No business stays the same way that it starts out (shocker, I know!). The changes may be small, like a new name for an offer. Or, they may be big, like changing the offer itself, or in my case an entire pivot from systems to strategy + copy.
A new business model does NOT mean that your old business has “failed.” In fact, the majority of the time, our clients and their needs WILL evolve over time ... especially in the digital space. For example, years ago the focus for social media managers was entirely on Facebook and Twitter. Now, we’ve added Instagram, Pinterest, TikTok, and Clubhouse.
Alternatively, the shift in your business could simply be a specialization in your own skill set. For example, you may have started out offering business management for online businesses, but then decided that you only want to offer launch management to course creators. This doesn’t mean that your other management wasn’t good or needed, just that launch management is the BEST service that you can offer.
Before you re-introduce your new business idea to your clients, there are a few considerations that should be made.
What is your goal?
Although this may seem obvious, you first need to consider WHY you want to make a shift in your business AND whether your new business idea will help you achieve those goal(s).
For example, on the surface, adding a new service may seem like a good way to make more money. But you have to consider if you have the time, resources, and energy to pick up more work:
- If you’re using MORE of any of the above, but you’re earning less, then your new business idea may not be the best option (please read that again!).
- If you’re using MORE of any of the above, but earning MORE, then you may have a scalable solution (but don’t jump right in just yet - more consideration is needed).
- If you’re able to use LESS of any of the above, while also making MORE, then, you’ve definitely discovered something special (...or just a stream for passive income ).
Is there a need for YOUR offering?
There are two things to consider when I ask if there is a need for YOUR offering.
1) Is it something that people would benefit from YOU specifically offering it
A great business idea won’t always succeed. This is because you’ll need to achieve the expertise and authority for people to trust you to deliver the service.
Moreover, you need to have enough passion to continue offering the service long-term. Just because you are good at something, doesn’t mean it has to be a stream of income (sidenote: I learned this lesson the hard way). What’s worse, I would HATE for you to ruin something that you enjoy because you’re no longer doing it for your own pleasure!
If you havent read The Big Leap by Gay Hendricks I highly recommend it if you’re considering making shifts to your offers.
2) Is it something that people actually want?
The great thing about realigning your business after already building a foundation is that you have the experts right at your fingertips. Your clients are going to be invaluable in your shift. Conduct interviews with a few of your ideal clients to see if they would want to purchase your new offer and/or if they have any suggestions to make it better. You may be surprised by what your clients have to say: sometimes they may give you an even better idea!
Where are you going to find clients?
Once you have nailed down your offering, then you’ll need to ensure that you have a way to get the word out.
Offer it to your clients
Depending on how much refinement your new offering needs, you may want to do a small cohort with your clients as a way to get their invaluable feedback. I’m a big proponent that your clients should ALWAYS get first dibs because your best clients are the ones you already have.
Start a referral program
On a similar note, your clients are also your best advocates! A referral program is a great way to convert new clients because who understands your niche better than your clients themselves? You should offer an incentive for each SUCCESSFUL referral like monetary compensation, a discount for future services, a passive income product or an additional call with you … whatever you feel most comfortable offering at this phase of your business (and your referral program can shift over time).
Do a “launch”
Finally, what a better way to bring attention to your new offering than to do a “launch”? I use this term loosely, because I don’t love launching. I prefer to think of it as a promotion or an event. You could do a giveaway, a series of videos or Q & A sessions, or anything that will turn eyes to your new offer. Just get it out there for the world to see!
If you need help figuring out where to refocus at the early stages of a business shift, consider downloading my Focus Framework for the StartUp Phase.