Pivoting Your Business To Make Money
Published on 4/29/2020
The current global situation has left a lot of small businesses struggling. Due to the quarantines, independently owned restaurants, nail salons, and hair salons (among many others) are feeling the pressure. Large essential chains such as Vons, Albertsons, Walmart, Target, and many others are still open. They provide essential needs at lower prices where customers can be monitored and spread out across large areas. It makes sense. Amidst the chaos of the pandemic, there have been some very odd business decisions that are popping up.
Look to San Diego, California. In downtown San Diego’s Gaslamp, there lies a family-owned eatery known as Pushkin Russian Restaurant. Since most sit-down restaurants have been closed due to Covid-19, employees have been out of work. There has been a sudden uptick in grocery home deliveries and curbside pickups. Pushkin has decided to capitalize on the opportunity and spawned ASAP Produce. They appear to guarantee two-hour delivery for all orders. According to their site, they have made over 1,000 deliveries to homes across San Diego County. The delivery fees go directly to the restaurant staff to help keep them afloat during the Coronavirus pandemic.
Business pivoting is smart. The idea is simple. You have an amazing idea for a product or service. You start building your company and suddenly you realize something is preventing you from moving forward. Your product serves a better purpose elsewhere. Your business plan is guiding you towards a different market. Whatever it is, your original idea seems to be gone with the wind.
Initially, you might feel some despair. Don’t! All you need to do is pivot. Go the route your business or product seems to be leading you. If there is a need for whatever you’re selling, push in that direction. The business might look different, but the end result is the same: You make money.
Not sure about this? Look at AVON. It was originally a door-to-door bookselling service with one guy. David H. McConnell figured he’d get more business by roping in women if he offered perfume. Women wanted perfume samples more than books, which eventually lead to AVON. Pivoting at its finest.