Running a business from home is a task not suited to everyone. You need to have a certain level of skill in self management, and you need to be driven enough to get up and go to work at the same time every day, even without the motivator of the office clock ticking away in the background. With great freedom comes great responsibility, after all, and when you run a home business you’re always thinking of new ways to improve or enhance your service offering.
So what happens when you realise that it might be time to reinvent your home business entirely? When the economy shifts and you find that you’re not getting the growth that you want, what then? Do you keep plugging away at your business and hoping that ‘things will come around’ or that you’ll get sudden growth?
To many business owners who have spent time and money building their brand, it seems crazy to chuck things away to reinvent your business. It’s can be an incredibly stressful thing to undertake – even if you’re managing your stress levels – and if you do it on the fly or in an unorganised manner it probably will be a stressful time. BUT – if you reinvent your business thoughtfully it could be the best thing you ever do. Take a look at these tips from Butler Equipment and take your next step with confidence.
1. Decide when to change
Your first major step is knowing when to make the reinvention. Lots of people have been running a business for a few years and then either have hit a glass ceiling, don’t find the work challenging/rewarding/interesting any more, or just want to try something different. Lots of factors can be at play here, but you just need to be aware of the risks and benefits. If you have financial commitments and making a change might put these in jeopardy, you may need to just wait a little longer.
2. Know what you want
What kind of change do you need to make? What’s best for your brand? Do you want to change your catering company into a high-end gourmet food store? Look at the core things that you do really well and work outwards from there. Many entrepreneurs have many ideas at the one time – so make a decision and stick with it once you’re sure it’s the right one.
3. Get a plan and then stick with it
You need to pretend like you’re starting from scratch with your business. Think things through thoroughly, make a plan and then stick with it – as this will be the blueprint for your success.
4. Make the move!
As you transition from one business to the other you’re likely going to be managing two businesses at once! Sometimes you’ll need to work longer and later hours initially, but that’s all part of the teething strategy. Your secret here is to make a really thorough exit strategy for getting out of things. Give yourself time to figure out the process with your suppliers, give everyone plenty of notice and then make the change quickly and painlessly.
5. Manage the processes
As you’re settling into your new business model, you’ll have a teething process to get through. Be open and flexible here, as you’ll need to settle into things slowly.
It’s a really exciting time to be a part of – so remember to take time to sit back and enjoy the process. You’re in a lucky position in that you’re not answerable to anyone else, and you have the freedom and flexibility to reinvent your business, both to meet a changing market, and to keep yourself happy. That’s a great spot to be in! Just remember to keep your wits about you and to manage your stress, and you’ll be fine!
