How To Pivot Your Business Model Ft. Tim Mills
In a recent podcast conversation, two individuals discussed pivoting a small carpentry business toward more profitable ventures. The conversation revolved around the idea of charging one and a half times the cost of materials for a project and capturing all the content, such as time-lapses, reels, testimonials, finished products, and reveals, to build a portfolio.
The idea was to build four such projects in a quarter and charge one and a half times the cost of materials to eight to ten people locally. The aim was to build a portfolio and get good testimonials to further the business. The hosts suggested this would be a good way to pivot the business and capture content on social media platforms.
The hosts emphasized that the individual running the business already had all the tools, skills, and experience needed for the job. They further highlighted the importance of social proof and mentioned that the individual already had an Instagram account with almost 11,000 followers. The hosts suggested that this indicated that people saw the individual as a legitimate carpenter, and the individual could leverage this mystique to build a strong brand.
Tell the world who you are
The hosts suggested that the individual could use their personal Facebook page to tell the world about who they are and what they do. They further suggested that the individual could add value to people’s lives by leveraging unused space in their homes, and charging up to 20 times what it would cost to make a cutting board.
The conversation also touched on the importance of thinking big and planning for the future. The hosts emphasized that if the individual did not think big and planned for the future, someone else would come and take their job and put them out of business.
To reach better customers, the hosts suggested building networks and relationships in nearby towns, such as Concord. They emphasized that there was an opportunity to take all the business from Concord by targeting people with an upper level of income who wanted better quality products.
In conclusion, the hosts suggested that by charging one and a half times the cost of materials, building a portfolio, capturing content on social media, and adding value to people’s lives, the individual running the carpentry business could pivot towards more profitable ventures and build a strong brand.