common money mistakes

Deciding whether to pivot or double down on a business idea can be quite the challenge. You and I both know that seeing success from a business can take months and even years. With that said, there’s always a fear that you’ll keep working on something that ends up not being as profitable or fulfilling as you’d hoped.

I ran a blog for almost four years before it started making passive income. There were many times when I wanted to throw in the towel, but I stuck with it. Now I’m thankful I decided to stay the course instead of pivoting because the blog makes money. However, there are instances where pivoting from an idea makes sense.

Here’s how to tell if it’s time to pivot:

Time to Pivot Sign #1: You’ve Been Consistent Without Results

I’ll admit it. The reason it took my blog many years to flourish is I lacked consistency. I would post every so often without a schedule. I finally implemented a set schedule for writing content and sharing blog posts on social media which is what led to it taking off.

Be honest with yourself — Have you been consistent in getting your idea off the ground?

  • Have you been pitching regularly if you’re running a freelance business?
  • Have you been showing up on social media consistently if you’re building a brand?
  • Have you been actively selling your course or product online or face-to-face?

It may be time to pivot if you can honestly say you’ve put in a consistent amount of effort with minimal results.

Time to Pivot Sign #2: You Hate What You’re Doing

In a perfect world, we would all start businesses that we love. This isn’t always what ends up happening. You can love what you’re doing initially, but then you take on work you don’t like or clients you don’t love, and your business starts becoming a drag.

It’s a sign you may need to pivot if you find yourself dreading your workdays. You may not have to throw the whole business away. Instead, try introducing new services that you enjoy doing. You could also consider breaking up with some of your clients and searching for new ones. If you dislike your work, you’ll eventually resent your business.

Time to Pivot Sign #3: You’re Not Making Enough Money

I got paid about $25 to $30 per article when I first started freelance writing. The funny thing is, I truly thought I would be able to make a living from taking on hundreds of those articles that paid next to nothing. I kept at it until I became completely burned out from writing non-stop and seeing hardly any income. Eventually, I had to move away from the low hanging fruit so I could pay my bills! I branded myself and pivoted to different types of work that paid more.

Like me, you may not realize that your idea doesn’t pay enough until later in the game. Crunch the numbers and be honest with yourself. It’s time to pivot if a full workload based on your current pricing isn’t going to put you where you want to be.

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Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a personal finance and productivity blog on hacking your way to a happier savings account. Taylor has contributed to MagnifyMoney, The Huffington Post, GoGirl Finance, Madame Noire, and The Write Life.

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