Most online businesses experience an ebb and flow throughout the year. Your clients’ or customers’ needs may fluctuate from season to season. How do you maintain balance during online business seasonal downtime?
Forethought
If you have an online service-based business, ask about your new client’s business. Ask them if, and when, they anticipate slow times throughout the year. If they have been in business long, they can tell you what peaks and valleys they experience routinely each year. Find out if those fluctuations will impact their service needs. Inquire ahead of time if they foresee cutting back their requirements for downtime or prolonged vacations.
If you have an online retail business, research when your clients are most likely to be buying. Are your products seasonal in nature, or are they needed year round? Ask owner’s of similar businesses what variations they see.
Budget Accordingly
As best you can, project ahead of time what you foresee your income being in both the high and low times. Find out what it takes to keep your business running each month and plan ahead, Check out https://www.digitalbusinesslessons.com/ for effective information now.. Make a budget with your anticipated yearly income and the necessities you need to cover to keep things going. During the busy times, set aside your profits. Strive to have enough set aside to get you through any seasonal fluctuations you anticipate.
Diversify
The best plan of action if you foresee downtime is to minimize it. If your client is swamped during tax time, look for other clients to keep you busy during the rest of the year. If your client’s routine is subject to the school year, market your services to those in summer-based industries to cover those months. Or budget in anticipation of taking that time off also, if desired.
It is rarely advisable to attempt contracting other large, long-term clients during another client’s short hiatus unless you can balance it in the future. If you are currently swamped during the busy times, adding another client with ongoing needs could spell disaster. If you, or your client, is not open to subcontracting you may have to let a good client go. If you take on more than you can handle without future planning, you may be overwhelmed or lose focus.
If you operate a retail business, you don’t need to change your entire product line. If your products are currently holiday-based, add merchandise that will accommodate off-season shoppers with spring and summer needs.