Episode 81
Are You Operating a Viable Business?
“It's so much better to fail fast than it is to perpetuate a bad business model for years and years. If you fail fast, then you can move on. You can try the next thing, you can try the next business and then you can get profitable more quickly.”
This week on the Women in the Business Arena Podcast we are discussing the viability of a business. Is your business viable? This may be a question that has been a persistent nagging feeling in the back of your mind for a while. So often we realise too late that our business model was never viable or if we had just made a few tweaks, we could have been successful. What if you could look at your business right now, and perhaps keep it from completely falling apart? Sometimes just a few adjustments to a business can get it back on track, and bring it into alignment with a viable, successful business model.
“Sometimes, when a business model doesn't work, it doesn't mean that your idea wasn't great, but it still depends on whether the market out there is ready. Are people looking for that solution? Are they willing to pay for that solution?”
The main components to evaluate when trying to determine whether or not a business model is viable are the profitability and sustainability of that business. Both components are necessary to have a successful, long-lasting business. It is also crucial to recognize that a business that is viable now, is not guaranteed viability in the future. As solo entrepreneurs, we have to be willing to pivot and evolve with the market. Just because your business model is viable now, doesn’t mean that it will remain viable as the psychology of the masses shifts. This is one of the reasons that basic business skills are so important.
“Part of viability is sustainability. You might have an amazing, profitable business model but if it's not sustainable, it’s not viable. It needs to be able to hold your attention and interest and passion for a long time. So, if you can't see yourself doing what you're doing in 10 years, then it's probably not viable.”
Sometimes a business just isn’t viable. There are times when all of the adjustments won’t turn your business idea into one that will be sustainable and profitable. Even the most brilliant people have ideas that won’t work. What perpetuates their success is their ability to let go of the ideas that won’t work, and move onto the next idea. Letting go of the non-viable idea will give the space and open the door to the next amazing idea.
If you have a feeling at all that your business might not be viable, or you haven’t taken the time to look at your numbers to determine the profitability and sustainability, take the time, and find someone to support you in this process. Don’t wait until you are exhausted and feel that your business is falling apart.
“As a solopreneur, our well-being is the well-being of the business.”
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