Factors that might prompt change…
There are countless reasons that your business model might change. It could be that you want to take your business in a different direction, to expand or it could be that what you are doing simply doesn’t work in your area any more, isn’t quite right for your target audience, or has been affected by the current financial climate or similar.
You aren’t reaching enough customers
Changing your business model in order to attract more customers is just good business sense. Adding additional services, changing the way you deliver services or products, to who and when can mean the difference between just breaking even and owning a thriving enterprise.
Your mission statement has changed
You started out with a local gift store but now you want to embrace eco-friendly living, ethical goods and focus more on wellbeing alongside your existing gifts and treats. Change can be great. If you’ve done your research and know that you have a captive audience for the change you are considering, go for it.
Financial reasons might prompt change
Perhaps you have realised that in order to make the business work you need to have a physical store presence instead of simply a website. Perhaps the opposite is true. You might live in a high store rent area with falling footfall, therefore need to move or focus on offering products and services online. These are just a few reasons why the books and your finances might prompt change. These changes are positive and will help you make your business the success you were hoping for.