Do you give much thought to what your industry will look like in the future?
If you were the owner of a small book store 15 years ago, you might not even recognize your industy these days with the emergence of Amazon.com and the large book stores. Many small book stores have gone out of business but the ones who were prepared are still doing well.
If you were the owner of a “record store” 25 years ago, your industry has changed numerous times since then. If you planned on keeping the same business model as you had back then….well you probably are out of business. However, despite the emergence of new technologies and of digital stores such as iTunes, there still are some successful stores selling, records, tapes, cd’s etc. However, they are using a completely different business model then they did back then.
Most, although not all, industries change on a regular basis. Those people who plan for this type of change are usually the ones who are successful.
What will your industry look like in the future?
Have a great day!