As we continue to live through these uncertain times, it’s safe to say business is no longer as usual. In fact, the way that we once interacted may never be the same.
That’s why it is so important that we master the art of pivoting. Failure to adapt to these changing times will not only leave you behind but also at risk.
You risk losing out on a huge opportunity to be at the forefront of business innovation. Imagine the dismay of business owners who refused to be early adopters of the Internet.
Those who were able to pivot reaped the financial benefits of recognizing the need and opportunity for change.
A refusal to change with the times will leave you trying to leverage obsolete practices that are no longer effective.
So, if the Internet was a pivot of the 1990s what is the pivot for this new decade?
Businesses have to leverage digital products. These are products that can be transmitted digitally to consumers.
Service providers such as makeup artists have leveraged this practice effectively. Unable to physically service clients, they create and sell video tutorials for their clients to do it themselves.
What a way to pivot!
Selling digital products enables you to reach a broader audience because you have no physical limitations.
In a world where they are able to return to servicing clients, these products can still remain as a source of passive income.
I have leveraged a variety of digital products to expand my reach across the globe. That is the great thing about these virtual products.
If you’re new to digital products, I suggest reading this article that gives examples of digital products to create and sell.
The second pivot that businesses must make is to diversify your business income.
It’s a humbling experience when your business is no longer bringing in the revenue that it once was. That’s why you must have multiple streams of income within your business.
As a business owner, it may be necessary to have a side hustle. Consider these high paying side hustles to integrate into your business.
Business is no longer as usual. Consider using these tips to pivot your business and weather these changes.