SOLUTION TO BUSINESS PITFALLS (3)

Change Your Business Model

This is the most challenging technique you can try
to save your business. It may sound like a simple
idea, but to an entrepreneur struggling to pay the
rent, changing your business model can be a
difficult task. Still, it can be done. Take buggy-
whip makers.
A century ago, the whip business was prosperous
and reliable because most people got around by
horse-drawn conveyance. Within a few decades,
people were mostly using cars and had no need
for whips. But U.S. buggy-whip makers still
survive, and they’ve done so by completely
changing their market, product, and pricing,
essentially their whole business model. Instead of
selling whips for ordinary people to use, they now
primarily serve racing markets and affluent
hobbyist carriage drivers.
Telephone solicitors represent a more modern
example of a business model that was forced to
change. Once, calls to consumers’ homes offered
an inexpensive way to market a variety of goods
and services. But then the wide availability of
answering machines allowed consumers to screen
calls, rejecting those that appeared to come from
telemarketers. New regulations more tightly limited
the acceptable hours and purposes for such calls,
and the expanding presence of caller ID sealed the
deal. Now call centers that once served telephone
marketers are devoted to customer service,
technical support, and similar functions





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