Latest / Online Business Uncovered: Simple Strategies for Female Entrepreneurs / 32: When is the right time to pivot online
Transcript
- 0:00SPEAKER_00: Hello and welcome to the Digitally She Does It Show.
- 0:04SPEAKER_00: This is episode 32, and in today's episode, I'm going to be talking about pivoting your business into the online space and when is it the right time to do this?
- 0:15SPEAKER_00: So let's jump right in and get started.
- 0:24SPEAKER_00: Welcome to the digitally she does it show.
- 0:27SPEAKER_00: I'm your host Karen and I'm here to lift the lid on what it actually takes to create a successful business.
- 0:34SPEAKER_00: If you are an ambitious creative ready to build a business on your own terms and without compromise, then this podcast is perfect for you.
- 0:41SPEAKER_00: With my award-winning approach to marketing and expert knowledge in creating online courses, this show will leave you feeling inspired, energized, and ready to bring those big dreams to life.
- 0:52SPEAKER_00: Join me each week for a dose of motivation and marketing know-how, along with actionable step-by-step strategies to help you accelerate your business's growth.
- 1:01SPEAKER_00: So let's dive in and don't forget to subscribe to all my upcoming episodes, which drop every Wednesday.
- 1:11SPEAKER_00: Hello and welcome.
- 1:13SPEAKER_00: Thank you for joining me today.
- 1:14SPEAKER_00: I'm your host Karen and I really appreciate you hitting the play button to listen to today's episode.
- 1:21SPEAKER_00: Now, today I'm going to be talking about pivoting your business into the online space and when is it the right time to do this?
- 1:30SPEAKER_00: So we're gonna dive into this in a bit more detail.
- 1:33SPEAKER_00: And my reason for this episode today is because I talk to so many entrepreneurs who have these incredible visions but they struggle to get their ideas out into the world.
- 1:45SPEAKER_00: Now, this could be down to not having the time due to them being busy in their business, serving clients, or perhaps they just don't know how to go about it or how to get started.
- 1:59SPEAKER_00: Now, if you've never sold anything online or operated in the online space, then how do you know what to do or what the best course of action is?
- 2:09SPEAKER_00: And so this can lead to overwhelm, it can lead to confusion, and then it can also lead to literally nothing being done.
- 2:18SPEAKER_00: So instead of moving your business forward and maybe looking at areas that are lucrative and do offer opportunity, there's that chance of nothing happening and playing safe and then settling for what you know instead of reaching for what's beyond that, which is a real shame because the online space does offer so many incredible opportunities.
- 2:48SPEAKER_00: Now, if one thing is for certain, it is that nothing stays the same in business for long, things are always shifting and moving, it's just the nature of the beast, and so what we need to do as entrepreneurs is really understand and connect to our vision and what we want to create for ourselves.
- 3:08SPEAKER_00: Now, having that vision keeps us grounded, but it also keeps us focused as well, so that when everything around us shifts, we can make conscious and calculated decisions about what we do as we move forward.
- 3:26SPEAKER_00: So many people start businesses without getting clear on what they're actually looking to achieve.
- 3:31SPEAKER_00: The problem with this is that you then don't know where you're going.
- 3:35SPEAKER_00: And if you don't know where you're going, how do you know what's right for your business?
- 3:40SPEAKER_00: Now, taking the time to get really clear on your vision gives you something solid and tangible to work towards.
- 3:47SPEAKER_00: Now, your vision doesn't have to be huge and overcomplicated, it just needs to be real to you, and what I mean by this is that it needs to have depth and substance so that you are emotionally connected to it because your vision is then what is going to feed into your greater why, so it's going to be the purpose that sits behind your business.
- 4:13SPEAKER_00: Now, getting clear on these foundations early on will then help to steer your business forward.
- 4:19SPEAKER_00: Now, as I say, our businesses are the vehicles that can take us to wherever we want to go, but we first need to get laser clear on where that end destination is.
- 4:31SPEAKER_00: Now, you wouldn't get in a car and turn the engine on and start driving without knowing where that end destination is.
- 4:40SPEAKER_00: You would define a purpose for your journey so you know where you're heading, and then you would have a plan on how to get there, and it's exactly the same for your business.
