How to Know If You Need to Pivot Your business Model | 7 Questions - 723

Build Your Tribe | Grow Your Business with Social Media

Brock Johnson

Business, Marketing

4.9 • 2.7K Ratings

🗓️ 14 September 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you an entrepreneur at a crossroads, wrestling with the decision to pivot your business or stick with the status quo? This episode of "Build Your Tribe," hosted by the renowned business coach Chalene Johnson, is your ultimate guide to making that critical choice. Learn the 7 Principles to assess if it's time to make a business model shift, including evaluating industry trends, assessing demand, and considering your personal health and energy. Key Takeaways: How to assess if your business growth is stagnant or declining. Recognize the signs of declining customer demand and market shifts, influenced by factors like technological advancements and AI tools. Understand the toll your business may be taking on your mental and physical health. Evaluate costs, margins, and whether it's an ongoing trend affecting your profits. Rekindle or reassess your passion and excitement for your business. Importance of consulting key people in your life and business. The "sunk cost fallacy" and how it can trap you into making poor decisions. Chalene brings her own real-world experience into the conversation, sharing a personal story about a difficult decision to abandon an app development project, despite a $200,000 investment. Whether you're a small business owner, aspiring entrepreneur, or seasoned professional, this episode provides invaluable insights into adapting your business model to meet changing needs and circumstances. Watch this episode on YouTube!! To get the exclusive offer for my listeners go to magbreakthrough.com/BYT and enter code BYT to get 10% off any order Check out InstaClubHub!! For Just $7!! The ONLY All-In-One Instagram Resource Community Designed To...Grow Your Following and Reach More Customers on Instagram™(All in Just Five Minutes a Day!) Go to InstaClubHub.com/Trial We would love to hear from you! Leave your questions or messages for Chalene and Brock RIGHT HERE Join me on Patreon 7 Days for FREE!! THE ULTIMATE show for Lifers who want insider-girlfriend-relatable content. In other words, lots more tea! Go to http://chalene.com/more Sign Up For MY WEEKLY NEWSLETTER Subscribe to The Chalene Show!! Links you may want to check out: Check out Bret's ALL NEW Course Money Matters 101 at Chalene.com/moneymatters Check out MarketingImpactAcademy.com Join our awesome PodSquad on Facebook here! Be sure to check out the Push Journals and Notebooks!! Go to PushJournal.com Leave Chalene or Brock a question or message RIGHT HERE Connect with us on your fav social platform: Chalene: Instagram: www.Instagram.com/ChaleneJohnson Facebook: www.Facebook.com/Chalene TikTok: @chaleneOfficial Twitter: www.Twitter.com/ChaleneJohnson Brock: Instagram: @Brock11Johnson TikTock: @brock11johnnson Be sure to follow Brock on his travel adventures @tayandbrock Be sure you are subscribed to this podcast to automatically receive your episodes!!! Get episode show notes here: www.chalenejohnson.com/podcast Hey! Send me a DM & tell me what you think about the show! (Use the Hashtag) #BuildYourTribe so I know you're a homie! XOXO Chalene

Transcript

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0:00.0	Is it time to throw in the towel, change directions,
0:02.8	scrap your current business model and go in a whole new direction?
0:05.9	Or do you just need to double down and have patience?
0:08.4	One of the hardest things about being an entrepreneur is the uncertainty.
0:11.2	And in this episode, I'll build your tribe.
0:13.3	I'm going to help you walk through a process to figure it out.
0:17.2	Like, what is the next best step for you, your business, and your brand?
0:25.2	Hey, thanks for joining me.
0:26.0	My name is Shaline Johnson, co-host of Build Your Tribe.
0:28.8	Thanks so much for being here today.
0:30.1	This is a really important conversation, especially for entrepreneurs,
0:34.4	because so often we've been conditioned to believe that we can't quit.
0:40.0	It is because of your tenacity, your determination, your belief in yourself,
0:44.4	that you are in the place that you're at.
0:46.8	Like, we're known to be risk takers.
0:49.1	And oftentimes, that can be confusing.
0:51.8	When we're looking at what feels like signs and signals,
0:55.6	yet in the back of our mind, we also might be hearing,
0:58.3	yeah, but if you quit, you'll never have that comeback story.
1:02.0	You could quit too soon.
1:03.2	If you change directions now, you could lose momentum.
1:06.1	Like, all of these things where you just wish you had a crystal ball,
	...

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