Written by: Vickie Sullivan | June 02, 2022
Marketplace Changes: Lessons from the Donut Princess
The pandemic has taught us how to deal with loss. This cool story about the Donut Princess and her family’s decision to sell their donut business teaches us how to create what’s next.
The big question facing every pivot: What should you let go of and what should you keep. Let’s drill down on what Mayly Tao (the Donut Princess) used to launch her next big adventure:
• Her track record. What Tao did to triple the store’s sales made her transition to consulting donut shops a no-brainer. What gives her the inside edge: social media skills, which don’t come naturally to older owners. So, go beyond the results and ask yourself: What skills do you have—that few others possess—that led to your success?
• Her brand. Tao kept the product but changed the format, designing elaborate (and Instagram-worthy) “donut bouquets” that are delivered nationwide. Her podcast Short N’ Sweet, which is about empowerment, also leverages her story.
Listen: How to Decide What to Bring to Your Next Big Change
Tao let go of the logistics/format of the donut shop and leveraged the brand in related areas. She used what she had in ways that didn’t require the same kind of sacrifice.
Let’s face it: The marketplace is crazy right now, forcing big changes. As you pivot, remember there are many ways to stay in the game.
Now Read This:
- Before You Pivot Your Business, Consider This
- How to Determine Market Feasibility and Direction for All Your Bright Ideas