- 4:52SPEAKER_00: Now, the reason I'm talking about getting clear on your vision is because this is the starting point.
- 4:58SPEAKER_00: Once you know where you're heading, you can then make those conscious decisions on how you get there.
- 5:05SPEAKER_00: Now, those decisions may change over time due to various things like changes in the market or changing trends, or even because there are changes that are going on within ourselves.
- 5:17SPEAKER_00: Maybe you'll get into a point where you still want to bring that vision that you have to life, but you recognize that you no longer feel the same about what you're currently doing, and so you want to make changes.
- 5:31SPEAKER_00: Now, I think pivoting comes from a place of evolution, and as humans, we are constantly evolving.
- 5:39SPEAKER_00: The person that we are today is not the same as the person that we were one, three, five years ago.
- 5:46SPEAKER_00: We are different, we evolve as we move forward, and our experiences define who we become, and so it makes complete sense that as we experience new things, then our outlook and our perspective changes, and who we become ultimately changes as well.
- 6:07SPEAKER_00: Because nothing stays the same forever, and if it did, and if we did were to stay the same, we're most likely to become stagnant, which of course isn't good for us.
- 6:20SPEAKER_00: Now, whether we like it or not, change is actually good for us because it keeps us on our toes and it stops us from becoming stuck or complacent.
- 6:31SPEAKER_00: So we need to embrace change, especially as entrepreneurs entrepreneurs, because we operate in this environment that is constantly changing or shifting.
- 6:42SPEAKER_00: I mean, COVID is the perfect example of this.
- 6:46SPEAKER_00: Even if you weren't ready to make changes in your business when COVID hit, you were most likely forced to because of what was going on in the world.
- 6:56SPEAKER_00: It was outside of our control and we had to respond to it accordingly.
- 7:02SPEAKER_00: Now, everything was impacted, and we had to respond.
- 7:06SPEAKER_00: We had no choice.
- 7:07SPEAKER_00: It had a huge effect on the business landscape.
- 7:10SPEAKER_00: Everything that we all knew was thrown into the air, and we just had to deal with it and navigate through it the best we could, and it forced us to be agile and resilient.
- 7:23SPEAKER_00: We literally had no choice in the matter because there was no hiding from it.
- 7:28SPEAKER_00: Now, this forced many business owners to pivot, whether they were ready for it or not, because what they were able to provide before COVID was no longer an option, and so in order to keep the lights on in the business and the business going, those changes had to be made.
- 7:46SPEAKER_00: Now, many of these changes involved moving business into the online space and embracing the digital age.
- 7:55SPEAKER_00: And what's interesting is that the data that is now available from search engine analytics show that a huge percentage of customers are now not only shopping online, but they are also attending virtual events and learning online so that they can stay engaged and connected from the comforts from the comfort of their own home.
- 8:20SPEAKER_00: Now, with this knowledge in mind, it means that as entrepreneurs, we must adopt a mindset for change and integrate this change into our businesses so that we move into the online world, especially if that's where customers are.
- 8:40SPEAKER_00: Whereas before, appointments with clients may have taken place in person.
- 8:46SPEAKER_00: It may be that now there is an expectation for these meetings to take place online via platforms like Zoom or Google Meet.
- 8:56SPEAKER_00: Even if, as a business owner, your preference is to keep the in-person experience, we have to respond to our clients and deliver ways on delivering what we offer to suit their needs because the world that we now live in today is not the same as it was two or three years ago.
- 9:18SPEAKER_00: Now, our clients' behaviors have changed, and which means that so must ours, especially if we want longevity in our businesses.
- 9:29SPEAKER_00: We need to embrace the digital age and not be scared of it, and instead look at it as opportunity.
- 9:38SPEAKER_00: Now, as entrepreneurs, we do need to stay ahead of the curve in order to keep our businesses relevant, and so the way we do do this is by pivoting our businesses online.
- 9:51SPEAKER_00: Now, in order to do this successfully, first there needs to be a shift in mindset because everything starts and ends with what's going on in our minds.
- 10:03SPEAKER_00: It doesn't matter what action we take, if our heads are not in the game, then it becomes a fruitless exercise.
- 10:11SPEAKER_00: So we need to keep checking in with ourselves to make sure that our head is where it needs to be.
