For the Good of Your Business, You Must Adapt or Die When It Comes to Ecommerce
Entrepreneur's New Year’s Guide
- As a business owner, it is your duty to follow and understand the trends that each economic crisis brings.
- On this occasion, and also derived from the pandemic, we have the trend of online business.
- What can you do better than others and that can generate an income?
For years I have studied business cycles , I am passionate about trends in business, because it is so simple.
If you go against the trend, your life is more complicated; if you go in favor of the trend your life is simpler.
Now when I talk about trends, I mean business dynamics, not what the pack (the bulk of the population) does.
Between 80 and 90% of people in normal conditions do not know how to manage their money , or generate recurring income in a sustainable way.
For that reason when you follow the pack, you get in trouble. And in these moments, when we are not in normal conditions, is when the herd ends up paying the consequences.
This also happens with business, and as a business owner, it is your duty to follow and understand the trends that each economic crisis brings.
On this occasion, and also derived from the pandemic, we have the trend of online business.
People have a habit of leaving everything to the last or for later, but if you were already thinking of taking your business online, this is the right time, considering that many businesses will probably close their doors again and go bankrupt due to the lack of economic activity.
Not sure how to start?
I share some tips and reasons for you to start making the transition of your business:
1. Think outside the box: Maybe you think of your business first and don't think that online has much potential. You must explore different angles, think how the service or product you offer can continue to cover the need you serve. Brainstorm ideas and explore different angles. If you're into coaching, you definitely can't lecture right now, but you could find a way to lecture online.
2. Capitalize on your experience: If for some reason you come to the conclusion that you cannot migrate your business in an online format, or that this is not the time, you can always capitalize on your talents.
That is, what do you know how to do better than others and that can generate an income?
Maybe you are excellent at designing or give psychological therapy, and this is completely doable online.
You can choose to work as a freelancer , or you can create your own membership site.
3. Recurring Income: Unlike working as a freelancer, having your own membership site both to capitalize on your talent, and to migrate your business to an online mode, allows you to have recurring and scalable income from month to month.
If you are not familiar with the term “Membership Site” it is basically the business model of platforms such as Netflix or Spotify, each month you are charged a certain amount to access certain content and if you stop paying, you lose access.
4. Adaptation: In the business world the saying also applies: "you adapt or you die." People's buying behaviors are constantly changing, and no doubt everything is leaning towards online shopping right now. From food delivery to dental issues… everyone is leaning towards the online issue.
5. Vision for the future: Without a doubt, e-commerce is at its best, but it will continue to grow. According to the Nielsen firm, food delivery services experienced an explosion in this market during 2018. Can you imagine the impact that online commerce has now and will have in the coming months? Definitely, 2021 will also be a good year for online commerce if the topic of the pandemic continues to spread, and even when it ends, it will remain very present.
6. Invest: By this point I mean that you invest in education, if you want to migrate to online businesses, but you don't know how, look for an expert on the subject who can advise you in this process. You can send us an email to firstname.lastname@example.org if you are interested in delving into the subject.
Remember that businesses must adapt to their environment, and we are at a crucial time to make decisions that can improve the future of ours.
You adapt or you die.