There are two types of overspending: the first is having too much to do in the time you have. The other is to have too many ideas.
You are a human being. You have many passions, many ideas. But you keep hearing that you need a “niche”. You need to be clear about what you are offering. So how do you determine that niche? How do you reduce? What do you do when you have too many business ideas?
While it’s true that you have to focus and find a niche, that doesn’t mean you have to give up on all your ideas. Not at all, in fact. It’s just that you can’t do EVERYTHING at the same time.
I admit… I’m guilty of shiny object syndrome. I mean, aren’t most of us at some point? We see a price, get an idea or hear about a new strategy and BAM! We left.
Unfortunately, we often go in pursuit of a wild goose that leads us further and further from the right path. I love this Russian proverb: “If you chase two rabbits, you won’t catch either.”
In the book The only thing, Gary Keller and Jay Papasan explain how narrow-mindedness is essential to success. The idea of a Domino effect is highlighted.
You have so many tasks, so many ideas. But just like a bunch of dominoes set in place, you only need to knock over the first one to make them all topple over. When you trigger a row of dominoes, you don’t randomly knock over different dominoes in the pattern.
No. You start with the first.
You’re probably like, “Ummm…. Ok, Morgan, but what idea should I start with?”
Here are some ways to help you decide.
1. Just go with your instincts
Honestly, you won’t know which idea will work until you try. So pick the one you like the most and give it a try!
Ask your audience. I hope you know who your ideal client is (if you don’t, you can grab this quick free spreadsheet I create to get you started). So go out and ask them. Give them the options and see which get the most traction. If you don’t have your own audience yet, go to Facebook groups, ask a business friend if they would ask their audience for you, or text all your friends on your phone who are or are similar to your ideal client. There are a million places you can go ask. So do it.
3. How much will it cost?
If you’re new to business, chances are you don’t have a lot of money to spend on an experiment. See which idea will cost you the least in terms of time and money. Start with that one because if it’s a total meltdown, it won’t break your bank account or stretch your time too much.
The key is to choose one and start and follow that course until it is completed. More and more evidence is coming out every day to show that multitasking isn’t productive. This applies not only to literally being involved in more tasks at once, but also to having your brain and time spent on more than one idea at a time.
Take it from me. I just spent two months going completely off the rails with my business because I had five new ideas I HAD to pursue before I finally got back to my original goals. Now I blame myself because I could be so much more advanced than I am.
I’ll leave you with one final quote from Gary Keller, “To ignite your life, you have to focus on ONE thing long enough for it to catch fire.”
So go do it! Ignite!
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