- 10:18SPEAKER_00: And then next, it's about doing our due diligence and making sure that our clients are shopping around in the online space because there's no point showing up in the online space if our clients or customers are expecting us to be offline, so you need to understand where your clients or customers are going to be.
- 10:42SPEAKER_00: Now, what I mean by this is we need to be clear on exactly who our ideal client is and where they hang out, and especially what they are looking for.
- 10:55SPEAKER_00: Now, in order to do this effectively, we need to get really clear on who that ideal client is.
- 11:02SPEAKER_00: It's important to get really clear on what the challenges are that your ideal client is currently facing.
- 11:13SPEAKER_00: Because once you understand that, you can then start to understand what's going to lead them towards your offer and how what you have to offer is going to resolve their problem.
- 11:25SPEAKER_00: Now, the majority of sales online starts with the messaging, and so getting really clear on what your message is will help you to build a deeper connection with your clients online.
- 11:40SPEAKER_00: Now, once you've done your research, then you need to identify what it is that you can offer online because maybe what you currently offer in person and what you currently offer or what you could offer online, there may be some difference.
- 11:56SPEAKER_00: So the first thing to do is to ask yourself does what you currently offer translate into the online space or does it need to be adapted?
- 12:09SPEAKER_00: And if so, what does this look like?
- 12:12SPEAKER_00: Can you automate your offer so that clients can buy your products instead of buying your services?
- 12:21SPEAKER_00: If you currently deliver services offline that require an in-person connection, can this be done online via a platform like Zoom?
- 12:31SPEAKER_00: Or do you need to be there in person with your clients in order to get the results?
- 12:39SPEAKER_00: Or maybe if you're not comfortable with shifting everything online straight away, could you possibly offer a hybrid approach where perhaps a portion of what you do is online, but you still remain connected to your clients through regular Zoom meetings?
- 12:59SPEAKER_00: Now, when COVID hit, I was working in my branding studio, and up until that point I was meeting clients in person on a regular basis, and this is how I was delivering my services.
- 13:14SPEAKER_00: Now, for me personally, I really valued this part of the process because it helped me to build relationships with clients and really get to know them.
- 13:27SPEAKER_00: Clients would come into my office for meetings, we and and would often stay for a cup of coffee, which I really enjoyed.
- 13:35SPEAKER_00: So when COVID hit and that was no longer an option, I found it really tough.
- 13:41SPEAKER_00: It took a while for me to adapt to the fact that everything needed to be online.
- 13:47SPEAKER_00: Now, even though I moved everything online initially, it just didn't feel the same.
- 13:54SPEAKER_00: So there was definitely a grace period where I had to get used to working in a different way.
- 14:01SPEAKER_00: Now, to me, it made that service feel more transactional.
- 14:08SPEAKER_00: Whereas when I would have a meeting with a client and when we would meet in person, it felt more relationship focused.
- 14:17SPEAKER_00: Whereas online, it would be a case of we'd have a meeting, we'd talk about what needed to get done, and then there would be a sign-off.
- 14:25SPEAKER_00: So it was very different, it had a very different vibe about it and a very different flavour.
- 14:30SPEAKER_00: And as I said, it took me a long time to kind of move past that and and adopt it in a way that felt natural because my natural disposition is to build relationships.
- 14:45SPEAKER_00: I want to get to know the people I work with, and I want to build long-term relationships, and connection is really important to me, it's one of my values, and so it really did take a while to adapt to this new way of working.
- 15:02SPEAKER_00: However, by the end of the lockdown uh period, I was more than happy to cancel the lease on my office and move everything online because I realized during that period that before the way I was working in my business, I was limited.
- 15:21SPEAKER_00: I was limited in capacity, there was only so many clients I could take on, so many clients my team could work with, and I was also limited with who I could work with because essentially the way the business model was, my clients had to be local.
- 15:39SPEAKER_00: Um, whereas in reality, I was able to take this business online, and those barriers that were stopping me from expanding into different locations were removed, and they were removed really easily because everybody else was online.
- 15:58SPEAKER_00: So now in my work, I can I can literally work anywhere and everywhere with clients all around the world without stepping foot outside of my office, which means more opportunity and a and a lot less travel.
