Ask any successful entrepreneur what their secret sauce is, and chances are most of them will answer that part of their success can be attributed to constantly reinventing themselves. When we think of reinvention, we often think of the adage “reinventing the wheel”, but reinvention doesn’t have to be complicated! Here are some ideas to ensure that you’re beginning 2023 with a reinvention mindset and (more importantly) a reinvention plan.
Is what you’re selling…well, selling?
First things first, are your services still relevant? When you’re considering whether what you’re doing is still relevant, try and detach from any emotion or personal attachment you have to your services. Are people still buying this service? Are they expressing interest? If the interest is there, but the sales are not, what’s holding them back from purchasing? Is it a cost issue, a visibility issue, or something else?
Check in with your current pricing model.
Does what your charging make sense for your customers? If you have demand, but not customers, this could mean one of two things: your prices are too high OR you’re targeting the wrong customer. If it’s the latter, what can you do to get yourself in front of the right potential customer?
Are your P&Ls still working for you with the current state of inflation?
It’s admirable to want to avoid raising your prices as not to alienate your customer base, but you’re still running a business. To make it to a million, you still need to make sure that your profits and losses are working for you. If they’re not, it’s time for some simple math. How much money do you want to be making, how much is this service costing you, and how much are you charging? It may be time to increase that third number. With the current state of inflation, people understand that costs are going up and with it, prices.
Leverage your relationships.
If you’re an entrepreneur, chances are you’re networking like a boss. Networking is essential, but are you just talking in circles or are you spinning those circles into valuable partnerships? Go through your phone and ask yourself if any of the people you’re networking with are potential clients or partners. Can they introduce you to potential clients/partners?
And last but not least, can you help them by introducing them to potential clients/partners? Networking is a two-way street, and you want to life others and their businesses up along the way!
Explore new revenue streams!
If you look at the world’s most successful entrepreneurs, they’re never selling just one thing. Make a commitment to add at least one new stream of revenue each quarter.
For help coming up with ideas for adding revenue streams check out our recent article with 7 inventive revenue streams to consider.