Small Business Saturdays: To Pivot, or not to Pivot...and what happens next. (Part 1 of 2)

Hey all, welcome to Rock Talk!

On Saturdays, I'll be doing some blogging on thoughts and issues affecting small businesses. I'd love to hear your discoveries, feedback, and ideas as well--please feel free to share, and drop a comment below!

Today's Small Business Saturdays entry will be the first of a two-part post on the concept of a "pivot" in business, and I'll share my own conclusions. I hope my experiences are helpful and thought-provoking as you navigate your own journey through the fruitful (and challenging) world of small business! 

Part 1: To Pivot, or not to Pivot...

Let's talk about the concept of a "pivot" in business. What is a pivot? When do we decide to pivot, how does it happen, and what happens after we do?

It's no secret that the last couple of years have been challenging (to say the least) for all businesses. Small businesses in particular have faced a struggle to adapt and read the trends in a changing market. 2024 alone was a roller coaster ride of ups and downs for many businesses--higher overhead, lower sales, and changes in many industries made this last year feel like a carnival ride of crazy for many of us little guys. Change is good, as they say, or at least inevitable. As a small business owner, when things aren't going as planned, we make strategic changes to our direction and identity to help us adapt quickly, and meet our customers' needs and desires in the now. This is called a pivot -- and if you're anything like me, you've had to make some real pivots (personally and professionally) over the past few years.

Here's my personal experience, and the pros and cons I personally experienced from pivoting. 

When Phenomenal Gems was born in 2013, we were based on Etsy and several social networks. Like a baby learning to walk, we tried simple online strategies that paid off without too much tinkering. But like many online shops, we were experiencing our infancy in a less competitive era of online commerce. Fast forward 12 years later, and the once small handmade/vintage marketplace that was Etsy has morphed into a MUCH fuller (and many would argue, more diluted) ecosystem with over 9 million sellers and nearly 100 million active buyers worldwide.

Is it Amazon? Is it eBay? Neither, but it wishes it could be both--that's a topic for another post. Pair my main platform's changing identity with massive growth in the online world, and set it in an uncertain era for business, and I had a recipe for volatility and change. 

The first question we as business owners face: when do you decide it's time to pivot?

The changes on Etsy and the social media algorithms became a core problem for Phenomenal Gems. I was spending most of my time tinkering with listings, trying to post items in the same ways I always had, feeling lost and nostalgic for the past. This resulted in unsatisfactory traffic and sales, but also drained my bandwidth and time in a big way. 

The pivot I decided on: less reliance on sales from the online world, and much more time spent face to face. While Etsy and the social networks became less of a priority, in-person events became our main focus and the main arena we now operate in. A long background in retail makes in-person events a fulfilling experience for me (Not true for everyone, I realize.) Making that change also meant scary risks, overhead costs that weren't there before, and the need to change my personal schedule to work around my business. Pivoting is rarely a comfortable change, and it can eat up your energy and raise your blood pressure like almost nothing else!

Here are some things to consider for yourself in determining if it's time for your business to pivot:

1. Does your business currently meet your needs, both financially and fitting into your lifestyle?

2. Does your business match the values you want it to? If not, how has it gotten off-track from its core identity?

3. Are you able to achieve your current personal and professional goals through your business, or do you spend most of your time wishing for what "it used to be"?

4. How can you use the space you've been in -- or do you need a whole new niche for your business to thrive?

5. Are you able to continue doing the jobs you've always done alone? Who can you reach out to for advice or support to help you make the right decisions?

If you're finding that your business doesn't meet your needs, is no longer in balance with your life or reflective of your values, or is just simply becoming a drain on your bandwidth, you might need to pivot. 

Join me tomorrow for part 2 of this small business discussion, in which we'll discuss what a pivot might look like for your business, and what happens next. Thanks for being part of the community, and rock on, my friends!