Wemla

  • HOME
  • SHOP
  • PRODUCTS
    • Productivity Tools
    • Reference Tools
  • COACHING
  • BLOG
    • Business Strategy
    • Customer Experience
    • Entrepreneurship
    • Marketing & Sales
    • Productivity
    • This Website
    • Wemla Blog Series
    • Wemla News
    • Wemla Products
  • NEWSLETTER
    • Library
  • ABOUT
  • CONTACT
  • My Account
  • Basket

3 Ways To Respond To Disaster And What It Means To Expand Your Business Model

18 March 2020

Email
Share
Share
Pin
Tweet
WhatsApp

When it feels like the world around us is burning and you can control very little, what options do you have for your business? We will walk through the three factual alternatives to respond and offer some ideas if expanding your business model seems a good idea. The intention is not to imply we can control everything with proper planning, because that simply isn’t possible, but rather to raise questions with regard to the stuff you can do something about. Careful consideration in challenging times can unlock doors you never even realised exist, so read on to think new thoughts!

Alternative 1: Close Shop Or Go Bankrupt

This one is blunt and obvious. Maybe a crisis is of such nature that it will be impossible to continue? If you decide closing shop or filing for bankruptcy is the best option you have, we suggest you do it sooner rather than later.

If this isn’t for you, keep reading!

Alternative 2: Continue As Usual

Does the future look secure the way you’re going about doing business currently? If yes, carry on.

Or? Could you shake things up a bit? Keep reading!

Alternative 3: Expand Your Current Business Model

First of all, if you don’t know exactly what business model means, we have an introductory blog post to it, “The 9 Building Blocks Of Business Model Canvas By Strategyzer”. In a nutshell, business models describe how firms function right now to get to where they want to be in the future.

While it may seem annoying to write these things down, if you opt out of it, it’s going to be really hard to respond to any sort of challenges and changes in a constructive way. This is why we recommend that even solopreneurs put the most basic thoughts on paper.

But back to this third alternative, to build upon what already exists. Expanding a current business model can happen in many different ways and in essence it involves changing your own thinking first. How can you view your business differently? Let’s find out!

What It Means To Expand A Business Model

To expand your business model, you can choose to:

  • start offering new products or services: you broaden the range of existing products to reach new customers
    • create something digital if you have physical products so far
    • co-brand with another firm: you offer something entirely new that otherwise would not exist (made as collaboration), or you create a package deal of your existing ranges to benefit both equally
  • stop offering something you’ve sold up until now, if adding something potentially very lucrative would be impossible otherwise: you remove one thing to create space for an upgrade of sorts
  • create add-ons to offer an improved customer experience: you add a service to an existing product
  • sell the existing offerings in new places: this could include:
    • more venues (whether physical or online) that are managed by you
    • wholesale
  • “enlist help” aka affiliate marketing: you reach new audiences through other entrepreneurs by paying commission for each new customer they bring in

The good, old gift card has been heavily added and promoted already as a means for small-business owners to secure income this spring, now that it’s about a week since the coronavirus epidemic was declared a pandemic. Just remember to take those work hours into account later, if you exchange money for hours (hair salon etc.)!

There are other ways to shake things up, too, but we chose these options to help you get started with observing your activities in new ways. And now on to some practical examples!

  • We’ve read of brick-and-mortar shops and stores that give you the option to buy online and pick the stuff up in person (in a secure way at the door). The team is in no direct contact but can keep the business open. This includes fabric from quilt shops and coffee from cafés.
  • Taxis here in Finland are experimenting with home deliveries from otherwise swamped stores, since they don’t have their own customers right now. A pretty clever way to ensure food and other deliveries to (self-)quarantened people.
  • A chain of animal hospitals offers to pick up pets coming for checkups and treatments directly from the car, which is parked outside their buildings, so the owner and veterinarian don’t have to meet in person.

Conclusion

Our aim is to help you find ways to make money while you sleep. In business terms this very likely includes expanding the business model into digital territory, whether you open an online shop or expand from physical to digital products.

Trading money for hours means your 8-hour working days set the upper limit for how much it’s possible to earn, but who said a hair dresser can’t sell e-courses on how to spruce up my long hair easily as an entrepreneur who works from home? I’m still hoping someone would create it! Or how about the graphic designer’s tips, compiled into an e-book, for people who have no funds to pay for a professional brand identity when first starting out? The top mistakes to avoid could mean those struggling small-business owners don’t have to find a whole new set of customers after re-branding with professional help later on (prices can be raised then).

The possibilities really are endless and it’s only your imagination that sets the limit here. That and a possible reluctance (or fear) to try new things. Doing business is hard sometimes, but remember it’s skills you can learn, step by step.

How are you doing now that none of us know what the future holds in store with regard to global economics? Let us know in the comments!

3 Ways To Respond To Disaster And What It Means To Expand Your Business Model
Email
Share
Share
Pin
Tweet
WhatsApp

Entrepreneurship · Leave a Comment

About Nina Martin

As a parallel entrepreneur I am Managing Director of Wemla and a sole proprietor of three brands. My current coaching certificate is Certified Professional Coach, CPC. Business is inspirational because it's all about people, once words and concepts are set aside. Why do we buy, why not? What makes us happy customers? And how does sustainable development fit into all this?

« Introducing Entrepreneurship
5 Alternatives To Giving Your Products Or Services Away For Free »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Wemla

Welcome to our website! We teach business skills to entrepreneurs all around the world to help you start and grow a profitable business. Read more about Wemla here!

Read & Connect

  • Bloglovin
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS

Blog Topics

Business Strategy
Customer Experience
Entrepreneurship
Marketing & Sales
Productivity
This Website
Wemla Blog Series
Wemla News
Wemla Products

Our Most Recent Posts

Our Newsletter

Want a more profitable business with time for vacation? Sign up for regular newsletters and access to a private library of free resources!

We use a double-opt in process. No spam, unsubscribe at any time. Read our Newsletter page and Privacy Policy for more!

Wemla

Home
About

Customer Service

Contact
FAQ
Ordering, Delivery and Returns
Sitemap

Media

Media
Media Kit
Press Releases

Policies & Statements

Cookie Policy
Disclaimer
Disclosure Policy
Modern Slavery Statement
Privacy Policy
Sustainable Development
Terms & Conditions

Connect With Us

  • Instagram
  • LinkedIn
  • Pinterest

Coaching

Coaching
Business coaching
Business Strategy coaching
Customer Experience coaching
Marketing and Sales coaching
Mindset coaching
Productivity coaching

Products

Products
Courses
Small Digital Products:
· Productivity Tools
· Reference Tools

Shop

E-Books
Posters
Productivity Tools
Reference Tools

Free Resources

Blog
Library for subscribers
Newsletter

Want A More Profitable Business?

We can help! Sign up for our newsletter and get access to our library of subscriber resources created for entrepreneurs like yourself.

We use a double-opt in process. No spam, unsubscribe at any time. Read our Newsletter page and Privacy Policy for more!

Looking For Something?

Copyright © 2023 Wemla Ab Oy.

The Wemla website uses cookies, read more in our Cookie Policy. Edit Cookie SettingsNecessary Cookies OnlyACCEPT COOKIES
Cookie Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT