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.
Over the past year, I’ve had an influx of prospective clients come to me with these exact words: “I want to reinvent 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 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 changing your business or marketing model, or just a gut feeling you have? I’d love to hear your comments and stories!
© Copyright 2010 Karyn Greenstreet