- 16:15SPEAKER_00: So if you are currently a service-based business that works directly with clients, either in person or via Zoom, and you are thinking of pivoting into the online space and creating a digital arm to your business, then you may be wondering when the right time to do this is.
- 16:34SPEAKER_00: Maybe you're at a point in your business where you want to move away from working solely with one-to-one clients, or maybe you are ready to try something different.
- 16:45SPEAKER_00: Whatever the reason, sometimes it can be really difficult to know when to make that change.
- 16:52SPEAKER_00: For me, it was during lockdown because I had this sudden realization that our businesses are not sustainable long term if we're currently and constantly having to be at the helm to drive it forward.
- 17:08SPEAKER_00: We need to be finding new ways of keeping our businesses thriving, especially during difficult times.
- 17:18SPEAKER_00: I think for me it also coincided with a few other things that were happening as well.
- 17:24SPEAKER_00: First, I had created and launched my own branding course, and I was making money from it, um, as well as other digital products, which led me to the realization that I really liked making money from my products, because it meant I didn't have to be there in person to deliver them.
- 17:48SPEAKER_00: Because as a service provider, I'm so used to having to do the work for my clients all the time that I was constantly feeling as though I wasn't driving my business forward because I was always in the thick of the doing instead of working on my business and driving it forward.
- 18:12SPEAKER_00: Taking the time to create and launch my online course was, of course, hard work.
- 18:18SPEAKER_00: There's no denying that there was a lot of work involved to get it done, but it changed everything for me, and most importantly, I think it helped me to see my business differently because up until that point I had a mindset of I needed to be there fully immersed in the business, delivering my services every day to my clients for it to be a viable business, which is completely untrue.
- 18:50SPEAKER_00: So I think most importantly, I was able to see my th my business through a very different lens.
- 18:56SPEAKER_00: Now, secondly, as lockdown hit, I found myself in a particularly uncomfortable situation with a client, which led me to need legal support.
- 19:08SPEAKER_00: For the first time in my business, I found myself working with a client who became in breach of their contract and owed me a significant sum of money.
- 19:20SPEAKER_00: Luckily, I had amazing support around me that supported and guided me through this, but believe me when I say it was an absolute awful time.
- 19:32SPEAKER_00: The client wasn't particularly very nice, and they be they became very threatening because I wasn't prepared to drop it.
- 19:41SPEAKER_00: So this became deeply unpleasant, and it really did take me by surprise because I didn't anticipate this happening, or that this client in particular could be capable of such awful behaviour.
- 19:56SPEAKER_00: Now, looking back, they were probably acting out of fear because their business had been heavily affected by COVID.
- 20:06SPEAKER_00: However, for me, it was deeply unpleasant and an experience I think that most definitely influenced my decisions going forward because I made the decision after that that I no longer wanted to solely rely on client work and that I wanted to build a business on my own terms, doing what I loved, and I love creating.
- 20:31SPEAKER_00: I am a creator, that's what I'm good at.
- 20:33SPEAKER_00: I was finding that I was spending far too long responding to client demands, which was taking me away from the things that brought me joy.
- 20:43SPEAKER_00: It had it's actually, I think, now, thanks to that ex-client that I'm here today doing this and doing what I love, because that experience really did shape my decisions going forward, and I think that experience as well gave me the push to make changes.
- 21:03SPEAKER_00: So, although I decided to pivot back in 2020, I think realistically I really started to step into this new space of online courses in early 2022.
- 21:16SPEAKER_00: Now, I it I believe it takes approximately 18 months to fully pivot a business.
- 21:21SPEAKER_00: That's um I was listening to another podcast actually, and they were they were talking about pivoting, and that's what came up, and that really resonated with me because when I look back, those 18 months that I was pivoting, I was actually creating and testing new offers and working with clients to make sure that what I was offering delivered the results that I said it was going to do, and I think looking back, this was really important for me because I needed to prove to myself that I was I wasn't changing out of fear, I was simply shifting my business because.
- 22:00SPEAKER_00: Because it made sense and it was aligned with my greater vision.
- 22:04SPEAKER_00: Now, I'm not saying that in order for you to pivot, you need to experience something awful.
- 22:09SPEAKER_00: That's not it at all.
