Episode 20 Adapt, Pivot, & Diversify - Where to Start?
Looking to pivot and diversify your product suite? Tune in for a walkthrough!
Episode Introduction:
In today’s episode, I’ll be talking about pivoting in 2021 and diversifying your product suite so you can be more efficient in generating revenue from multiple streams while being strategic about your business.
Episode Summary:
Whether you’re looking to extend your product suite, adapt to little changes, or make a major pivot, in today’s episode I’ll be walking you through the process and a step-by-step breakdown for preparing to make a business shift.
Main Takeaways:
In 2020, 33.7 million small businesses were recorded in the United States alone.
When you start a new business, it’s important to be strategic about it.
When starting a business, making a pivot, or diversifying it -- think about what your goals are.
Whenever you have a new idea, whether or not you plan to implement it, note it down for future reference.
Vision Casting is an important part of the process where you visualize where you see yourself.
Once you’ve noted down your goals, you want to start categorizing them.
Then you want to go ahead and assess the current status of your business and evaluate it.
Listen to find out what your current clients need.
Focus on cultivating your strengths.
Use your evaluation to understand how you can serve your clients better right now.
Start on a small scale to figure out what impact your idea would have on your business.
Understand whether or not your idea is feasible in the long run or if it’s something that will work out only in the near future.
Think about a growth and maintenance plan for your business.
Determine how you’ll market your business as the seasons change.
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