Side Business Tips: Tip 5 - When and How to Pivot

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 the 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 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, we can take the pressure off of waiting until we feel completely ready. Getting real-world feedback will help you adapt faster by learning what's working and what needs adjusting through pivoting and moving our business forward in a positive, ’learn as you go’ approach.

For more tips and support to grow your service-based side business come and join our Facebook group, Side Business Australia, where you can connect with other women on a similar path, ask questions, and share your knowledge. Here’s the link for you: Side Business Australia Facebook Group.

I look forward to seeing you there!

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