As the year winds down, its inevitable†for some businesses to begin to slow down. For bloggers, summer periods are usually the slowest periods because most people are off their phones and laptops and are trying to get some needed rest via vacations
For some businesses especially if you sell physical items, this may be the busiest season in business since people will need to buy a lot of things for the Christmas period.
But what do you do when your business slows down? especially as a home business owner.
I have seen cases where a change in algorithm caused some people to panic because their traffic took a hit.
For example, Pinterest is always updating their algorithm, and every time they do that, it throws some people into panic mode because their traffic begins to tank and hence affects their income.
As a business person, we must note that change is a constant thing and that change may affect our business. sometimes your home business will be slow, its part of the cycle of a business life.
Some reasons why a business might become slow
-Change in season.
-Shifting consumer appetite
-Fading of a fad
-A product that† has reached its maximum life cycle and is declining
When your home business is slow it can be frustrating.
You may worry that things are never going to turn themselves around and you may be worried about your own future in general.
The main thing that you have to do here is trying not to get over worried about it,† instead, try and stay as positive as much as you can.
When your home business is slow here are things you can do
1-Calm down and think:
This may seem like its what you are doing by worrying but the worry is not thinking, even though they are both processed from the mind.
Worry keeps you in a place of anxiety and fear, but thinking through to a solution forces you to search for a solution to your business hence moves you into action
When your business is slow, you may jump into the boat of anxiety thinking that you are doing something about it. Instead of worrying, take a deep breath and tell yourself, I can handle this.
Then begin to analyze what you have been doing for a while starting from where the issue started and work backward.
Take note of patterns and trends so that you can pinpoint where and when the issue started.
If the problem is internal you should spot it if its external, like when a change in algorithm affects your traffic, then search for new knowledge about the change and start implementing what you have found.
You need to work on your personal brand and even the recognition that the public has for you as well.
The more known you are, the more opportunities you will have and the better your company will be able to come out of the slow season.
This can help you to bounce back more than ever before and it can also help you to get a good idea of how you can boost your brand.
3-Rethink your† business Model
There isnít a single company out there who does everything right. When business is slow, this is the perfect time for you to reflect on how things have been going in the past year.
Try and reflect on everything that has happened and also try†to think about what you could have changed.
Sometimes business is slow and you canít do much about it, but you can help your business to perform better at peak times in the future.
4-Ask for Help
Entrepreneurs often find asking for help tough.
This is because when you ask for help, you are essentially admitting that you have an issue.
If you are able to ask for help however then this can be very helpful for your business.
You may find that you end up getting solid advice about the business that may help you to get things back on track again.
Another form of help you can get may be in the form of mentorships or taking courses to help improve your knowledge.
5-Study an Industry
The longer you work in a single industry, the more at risk you are for becoming narrow-minded. For this reason, it helps to look at what the other businesses are doing, their strategy and how they solve problems.
Think about it, is there anything that you can do to try and learn more about your profession? Can you change industries? Can you make your business come from a different angle? has the trend in your industry changed which caused your business to slow down?
6-Diversify your income stream
Sometimes when your home business is slow, it can be an indication that you have depended so much on one income stream and its time to diversify your income stream.
For example, if your main source of income was selling wallets made from leather which is handcrafted, you may consider making belt, wristbands and other leather accessories that will go with your wallet to see if that will help boost your income.
We see various people do it in both their personal finance and businesses.
For instance, a lot of people are turning to invest into bitcoin via the blockchain technology to diversify their portfolio of investments.
They do not want to rely on traditional means of investing anymore.
Big companies like IBM† are also beginning to recognize the trend and hence shifting their interests.
In doing this diversification of course you will find yourself entering new territories in business but as a person who is already running a home business, you should not be afraid to chart a completely new territory.
For example, people who are investing in bitcoin and blockchain technology are realizing that there are terms like what is a†blockchain fork? which is alien to them.
Taking the time to familiarise yourself with the new options may seem time-consuming but you are preparing your home business for the future.
7-Strengthen your Relationships
Itís so important that you are able to strengthen the relationships that you have with your customers.
This can be people on your email list, Facebook, Instagram and other social channels that you have loyal fans that are there for you.
This may be the time to reach out to them with freebies asking for their opinions about your products and services
You may be surprised how the feedback you will get will help you to revamp your business for good.
Do you have any tips that I missed out? drop your comments below
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