- 22:11SPEAKER_00: But I think looking back, everything that happened, be it COVID, selling my own online products, and then having to deal with an awful client and the legal issues that I had to deal with at that time, it was almost like the perfect storm because it just brought everything up to the surface.
- 22:33SPEAKER_00: And it made me question things that I hadn't questioned before because I hadn't had the time.
- 22:39SPEAKER_00: I was just so caught up in the doing all the time and not really focusing on the direction that I wanted to take my business in.
- 22:47SPEAKER_00: So I was probably ready for changing my business because the truth is, I'd been offering the same services for such a long time, and I was starting to lose the passion for what I was doing.
- 23:00SPEAKER_00: So that leads me on to the question: when is the right time for you to pivot in your business?
- 23:07SPEAKER_00: So, what I thought I would do is I would share five things to consider, but I just want to put a little caveat in here is that we are all different, we're all running different businesses, and we all have different aspirations, our visions are different, what we're looking to achieve for ourselves different.
- 23:25SPEAKER_00: So there's a lot of different variables there.
- 23:28SPEAKER_00: So what's right for you may not be right for somebody else, so it's going to be down to you ultimately for you to decide when the right time is.
- 23:40SPEAKER_00: But I'm going to share with you five things to consider, and hopefully, this will give you a little bit of food for thought if you are starting to think about moving into the online space.
- 23:56SPEAKER_00: Okay, so the first thing is about feeling or acknowledging a lack of passion for what you do.
- 24:06SPEAKER_00: So you no longer feel passionate about what you offer in your business.
- 24:10SPEAKER_00: Perhaps you feel like you're constantly delivering the same things over and over again, and you're fed up with being on repeat.
- 24:18SPEAKER_00: Maybe you're having issues with clients, like I did, and you're starting to feel as though what you're doing is just not worth it.
- 24:27SPEAKER_00: So you're starting to have those doubts, but you don't want to walk away from your business.
- 24:33SPEAKER_00: You love your business, you're passionate uh in terms of the business, it's just what you're providing, you're losing that passion for.
- 24:43SPEAKER_00: So maybe you love what you do, but maybe you're overworking directly with clients, and so you're starting to ask yourself if there is another way.
- 24:53SPEAKER_00: So that's number one, a lack of passion for what you do.
- 24:57SPEAKER_00: Okay, so the second point is that maybe you're starting to feel as though there's too much competition, so it might be that you're operating in an overly saturated market with way too many competitors.
- 25:13SPEAKER_00: Now, whilst competition is good, it's not if you're constantly being drowned out by the noise of other larger, more established businesses.
- 25:25SPEAKER_00: Because here's the thing: we want to create our own paths, we want to position ourselves in the right way, and we don't want to blend into the background.
- 25:35SPEAKER_00: What we all have to offer is unique, and we want to be able to put that out in the world and for it to be received.
- 25:42SPEAKER_00: But if you're in a crowded marketplace and you're not getting that opportunity to be heard, then maybe you're in the wrong space, and maybe that's when you need to think about pivoting.
- 25:57SPEAKER_00: Okay, so number three, your business isn't performing.
- 26:02SPEAKER_00: So it could be that you feel as if your business has hit a plateau and that things have become a little bit stagnant, and it might be that your business isn't developing in the way you want it to, or maybe your growth has been a lot slower than you initially expected.
- 26:20SPEAKER_00: Now, pivoting doesn't always mean a huge major shift, sometimes smaller changes can make a big difference, so it could just be that you need to make some changes in order to get back on track.
- 26:37SPEAKER_00: Okay, so number four, an area of your business is growing faster than other areas of your business.
- 26:46SPEAKER_00: So in our businesses, we do need to stay mindful as to what's working and what isn't.
- 26:52SPEAKER_00: Perhaps there is a part of your business that is achieving more interest and traction, as opposed to maybe aspects of your business that isn't.
- 27:02SPEAKER_00: If this is the case, then you need to listen to what your clients are asking for and then ditch whatever it is that isn't working.
- 27:10SPEAKER_00: Now, by focusing your attention on the parts that are working, you'll be able to grow that side of the business.
- 27:16SPEAKER_00: So don't be afraid to make changes because it could be what helps your business stay afloat in the long run.
