If you’ve been in your business or career for a long time, you might be feeling bored or burnt out. It happens to most people who have been working at one thing for a long time. Or, maybe it hasn’t been all that long, but something just isn’t clicking.
If you’re finding yourself stuck in a rut, now might be the time for a change. Let's talk about when it’s time to start exploring new business opportunities.
Change Isn’t Always a Bad Thing
Maybe you feel the need for a change, but fear is stopping you. Will you be able to transition to something new? Can you get new clients to your new business? Do you have a unique business idea?
These are all good questions to keep in mind when considering your small business opportunities. But they shouldn’t stop you from taking steps forward.
Change can mean fresh ideas, new territories, and a new and bigger business. Change is how you grow and also improve your work. Be cautious, yes, but don’t stop growth.
Remember, change doesn’t need to happen overnight. You can transition out of a current niche and into a new one slowly as you gain confidence and new leads.
Tips On Finding New Business Opportunities
Exploring new business opportunities can be daunting, especially if you know you want something new, but you’re unsure about what direction you want to go.
Do your research. Find those sexy new business ideas by spotting the hottest trends in the area you’re most interested in. For example, given the current pandemic, most people are looking for small business opportunities from home, but starting a business in this climate, or expanding upon an existing business, can be challenging.
Observe your ideal customer. You may not know exactly what you want but you might know who you want to work with. If there’s a customer you know you want, you can partially build your business around that concept. Find out what they like, as well as what problems they need solving. Then, become the company that can provide those solutions better than anyone else.
Transitioning to a New Niche in Your Business
You don’t have to throw out everything. If you have good people on board, you should retrain your staff for your new niche. If you’re a solo operation, consider hiring someone with skills or experience you don’t have to help you grow. The money spent on hiring and training will be made back as you grow. A good staff is the key to a growing business.
Phase out the old business while building the new niche. Don’t just drop your business off the face of the Earth. Finish old projects while taking on others in your new niche. This way you still have work and cash flow while you’re transitioning.
Let go of old clients. At some point, if your business is completely changing, you’re going to have to cut ties. Firing a good client isn’t anyone’s idea of a fun time, but you’re going to have to do it as you grow. If they keep you on work outside your niche, how can you concentrate on your new business venture?
On that note, don’t burn bridges. You may not be able to work with all your old clients if you no longer offer the services they need, but you should stay in touch. Just because you can’t help them doesn’t mean they can’t help you.
Networking is necessary to grow a business and they might know someone who needs your new service. A glowing referral from a previous client is invaluable in building your reputation in your new niche.
Adding a New Niche to Your Business
Business opportunities in 2021 are going to look different from those in the past. Sometimes it’s not about changing completely, but growing with the times.
Adding a new niche is a little different than fully transitioning. If your new niche is related to what you currently do, there’s no reason to completely change your business structure.
If you’re in an area affected by remote working, then you should make it clear your business can handle this new reality. If, for example, you can find a way to more efficiently run your small business with remote tools, promote yourself as an expert on that. This is an example of finding a niche currently un- or under-addressed and filling it.
Adding a new niche to your business doesn’t have to mean a huge overhaul. Rather, it can be more about growing what you already have. So, you can keep your team and your old clients as you’re adding new services instead of dropping old ones. Change your messaging and marketing strategies to make sure people know your business covers your new niche.
Always Continue To Grow
When changing your niche it’s important to always be looking for new growth opportunities. You’re in new waters and you may need to make quick changes the more you learn.
Pay attention to new trends and change strategies accordingly. Hire new people who have experience in areas where you have none. And, most importantly, don’t be afraid to keep changing.
A steady business can be safe for a while. But in the digital world, an online business that’s stagnant is one that’s not going to be around for much longer. People will move on to the next new thing extremely quickly. Online business opportunities are rapidly changing: Make sure you can keep up.
New Opportunities Can Lead to More Success
Starting a new business venture can be frightening. But, not doing it can be worse if your current business is slowing down, or you’re slowing down because you're disinterested.
If you’re coming out of a business that’s served you well, then you already have all the tools you need to enter a new niche. Whatever you did the first time is still going to work for you. Make sure you know what else you need to do.
Don’t be afraid to change course. Just make sure you’re observant of trends, well-informed, and well-staffed. With the right tools, change is possible!
About the Author, James Webster
James Webster, founder and CEO of ROK Financial has almost two decades of experience within the financial services industry. His passion for helping small business owners and his innovative way of thinking, has allowed him to run multiple successful businesses including National Business Capital & Services. Under the National name, the team was able to help secure over $1 Billion in financing for small businesses nationwide.