Trash It And Start All Over?...What Do YOU Think?

[Steven Wagenheim]

I've been thinking a lot about the world situation and wondered...

What if you had a thriving business that, for whatever reason, suddenly dried
up? What would you do?

Now, before you answer that, I'm going to throw my 2 cents in on how I
would personally come to my decision if this happened to me.

I'd look to see WHY the business dried up. Was it because the demand
for the product(s) suddenly collapsed? Did something better come out that
made the product obsolete? Is your product too expensive for people because
of economic factors?

In other words, I would try to do a full analysis of the situation before
I made any hasty decisions. You also have to look at the possibility that
the situation is temporary. Ah, but then, how long do you wait it out?

This is one of my arguments for NOT having all your eggs in one basket,
though many marketers feel that spreading yourself too thin doesn't give
you time to really put the work into any one business, and I can see that
argument. I'm not suggesting that spreading your eggs around is the be all
and end all answer. For me though, since I'm always afraid of the world
crashing down all around me, I personally prefer my business model, though
it might not be for everybody.

But this thread isn't about whether you should have all your eggs in one
basket or not. It's about what YOU would do if your eggs, wherever they
are, suddenly all cracked.

Would you start all over in another niche?

Would you try to find a way to make your current products more viable
if indeed something out there made them not so?

For that matter, do you even HAVE a backup plan?

So many of us think that what we sell has a shelf life of forever. But the
truth is, outside of food, shelter and clothing, nothing on this planet is a
must have.

Think about it.

Is your product REALLY something people MUST have?

[ecoverartist]

Always, ALWAYS have a backup plan.

I feel blessed to be able to design great graphics and write great copy - two things that many people either don't want or don't know how to do. My belief is that you can always sell something, anything, with words. Graphics are the icing on the cake.

A picture might be worth a thousand words, but the journey of a thousand words begins with a single step... or something like that

[Kevin Riley]

Yes, you don't want to have your eggs all in one basket, but on the other hand you need to fill one basket with at least a few eggs before you start on another. I see far too many Internet marketers jumping from basket to basket and never getting any eggs.

To sum up, start with one thing and get it running well. Then, when you can devote some of your time to a new project - without hindering progress on your current income stream - start building it.

[Peter Bestel]

It's difficult to imagine having numerous eggs in various baskets and having them ALL, SUDDENLY starting to crack - not impossible but highly improbable.

But if that scenario were to happen I suppose you'd see it in times like just now.

Under normal circumstances you would see tell-tale warning signs before they just went pop, and you should have time to re-adjust, re-position or get out before the doo-doo hit the fan.

If you start seeing cracks, it's important to find the cause as well as the solution. Get your pride out of the way and make those sometimes difficult decisions you have to make when you're in business.

A classic solution to a troubled business is diversification. If you've structured yourself well, you should be able to act quickly and shift focus without too much disruption. Folks that run businesses around IM should be flexible enough to cope.

Personally speaking, none of the products that we deal with are 'must haves'. It's our job to position ourselves and our products and services so they 'appear' to be so.

Peter

[John Taylor]

Steven,

I'd look at the potential of doing the opposite to everyone
else in my niche markets.

I suppose for those of us who have lived through previous
recessions, there are a few lessons worth thinking about.

• People will continue to purchase stuff the pereceive
  as essential.
• Promotion and coupons will become more popular.
• People need help dealing with different problems.
• Testing, tracking and tweaking your sales process
  can give you an increase in sales or can reduce
  your advertising costs.
• The same fears and motivations are still relevant,
  it's only the context that changes in a recession.

It's possible to significantly grow your market share when
your competitors implement a survival strategy. However,
that requires taking a few calculated risks.



John

[ShayRockhold]

My answer would depend on why the eggs cracked to begin with.

It might be that my niche just needed a tweak or 2 to become successful again. Or I might need to start another basket.

I would sit down and do my homework before choosing my path.

[kcgeorge]

Yes the down times must occur. 'Cause anything that goes up must come down. However, that will not mean the end of business for me. I will analyse the situation and see what to do in order to effect changes. Changes that will bring about an upward move.

Finally, having a backup plan is necessary for any business, so one can always take to the second alternative. I do prefer multiple streams of income.