- 27:25SPEAKER_00: Okay, so number five, your perspective has changed.
- 27:30SPEAKER_00: Now, this is what happened to me, and the reason why I pivoted my business.
- 27:35SPEAKER_00: I had been running my business for a while, and over that time my vision had evolved, and and therefore my goals did as well.
- 27:45SPEAKER_00: Now, this was due to the experiences that I was having, the knowledge I'd built up, and new opportunities that came my way.
- 27:55SPEAKER_00: I didn't know what I didn't know until I became aware of exactly what was out there and what I could do and what my business could become.
- 28:06SPEAKER_00: Now it's perfectly normal to shift and evolve as you're running your business.
- 28:11SPEAKER_00: As I said earlier early on, nothing stays the same, and things are always changing.
- 28:18SPEAKER_00: We change, our businesses change, who we want to work with might change, our clients or our customers' behavior may change, the world in which we operate may change.
- 28:30SPEAKER_00: So many changes take place all the time, and this can have a direct impact on how we feel and the decisions that we go on to make.
- 28:40SPEAKER_00: So if you feel that you no longer feel the same about what you do in your business, then my advice would be to just be honest with yourself.
- 28:50SPEAKER_00: That's the starting point.
- 28:52SPEAKER_00: You need to ask yourself what is it that you no longer feel passionate about, or what is it that is causing you to want to make a change?
- 29:03SPEAKER_00: Is it a client?
- 29:05SPEAKER_00: Is it a repeating pattern in your business?
- 29:07SPEAKER_00: So maybe you're attracting a certain type of client that is has a certain trait that is unpleasant, or that doesn't it doesn't sit aligned with who you are, or maybe it's circumstantial, maybe you're thinking about starting a family, or maybe you're in that process of having a family, and maybe you just don't have the time or the inclination to dedicate the time that you had to growing your business.
- 29:39SPEAKER_00: Now, maybe because of the change in your circumstances, you want to create a different business model which supports you going forward.
- 29:48SPEAKER_00: So this may mean that maybe you're looking at ways to create passive revenue and bring in other money so that you can still make money and not be there.
- 29:59SPEAKER_00: I think getting a really clear idea on where you are and what you want and when you want it by will then help to influence your decision on whether or not you pivot.
- 30:13SPEAKER_00: Now, before you do anything, my advice would be to create a plan.
- 30:18SPEAKER_00: I call it the pivot plan, where you outline your strategy for pivoting because this will give you a really clear picture on what you're looking to achieve.
- 30:29SPEAKER_00: Take a systematic approach and create an outlined step-by-step process on what this looks like.
- 30:38SPEAKER_00: Get clear on your overall vision for your business and then the new services or products that you're going to want to offer.
- 30:47SPEAKER_00: After that, you'll want to translate your vision into a set of concrete strategic goals and objectives.
- 30:55SPEAKER_00: From there, you can then create a roadmap that outlines exactly what will happen and when, so that you are really clear on how you're going to move forward.
- 31:08SPEAKER_00: Now, what I will say, and this is me speaking from experience, rolling out changes in your business can take time, so you do need to be patient.
- 31:19SPEAKER_00: Do your homework, understand your market, get really clear on your clients, develop a product plan, and then create a solid roadmap to get you where you want to be.
- 31:34SPEAKER_00: Thank you so much for taking the time to listen to today's episode.
- 31:39SPEAKER_00: I hope you found this episode of value, and of course, please feel free to share it with others who you may think will also benefit from listening to today's episode.
- 31:49SPEAKER_00: If you are feeling inspired and would like to know more about getting started with creating an online digital course, then why not download my free ebook 10 Steps to Digital Course Success by visiting my website www.carinhyphandavies.com.
- 32:06SPEAKER_00: I will be back next week with another episode, but until then, have a great week.
- 32:15SPEAKER_00: I hope you enjoyed this episode of the Digitally She Does It Show.
- 32:18SPEAKER_00: Don't forget to check out the show notes for all the links and resources mentioned in today's episode.
- 32:24SPEAKER_00: New episodes drop every week on a Wednesday, so why not rate and subscribe so you never miss an episode?
- 32:30SPEAKER_00: Thank you for tuning in today, and I will see you next time.