EP 121: Is Your Business Keeping You in a Prison?

Whether it’s tomorrow, next month, or five years away…
Your business will, at some point, require a change of business model.

And – by the way…
That’s normal!

Essentially, this is the life we chose as business owners.

Now,

You might have had a significant head start within your first years in business.

Maybe you were like me, reaping the rewards of the first mover’s advantage.
To the point that when clients needed your service, you were the only provider.

Well…

Unfortunately, that advantage always has an expiry date.

Eventually, margins will contract…
And competition will slip into your market.

To tell you the truth,
I’ve dealt with this exact experience before, multiple times.

When I was younger, I owned a marketing agency.

After spending so long building my business within that industry,
I slowly watched the competition change the landscape.

Only for me needing to hunt more than I ever did before for clients.

So…

Clearly, at some point (maybe right now?), you will be in a position where you need to transition to a better business model.

But how do you move forward, considering the risks and uncertainty?

Well, firstly…

Why not reduce your expenses…
Wouldn’t it buy yourself some more time?

Now, sure.
I know what you’re thinking.
It’s a common misconception to think that you can’t go backwards from the money you make now…

In reality, choosing to sacrifice your short-term lifestyle might just be the change that makes your business more successful than before.

Alternatively, it doesn’t have to be so drastic.

Why don’t you build yourself an emergency fund?
Having that safety net will allow you to transition down the line when the time is right.

Now, business is uncertain, and change is a part of the game we play…

But the next opportunity will soon present itself.
Just ensure that you are in a position to accept it when it does.

Fortunately…
Grant and I talked about how we transitioned out of businesses where we were trapped by a decaying business model.

We’ll be discussing:
– How to give yourself the choice to make the required changes
– How we navigated the transitions and changes in the business model
– As well as why we stay in these situations, uncertainty, risks, and more!

Tune in now!

PS: Come on, be honest…. Tell me the story of when you burnt your business down to the ground and started again.

DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision