134: When Is It Time To Pivot Your Business w/ Ryan Koral
There often comes a time in every business owner’s career when it feels like it’s time for a change. That’s why I’m here by myself today to talk about one very important but difficult topic -- whether or not it’s time for you to pivot your video business.
Maybe you’re feeling stuck, frustrated, or confused in some part of your work. Maybe it’s lost the excitement that it once had. There’s no need to keep hitting your head against the wall. One of the best parts of the work that we’re in is that it provides countless opportunities to shift your perspective and find another way to do great work while building on the amazing things that you’ve already accomplished.
If you’re feeling that it may be time for a change, then this episode is for you. I’ve pivoted my business a number of times for a number of different reasons. So today I’m sharing that experience with you to hopefully add some clarity that I wish I had had when I made these crucial decisions. To that end, I’m asking you to seriously think about some of the crucial questions that I’ll be asking throughout this episode.
Is it time for you to pivot your business? Share your thoughts in the comments on the episode page!
In this episode
- Being truly profitable in your work so that you’re not just trading time for money
- Why it’s incredibly important to really enjoy working with your clients and providing a valuable service for them
- The reasons why finding joy in your work should be one of the most important parts of what you do
- Crucial steps to take right now if you think it’s time to pivot your business
Quotes
“If you’re just getting paid for your time and you’re not building something that is making you profitable so that when unexpected things happen -- when gear breaks or it’s time to upgrade or get a studio or hire an employee -- if you’re not profitable, you can’t do any of that.” [11:21]
“For the people who really got it and understood what we were passionate about, I loved what we were creating and the people we were creating it for.” [16:15]
“If you’re not enjoying working with the majority of the clients you have, then it’s probably a time to consider pivoting because you’re probably frustrated a lot and life’s too short for that.” [19:20]
“You’re not doing anybody any favors if there is no joy in what you’re doing today. You’re not doing any favors for your clients because they deserve the best. They deserve who they hire to want to give 100%. And you’re not doing any favors for yourself.” [20:32]
Links
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Episode 131 with Graham Cochrane
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