change business

When we get started with something maybe we will face a block maybe we see a brick wall and we can’t do anything about it maybe there is some shift in the market and maybe something which we can’t control, these things always happen in business and most people just quit or they just try to do something else.

What should we do when something wrong happens in your business? How should you take a pivot? When you should take a pivot and when you should not that is what we are going to discuss here :

When & How To Pivot? – Changing Business Model

1. No Market Need

If you have created this service or product or if you have this offer and there is no market need, even after creating this product and no one is really interested in your product, that’s obviously a huge sign that you need to make the shift and you need to take a pivot as soon as possible.

Because if this continues you cant have sales and you cant grow.

2. Too Much Competition

When there is way too much competition, having little competition is really good but when there is this huge competition, you cant compete with them, there is so much competitive barrier they might have created, that even though you want to do it, there will be some huge capital you want, I think you have seen such businesses. They will create this monopoly and it will not seem like a monopoly, but they create this kind of competitive environment and no one except them can be in that business. So if you are in this arena and if you want to copy their business model, I think you have to say goodbye to your business career.

3. Find Offers and Solutions

What you should do is try to create an innovation , try to create an offer by solving an actual problem in your industry , you need o observe do research and integrate these solutions to your new business model , we will discuss how to do it in an other article for now continue on when to pivot.

4. Black Swan Events

No matter we believe it or not history had given us evidence that at least every 10 years or every 100 years there will be a major black swan event happens. At the time of this writing, we are going through covid-19, An unexpected change in the world.
So when these events happen, you have no other choice other than to pivot and getting ready for the future.

When Not To Pivot?

Working Existing Offers

When your existing offers are doing great , you may not pivot but instead you can try and test new products.

You Feel Like – (No Logic)

This is a really dangerous trap where people will say you to listen to your heart but when you feel like pivoting without analyzing market data along with the existing business model you might re-think your decision. – Be Logical

If you are still confused about your business and you might need some advice crafted exactly for you.

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