Episode 517: How to Know When It’s Time For a Pivot
What if the very thing that made you successful is now holding you back? As someone who's navigated five major business pivots over three decades, I've learned that sometimes staying comfortable is more expensive than taking the leap toward change. In this episode, I'm sharing honest insights about recognizing when it's time to evolve your business and how to do it without burning everything down.
Is Your Business Ready for a Pivot?
Have you been feeling that tinge of excitement lately? That pull to be called in a new direction? You're not alone. I'm hearing from more and more entrepreneurs who've built successful businesses but are feeling uninspired, burned out, or simply called to do something bigger.
In this episode, you'll discover:
- [2:45] The hidden cost of staying stuck in a business that no longer serves you
- [8:15] How I navigated five major business pivots over 30 years (including the tough lessons learned)
- [15:30] Why financial strain shouldn't stop you from making necessary changes
- [21:55] The truth about “going backwards” to move forward in your business
- [27:40] Practical strategies to overcome the fear of letting people down during your pivot
Key Signs It's Time for a Business Pivot
Through my experience working with thousands of creative entrepreneurs, I've noticed several common signs that indicate it's time for a reinvention:
- The spark that once lit your creative fire is dimming
- You're feeling trapped by your own success
- Your market or audience needs have evolved beyond your current offerings
- You're consistently feeling burned out or uninspired
- You're doing things just because they're comfortable, not because they're right
Navigating Financial Fears During Your Pivot
One of the biggest concerns I hear from entrepreneurs considering a pivot is financial strain. I get it – I've been there. In this episode, I share my personal story of navigating extreme financial hardship during one of my pivots, including having only $4,000 in my bank account with $2,000 in rent due. But here's the truth: staying stuck in a business that no longer serves you can be more expensive than taking the risk to evolve.
The Power of Strategic Reinvention
Business evolution isn't about burning everything down – it's about strategic reinvention. Whether you're:
- Expanding your current business in a new direction
- Making a complete pivot in your business model
- Launching a new venture alongside your existing one
The key is to stay excited and creative in your work while making changes that align with where you want to go and who you want to serve.
Are you enjoying the podcast? We'd be grateful if you'd take a moment to rate and review the show on Apple Podcasts. Your feedback helps us reach more creative entrepreneurs like you!
xo, Tracy
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