4 Ways to Adapt Your Business During Lock-down
I’m not going to sugar coat it: Corona Virus has got me in a spin
Like many others I feel anxious about my family and friends, and for ALL the families and friends around the world. The fact that this is completely beyond my control has only made my anxiety levels soar, and I know I’m not the only person who feels this way.
But I’ve realised that one thing that IS in my control (to some extent, anyway) is how I act in my business. Many business owners have found that their regular income streams have been affected overnight and that’s hugely stressful. Add having children at home full-time to the mix and it can feel like meltdown central!
My initial reaction was one of full-blown panic but I quickly realised that kind of thinking just wouldn’t serve me (pat on the back for me, because two years ago I would have just stayed in Panic Land). I HAVE to keep things moving because not only do I need to continue showing up for my audience, but I also need to put food on the table. And besides, taking action always boosts my energy levels, even if I don’t feel ready to do anything when I first start out.
When I started thinking about how I could adapt my business during the course of the next few months I found that by asking myself the simple question ‘how can I help?’ I was able to focus on pouring positivity into my decisions, rather than making choices from a place of panic. I genuinely love what I do and the women I work with, so coming from a place of service feels right for me.
‘Don’t put all your eggs in one basket’ is a phrase we’ve all heard A LOT, but it feels truer now than ever before! It’s what prompted me to start to sketch out a few ideas for additional income streams, and as I did so I realised they fell into 4 distinct areas, which I’ll share in this post. None of the ideas need to cost you any money, but they will require your time. And as time is at a premium now more than ever, my advice is to just choose one thing to focus on!
But before you decide to do anything, work through these 3 things first:
- Carry out a brief time audit. Do you actually have time to do anything else right now? Because if you’re struggling to keep your head above water while you home-school the kids then giving yourself another task might not serve you well right now.
- Identify your existing skillset and strengths. What will be the easiest income stream for you to create? What is most in flow with your business and your personality?
- Ask your audience what would be the most helpful product for them right now. It’s an easy way to work out what will sell by asking what people most need help with.
Right, now let’s dive into the 4 ways to adapt your business during lockdown:
Run a paid Masterclass
We don’t often consider ourselves as experts but to someone that’s a few steps behind you, you probably are! Think about all you’ve learned and the successes you’ve experienced, and then sketch out what valuable piece of content you could share with your audience for a modest fee. You can use Acuity for people to purchase access to the class and either run it live on an app like Zoom or pre-record it, along with emails before and after the actual session.
Create a service that you can carry out for a set fee. Ideas include:
- Setting up an email marketing tool
- Carrying out an inbox detox
- Copywriting for a website
- Creating and scheduling a month of social media content
- Organising a live webinar
Set a price that covers the time and skills it’ll take you to complete the task, as well as a reflection of the results and benefits your clients will enjoy. Don’t focus too much on the procedure itself (although you should obvs include this on your sales page), but rather on how the work will positively impact your client’s business. Once you’ve delivered an amazing piece of work you may find opportunities for follow-up work or referrals too (just make sure you ask for them, as people aren’t mind readers!)
Create a digital download
Do you have a guide or template you use in your own business that you could adapt and sell online? Think of something that will save people time while having a big impact on their day to day operations, but that’s also below the £30-40 mark. If you haven’t already got a commerce option set up on your website consider adding one, or perhaps using a third party site such as Etsy.
Create an online programme
When you’ve been in business for a while it’s hard to put yourself back in the starting position again, but if you can cast your mind back you’ll probably be able to sketch out the roadmap you followed to get you where you are today (minus the bumps in the road!)
Ask a friend (or your audience!) the top 10 things they’d want to know if they were going to start a business like yours, or perhaps use a skill you’ve honed or use a tool you have mastered. Use these 10 things as a guide for sketching out your modules, and then break them down into smaller lesson ideas.
Building an online programme is a much larger piece of work to both create and sell, so rather than creating all the content upfront presell your programme first. Also think carefully about your price point. The current situation isn’t stopping people from buying online courses but your course topic might be really in-demand or perhaps not as crucial right now. Do some market research first.
I’ve created a free Covid-19 Support Guide for online service providers like VAs, Social Media Managers and Online Business Managers to help you navigate the weird terrain we’re currently in. You can access it here!