No business is immune to the ever-changing market conditions. Whether it’s a shift in consumer demand, changes in technology, a global pandemic that shuts down everything, or something else entirely, your business needs to be prepared for anything.
But how can you do that when there is no way to know what could happen?
Well, there is a way, and it doesn’t require that you know what can happen!
We’ll discover it together right after this.
In this video, we’re looking at how changing market conditions can impact your business and what you can do to prepare so that you can thrive.
Hi, I’m Doug Barra. I’m an entrepreneur, author, coach, and small business owner. I’ve worked with hundreds of owners of local small businesses over the years and have seen many different kinds of market impacts. As the owner of a local, small business, let me tell you that you are one of the most courageous people I know, as are all my clients. You put your heart and soul into something that you believe in, day in and day out. You’re constantly hustling and grinding to make your business successful. I’m here to tell you that surviving and thriving during challenging market conditions is possible.
The key is to have multiple markets you serve, multiple outlets that you use for marketing, various offers, and numerous products. If one of those aspects of your business falls apart, you still have nine others keeping your business afloat. This is the idea of 10 by 10- ten things that each provide 10%. If one stops working, you still have 90% that do. My clients do this to keep their small businesses successful no matter what comes!
For example, even if we look at the global pandemic, local stores that only survived on walk-in traffic suddenly found themselves with a real problem.
Because they only had one outlet for driving traffic – walk-ins! The stores that were also marketing online, using delivery, or had a way to reach their customers outside of the store could weather that storm and keep their business going. They didn’t know that there would be a global pandemic. They were using good sense to not only have one source.
Or think about the Real Estate crash in 2010; what if the only industry you served was Real Estate? How many businesses struggled or even when out of business back then? But if you served a few different industries or even just a few different offers – like selling homes but also doing property management or being a real estate agent and investor – then you are able to weather that storm.
The key is not to put all your eggs in one basket. When you have multiple markets, outlets, offers, and products, you cannot only survive market changes but thrive during them!
So if you’re feeling anxious about the future and what might happen in your industry or with your business, remember that it is possible to survive and thrive during challenging market conditions. The key is to have multiple markets, outlets, offers, and products.
How about telling us about your multiple markets, outlets, offers, and products in the comments below?
Let’s support each other through these uncertain times and come out stronger on the other side!
Would you like to learn more about having your business thrive or other topics regarding business success?
Then there are a few things that you need to do right now.
First, like this video, so I know that you got value, and I’ll make sure to make more videos like this one.
Second, subscribe to this channel, and click the bell to get notified whenever we post a new video so that you don’t miss a single piece of the valuable information we share.
And last, click the link in the description to register for the next live web class we hold on Thursdays and unearth the secrets to scaling your business!
This is a tremendous opportunity to go even deeper into these ideas!
I’m Doug Barra, and I’m passionate about small businesses succeeding. Thank you for watching.
I’ll see you in our next video.