How to survive when your business is in a dead industry

[Shigobad20201]

There's nothing to do really when your business is not allowed to open due to the pandemic, all you have to do is wait for the lockdown or the problems to wear off and start again.

 

[Setho]

This is basically a very tough situation that anybody can find themselves in because you cannot be able to do so much in order to salvage your business. In a lot of countries the government have provided relief for these kind of businesses but on your own you can always try to take your business or your services online.

 

[Shigobad20201]

This is basically a very tough situation that anybody can find themselves in because you cannot be able to do so much in order to salvage your business. In a lot of countries the government have provided relief for these kind of businesses but on your own you can always try to take your business or your services online.

Many under developed or developing countries went through hell during the pandemic, their government didn't provide a relief fund for them and the relief that was provided by the world health organisation are being diverted by the same government of the country.

 

[tyrim88]

I won't even support starting a business in an industry that is considered dead or lacking enough patronage, except if you come up with some new initiatives.

Sometimes it is the creativity and ingenuity of the business owner in the sector that really matters and count at the end of the day,because if the customers prefrence could be adequatly meet,then you can fly in any sector.

 

[Syldan]

In such situation, I dont think there is any other way or solution because during these pandemic and after alot of business have experience difficulties which lead to their total collapse.

 

[Bookwormlux1]

There is no need trying to survive when it is obvious that your business is already in a dead industry, and you just have to make sure that you are doing what is expected of You by developing yourself and running away from that sector.

 

[Shigobad20201]

There is no need trying to survive when it is obvious that your business is already in a dead industry, and you just have to make sure that you are doing what is expected of You by developing yourself and running away from that sector.

The next line of action is to realises that since the business is been run in a dead industry ,myou just need to restrategise , think about another business and run away from the current business.

 

[Sotherefore]

There is no need trying to survive when it is obvious that your business is already in a dead industry, and you just have to make sure that you are doing what is expected of You by developing yourself and running away from that sector.

I understand you bro. A situation in which things are not working out as expected it is the responsibilities of us to switch over to others things that would help us achieve financial freedom.

 

[Bookwormlux1]

I understand you bro. A situation in which things are not working out as expected it is the responsibilities of us to switch over to others things that would help us achieve financial freedom.

There are a lot of people who like to give them selves false hope, with regards to business Success. It is always best to switch to a more profitable business without delay at all.

 

[Smiles20]

Maybe what you have to start thinking about is your mentality because there is no dead industry but instead you can always try to look for opportunities even where you think there is not.

 

[glitch]

I remember what happened to Blockbuster. They had the same idea as Netflix but were too ahead of the trend. It ended up costing them and they doubled down on their standard services when Netflix came out and started picking up traction. You either have to be prepared to change or know when to call it quits.

 

[Sotherefore]

There are a lot of people who like to give them selves false hope, with regards to business Success. It is always best to switch to a more profitable business without delay at all.

I think what confuses a lot of people is the fact that other people would say "persistence is actually the key" but so many people do not know what to persist on and how long they should persist on a particular thing before giving up

 

[Lens]

Business in the dea industry will require a rigorous work. You must be able to promote the product and services and you must be able to offer the goods and services that are of high quality to the customers.

 

[Setho]

Whenever you have reasons to believe that something is no longer working I am always of the opinion that you should cut your losses and then look for me where you are better off .

 

[Shigobad20201]

In order to revive your business when its no longer working and about to collapse , you must sit down and replan , restrategise on ways which you think you can take to survive the business.

 

[Godspower]

In order to revive your business when its no longer working and about to collapse , you must sit down and replan , restrategise on ways which you think you can take to survive the business.

This is very true. Before planning again, I think it's better to also make findings and sample opinions from different people on why they think your business didn't succeed. This will give you an insight into what could have gone wrong.

 

[tyrim88]

A very good topic here, my sister sells art work in a tourist center and she hasn't made any sales for almost a year and past sales cannot even be accounted for as I guess monies have been diverted due to low sales.

A lot has to be factored into this issue of noy being able to meet up with the required patronage in trems of sales,because it could be due to not advertising the sector to the target audience or not properlly positioning the sector for people to come in.

 

[Godspower]

There is no need trying to survive when it is obvious that your business is already in a dead industry, and you just have to make sure that you are doing what is expected of You by developing yourself and running away from that sector.

It might be better to move to another line of business if the current one doesn't yield any profit. This is to avoid running at loss if you keep on investing scarce resources in it.

 

[Shigobad20201]

It might be better to move to another line of business if the current one doesn't yield any profit. This is to avoid running at loss if you keep on investing scarce resources in it.

If you have tried reviving the business but to no avail , you need to move and change your business if you have another business strategy that might be lucrative .

 

[Godspower]

If you have tried reviving the business but to no avail , you need to move and change your business if you have another business strategy that might be lucrative .

If a change in business strategy doesn't show any significant improvement in the condition of the business, then it might be better to delve into a new line of business.