Feeling Like Your Business Needs to Change?

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Something’s in the air!

Everywhere I turn recently, I keep running into seasoned business owners who tell me stories about how they are changing their business model, reinventing the way they do business, modifying the products/services they offer, and shifting who their target audience is.

Some say they’re feeling restless: that they know something is going to change in their business but they’re not clear yet exactly what the new model will look like. They’re exploring all the options to find the new formula that works for them.

Others know exactly the direction they’re moving in and just need to work out an action plan. One colleague said to me, “I’m itching and ready to take action, if only I knew what the right action should be!”

You know your business is morphing. You won’t reinvent it from the ground up, but instead you will take all your knowledge and experience, and redefine your target audience, your offerings, and even your behind-the-scenes business processes.

I see some recurring themes about why people are reinventing their business: they’re ready to go for something bigger, or something that mirrors their lifestyle better. Maybe the economy has hit them, or their industry is changing. I explore the reasons why in this blog post.

Just trust your gut instinct. If you know something isn’t “quite right” with your current business or marketing model, trust your thoughts and feelings on the matter. You may not know exactly where you’re going, but the reinvention journey is a path worth exploring.

I’m interested to hear your comments. Are you reinventing your business, too? Where are you in your thinking about your new biz model?

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Category: Business Strategy & Planning, Rethinking Your Business
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Why Reinvent Your Business?

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Did you know your business runs in cycles? The key to a successful business is to begin the process of change, growth and/or innovation before the preceding cycle of success runs out.

In the past few months, I’ve had an influx of prospective clients come to me with these exact words: “I want to rethink my business.”  I thought:  Cool! Me, too!

For me, I want to shake things up a bit. Running my business is too easy for me. There’s not a lot of day-to-day challenge and I don’t feel like I’m reaching my full potential. Heck, I don’t know what my full potential IS — but I know I’m not there yet. Have you ever felt like that?

A great way to keep growing personally and professionally is to keep rethinking and reinventing your business model without completely wiping away everything you’ve done in the past. Take all your experience and knowledge, plus any new goals and lifestyle changes, and make a plan for your future business.

Reinventing Your Business Model

There are lots of reasons why people reinvent their business model. Here are some of the ones I’ve heard recently:

  • One of my clients needs to take her business completely virtual so that she can travel extensively with her husband, who retired early.
  • Another client said he wants to make more money so that he can send his kids to college in a few years.
  • One of my business colleagues wants to expand the services and products he offers to his customer base, to be more “full service” and have multiple streams of income.
  • One of my favorites is a colleague who wants to make her business completely based on passive income by selling educational products about her field of expertise. So not only is she reinventing what she offers her audience but her marketing model as well!
  • And last but not least, one colleague wants to completely reinvent herself, sell her existing business, and take everything she knows and loves, creating a whole new career/business for herself.

Do any of these sounds like you? If yes, are there specific reasons why you’re transforming your business or marketing model, or just a gut feeling you have? I’d love to hear your comments!

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Category: Business Strategy & Planning, Rethinking Your Business
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