QUESTION: Should you close your business? And if you do, how do you overcome the feelings of fear or failure?
ANSWER: A pause, pivot or business closure isn’t the end of your entrepreneurial story. Here are 4 pieces of advice to overcome your fears of closing your business amidst COVID-19 pandemic :
1: PIVOT YOUR SALES PITCH AND SELL.
All right, this question has to be asked. The first thing you have to ask yourself is, if it is possible to save your business or some part of it (even something like the customer list) with a little shift in your approach and energy?
It’s tempting to let uncertainty prevent us from taking action and making offers to clients. Our fear can lead to inaction, lack of creativity and can be a self-fulfilling prophecy. No offers to clients will result in no sales, irrespective of CORONVA VIRUS.
Your OLD customers wish they were in your restaurant or in stores buying your product. They are still there. The question is how can you offer your service in a new way to reach them? Is there something you can do to save your business in it's current state?
Now if you HAVE been selling and there literally is nothing you can do, I understand. We go to the next steps.
2: BE ENCOURAGED AND REMEMBER WHO YOU ARE.
This and you are made for this. If you ever got into entrepreneurship and you ever had that itch, it's because you were destined to solve people's problems, to serve those customers. So don't give up. Don't, don't give up. Don't, don't quit on your dream.
If you have to shut things down - that doesn't mean your story is over forever. It just means this ACT of the PLAY is coming to a close. Don't be discouraged or loose sight of who you are and the fact that you have a come-back story waiting now in the wings. This closure will be the great start to your auto-biography about your success.
3: CONSIDER GETTING A JOB UNTIL THINGS SETTLE
Remember, it’s not quitting to go get a job either. I'm saying fight. Do what it takes to make this business work and then when you close it, use that same fight to find the next endeavor. Sometimes the answer is to put your current business on pause while you take a side hustle or job. It is ok to put your dreams on pause for a year - you will learn a lot while you are "waiting" so do not be discouraged. You will turn lemons into lemonade - that's who you are by nature as an entrepreneur.
4: PIVOT YOUR OFFER
If what you had wasn’t working, then focus on changing it. While you do your side hustle, re-configure your strategy and re-launch in 6 months. Figure out a new way to sell to your customers something that makes sense in this environment. Maybe drop the product that wasn't working? Maybe add a new one to the line?
How many, how many successful business owners that we look up to and admire like Tesla and Microsoft had failed products? It's just what happens. It's what happens for winners. Winners lose until they win. So I hope you're encouraged to go out there and sell. Think about your current customers. Reach out to them today. Don't wait. No excuses. A pause, pivot or business closure isn’t the end of your entrepreneurial story. Don't let depression be the reason you're not doing your destiny. You will get through this.
I hope this Q&A encourages you with some fresh perspective of how to grow yourself and your business.
CLICK TO WATCH: https://youtu.be/7HF_jPDxqYA
CLICK TO SUBSCRIBE TO START TO SOLD: https://bit.ly/3cDZS39
Expert taken from “USC’s Alumni Entrepreneurship Webinar Q&A: Building Resilience For You And Your Business During COVID-19” (5/12/20). To watch or join the USCAE VISIT: https://www.facebook.com/watch/?v=535727827333636
MORE ABOUT START TO SOLD
Whether it’s packaging, product development, brand design, marketing, manufacturing, distribution, or operations and logistics, you’ll get the in-depth, relevant and actionable advice and resources you need, here at the Start to Sold Blog.
SUBSCRIBE TO YOUTUBE CHANNEL: https://bit.ly/3cDZS39
MORE ABOUT EMILY PAGE
Emily is CEO of Pearl Resourcing and has managed and launched multiple 7-figure brands in Costco, Williams-Sonoma, Kroger, and Amazon. She’s bringing you the expertise, resources, and mentors you need so that you can develop products and make them sell.