the market.  I'm looking into these, but are other ways that a typical "boundary surveyor" can diversify their business into markets not tied to growth and construction?  Thanks in advance.

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TXSurveyor
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Currently we are starting to offer drone services (photos, videos and eventually mapping).

asset management is the next on the list. Most surveyors missed this boat. These GIS guys coming out of college are smart and you can plug em to trouble shoot computer problems, CAD work, or make a pretty map. People pay for technology and a pretty pic. They even pay for more on our boundary work for an aerial overlay.

It won’t pay the bills but I charged a construction company double what it cost us to print 292 sheets of plans the  other day.

 

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Norman Oklahoma
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I think it wise to have some part of your business in the public works sector. 

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hlbennettpls
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Posted by: Norman Oklahoma

I think it wise to have some part of your business in the public works sector. 

I agree and we do, albeit not as much as I'd like.

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Just A. Surveyor
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Well with the proliferation of legal recreational marijuana I may start growing and distributing to whoever wants to buy.

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Daniel Ralph
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How about just providing x-y-z coordinates where the $$$ is buried? Since the US banking system is not keeping up with the business model, there is no place to put the mountain of cash generated.  

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hlbennettpls
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Yeah I'm talking to a drone guy next week as we are thinking of moving in this direction as well.  Have lost several quantity surveys b/c we didn't use this technology.  I'd love to know how to get into asset management.  I can't seem to find anyone around here that knows much about it, but we are in a pretty rural area, so the utility guys don't have as much to deal with as the urban guys.

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Jim Frame
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Well with the proliferation of legal recreational marijuana I may start growing and distributing to whoever wants to buy.

I have a brother-in-law and an in-law cousin who are doing wholesale grows, custom harvesting and lab testing in multiple states.  They figure there's a 5-year window of worthwhile profitability before the market gets too saturated to make good money.

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