The Transit Lounge Podcast hosted by Shandra Moran

Mini Series: 9 Side Business Tips, celebrating 9 years in business and helping you to grow your Side Business. Welcome to Tip #5!

EPISODE 171 | 18:21 minutes

This episode of The Transit Lounge Podcast is part of a series sharing 9 Side Business Tips, celebrating 9 years in business designed to help you grow your service-based Side Business.

In this episode, we share Tip 5 – When and How to Pivot…

 

Scary statistic for you – 60% of businesses in Australia will fail within their first three years, and 20% will fail in their first year…

One of the main reasons for this high failure rate is a failure to respond to market feedback.

Pivoting allows businesses to change direction in response to what is and isn’t working, so they can have a better chance of success long-term.

This episode discusses thinking of pivoting as a way to take pressure off yourself by accepting that tweaking and changing direction is a natural part of your business growth process, rather than a sign of failure, or something that needs to be avoided.

In this episode, you will hear:
  • 5 signs it may be time for you to pivot
  • 3 reference points to consider when deciding how to pivot
  • Emphasis on the importance of market research and testing ideas to inform pivot decisions
  • Taking action and getting offers out there to learn what works rather than waiting for perfection
  • Viewing pivots positively as a natural part of growth rather than a failure

By accepting that pivoting is a natural part of the process and that we don’t need to have everything perfectly planned from the start, you can take the pressure off of feeling like you have to wait until you feel completely ready before you take action.

Getting real-world feedback will help you adapt faster by learning what’s working and what needs adjusting through pivoting and moving your business forward in a positive, ‘learn as you go’ approach.

Do you enjoy this kind of food for thought?

For tips, tools, and resources to help you grow your side business to be your future full-time business come and join our free Facebook group:

Side Business Australia Private Facebook group

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