A couple of months ago, I received a buy Tasha coffee question on how said business owner could transition their current business model into another industry gracefully so to speak. This upcoming July will mark eight years in business for Imperfect Concepts brand, and I know a thing or two about transiting industries. You see I started off as an online high-end resale boutique and transition to a business consultant and blogger. Today, I want to share five tips for those looking to transition your business from one industry to the next.
Why Are You Transitioning
I make a joke all the time, but there is an underlining truth that people who do not know their purpose will jump onto whatever industry is hot at the time. In college, I remember everyone wanting to be club promoters or real estate agents. As I got older, I saw people want to become bloggers, clothing store owners, stylish, business coach, It Work sales people and more. You have probably noticed an individual who goes from industry to industry. They are lost in what their purpose is. This is not something I want for you; I want you to have a clear and concise idea of who you are, what you want to do and how you will do it. Before you take the leap to change your website, get new business cards and do an entire brand overall think why are you doing this? Why are you exiting one industry to go to another one? What about this industry excites you, but sustain you also? List the pros and cons of leaving your current industry and entering your new business industry.
Research Your New Business Model
It is great to have vast knowledge before making huge decisions that will affect you emotionally, physically and fiscally. You have laid the pros and cons out on the table of why you want to take the move to this new business industry. Know the key players, markets, terms, lingo and more matter. It is always important to have an understanding of what is going on. If I were to transition my business from consulting to an interior designer, I would need to know more than the fundamental of the industry. I would need to emerge myself into, so I have a great understanding of how it works.
Talking To Your Customers
I am very blessed to have clients who came over from when I was a resale boutique. I am very thankful for an audience who loved what I was doing before and decided to stay and learn about small business. One thing I did was share with my audience my plans to open a consulting company. It was a no-brainer when you think about it, at the time I was blogging about the behind the scenes of running a business. It is important that you have an open dialogue with your customers, clients, and audience about what is going on. You don’t have to give them your playbook, but it would be great to ease them into the transition. For example, what if you loved a bakery that you went to once a week to pick up scones from every Friday. Then one Friday you come in they are now a pet bakery. No more sweets for you, but if you have a dog or cat who loves gluten free treats this is the place for them. You would feel betrayed that you were not told that this was happening. That’s what happens when you do not tell your audience.
Set A Time Frame
You know you want to transition your business, but what is the time frame you want this to happen in? This is crucial in succeeding in your new endeavor. As I have stated when you first launch a business, it is important to utilize certain tools and resources to make sure the launch is smooth. You want to land sales on the first day, so it builds your confidence to keep going. Even Joanna Gaines from Fixer Upper states that she tested the waters to make sure her store would work. Even though later on she found out her dad bought the item it gave her the self-confidence she needed to get going. Personally, I would advise a client on a 90 to 120-day game plan that helped them achieve their goal.
Website and Marketing
The two most important elements of your business sales funnel that will help you convert the clients, customers and audience members is your website and marketing plan. One thing I recently appreciated was when one of my favorite planner shops sent out an email regarding why her production had slowed down but notified us products would be arriving on a certain date. How you communicate to your audience is a huge aspect of winning this transition. The shop I am speaking of is excellent at social media and email marketing. She is constantly updating us and allowing us to feel like family. She also has a beautifully designed store front. Your website should be easy to navigate; I would update your About section regarding you and the business, I would start adding things here and there. Removing things that no longer tie into the new business. You want your marketing and website to reflect the new place you will be in business wise soon.
Transiting your business from one industry from the next does not have to be hard or overwhelming for you or your audience. Make sure you devise a winning plan that makes it easy to achieve.