Looking for Business Opportunities Ahead of the Economic Fallout Start pivoting now to create additional revenue streams.
By Debbie Allen
Opinions expressed by Entrepreneur contributors are their own.
Opportunities to attract business now are waiting for you. Will you be ready when the economy turns around?
We have all been dealing with uncertain times in different ways. Most people are sitting around waiting for things to shift and change around them, while others are moving through it all and pivoting on their own. Those who are pivoting are learning new skills, implementing new marketing strategies and reinventing their business vision now.
How will you gain new clients once the economy turns around?
How are you pivoting your business NOW to focus on improving your marketing and sales strategies to gain new clients?
If you have not continued to learn new skills, focus on adding additioanl income streams or shifted your marketing efforts to gain new business during this economic downturn, you will probably be left behind when the economy creates our '"new normal."
Most entrepreneurs will still be living with fear and doubt, and in turn, will deeply discount their products and services as they simply try to keep their heads above water. Yet deeply discounting could also undervalue your worth. This is not the answer. You have worked long and hard to build your business, develop smart business skills and gain highly valued clients. You don't want to give that away. Acting out of fear and discounting your value may only move you further away from getting back on track.
Related: 5 Big Brands That Had Massively Successful Pivots
Smart entrepreneurs know when to jump on opportunites and are willing to shift, change and reinvent when it's required. They understand that when they have time and space forced upon them, it's time to rethink, refocus and reinvent the vision for their business.
Imagine for just a moment what it would have been like to jump on the opportunity to invest in Amazon, Netflix or Zoom at the start of this pandemic? Those that took a chance on those opportunities are riding the wave of good fortune now. Yet the majority of us didn't see these opportunities coming and were not prepared to take a chance on them.
During the economic crisis of 2008, I saw the opportunity to take my business globally. I shifted 80 percent of my business overseas for nearly three years, until the U.S. economy returned to a "new normal." During that time, not only did my business survive, it thrived, grew and changed in many positive ways. It was a gift of time and space to get creative with my marketing.
A business reinvention alllowed me to pivot my business model and marketing strategies quickly to look for opportunites for additional income streams. I also was able to improve my business lifestyle as an entrepreneur, as I shifted to working from the comforts of my home office. It became one of the best opportunities and pivots I've ever made in my entrepreneurial career.
Related: 5 Effective Ways Entrepreneurs Can Pivot Better
Well, guess what: This is your time for opportunity and a positive pivot. Yes, we are shut down globally, our economy has come to a halt and the stock market has plummeted. And this reality has put most people in panic mode because they don't know how to manage their time and the current situation.
That could be why only a fraction of entrepreneurs (fewer than 5 percent) are busy preparing their marketing plan to shift and gain new and more higher-valued clients. Yet most people are not....
- Preparing for a business reinvention now.
- Pivoting and shifting now to prepare for change.
- Paying attention to new opportunites that have been placed in front of them.
I'm a big believer in the idea that within every challenge or business roadblock lies a solution just around the corner. It's time for you to start paying attention to the opportunities that are coming your way. It's time for you to....
- Upgrade your knowledge and skills now.
- Create a new vision and business plan now.
- Develop multiple income streams now.
- Build a financially free business lifestyle now.
It's time for you to join the part of the small percentage of entrepreneurs who are paying attention and creating new opportunities today.
Learn more about our VIP contributor Debbie Allen here.
