Why you should stick to one business idea
Why you should stick to one business idea
1. Either the first business isn’t making as much money as the person would have liked and they believe another opportunity will be the one that will make it big, or
2. The first business is hard to get going and the business owner gets bored and frustrated with it. When the second idea comes along, it’s more exciting and interesting and the person’s motivation levels are rejuvenated again.
Or it could happen for a combination of these reasons. The problem occurs when the second business idea doesn’t meet expectations and then the business owner creates a third or even a fourth idea. I’ve met business owners who are running seven or eight business ideas and suddenly reach crisis point because they don’t know what they do anymore.
So, why then should you stick to one business idea? Perhaps, these people are right – maybe it does take two or three ideas before you make it big and isn’t it possible to be able to run several different businesses simultaneously?
Well, here’s the thing – and you may disagree here (all opinions welcome), but I’ve worked with hundreds if not thousands of business owners and I really, honestly can’t recall a time when I’ve seen two or more business ideas work simultaneously. The best and most successful businesses work when the business owner concentrates on one thing and one thing only.
But, I hear you cry – what about those people who are doing PR and training or coaching and management consultancy and are really successful? Well, I would argue that if you look closer at their businesses, you’ll find they are running one business in different ways. For instance, a PR professional that I know teaches PR, works on PR on a one to one basis with her clients and has e-books on her site about PR which she sells successfully. She’s even just branched out into offering workshops to teach PR professionals how to be successful. But, everything revolves around PR – if I was recommending this business owner, I’m very clear on what she does.
Also take the example of a successful coach who also does training. It’s not just any training though – it’s training involving coaching. She’s also involved in a coaching network and speaks on behalf of the Chartered Institute of Professional Development (CIPD) on coaching. Anyone who meets her knows she is a coach and knows how she can help them.
So, bearing that in mind – here’s my top 3 reasons why you should stick to one business:
1. Taking on a new business is the same as starting a new business.
Your new business will take time, effort, focus, motivation and possibly money to start up and get off the ground. You’ll need to give it at least 18 months of undivided attention and treat it like it’s your baby. OK, I’m absolutely sure you can do this…but, what happens to your first business while you’re doing this and what happens when you get bored of this new business idea or it doesn’t get off the ground as quickly as you want it to? Will you then start another business?
2. No-one will know what you do.
When people ask you the question of what do you do – what will you tell them? Will it be I do x and I also do y and sometimes I do z? Or will it be, I do x and here’s how it can help you? If you have two or more business ideas, believe me no-one will be quite sure what you do and how you can help them. If you don’t believe, try asking a few of your trusted contacts who will give you honest feedback…
3. Jack of all trades, master of none
One of the reasons that’s often given to me as a reason for not choosing just one business is the fear that they won’t be able to use all the skills they have. This is absolutely not true – just look at the PR and coaching examples above – they will use all their skills and much more. If you focus on one thing and take this one idea to the market in different ways, you’ll be amazed at the results and the difference.
OK then, if you already have two or more businesses what do you do? My first suggestion is to stop and decide which one of these businesses you’d really like to focus on – and then (brave step this), let go of all the other businesses and really throw your heart and soul into this one business. If you’re not sure which business you should focus on, get the help of a coach or a business mentor to help you.
And if you’re considering taking on another business – stop and really think about it. Are you sure that’s the best decision? Are you prepared to drop the other businesses you have and focus on this one 100%?
Think very carefully about taking on a new business – I know it’s exciting and improves your motivation, but it may only be a short time until you get bored with this one too and then are you going to be looking for that next big idea?
Why you should stick to one business idea - To learn more about this author, visit Helen Dowling's Website.
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Something that’s really common amongst small business owners is running two or more businesses. I see people who own a massage therapy business also run a greeting card company or someone who owns a networking company who also own a florist and so on. Two or more businesses happen usually for one of two reasons:
1. Either the first business isn’t making as much money as the person would have liked and they believe another opportunity will be the one that will make it big, or
2. The first business is hard to get going and the business owner gets bored and frustrated with it. When the second idea comes along, it’s more exciting and interesting and the person’s motivation levels are rejuvenated again.
Or it could happen for a combination of these reasons. The problem occurs when the second business idea doesn’t meet expectations and then the business owner creates a third or even a fourth idea. I’ve met business owners who are running seven or eight business ideas and suddenly reach crisis point because they don’t know what they do anymore.
So, why then should you stick to one business idea? Perhaps, these people are right – maybe it does take two or three ideas before you make it big and isn’t it possible to be able to run several different businesses simultaneously?
Well, here’s the thing – and you may disagree here (all opinions welcome), but I’ve worked with hundreds if not thousands of business owners and I really, honestly can’t recall a time when I’ve seen two or more business ideas work simultaneously. The best and most successful businesses work when the business owner concentrates on one thing and one thing only.
But, I hear you cry – what about those people who are doing PR and training or coaching and management consultancy and are really successful? Well, I would argue that if you look closer at their businesses, you’ll find they are running one business in different ways. For instance, a PR professional that I know teaches PR, works on PR on a one to one basis with her clients and has e-books on her site about PR which she sells successfully. She’s even just branched out into offering workshops to teach PR professionals how to be successful. But, everything revolves around PR – if I was recommending this business owner, I’m very clear on what she does.
Also take the example of a successful coach who also does training. It’s not just any training though – it’s training involving coaching. She’s also involved in a coaching network and speaks on behalf of the Chartered Institute of Professional Development (CIPD) on coaching. Anyone who meets her knows she is a coach and knows how she can help them.
So, bearing that in mind – here’s my top 3 reasons why you should stick to one business:
1. Taking on a new business is the same as starting a new business.
Your new business will take time, effort, focus, motivation and possibly money to start up and get off the ground. You’ll need to give it at least 18 months of undivided attention and treat it like it’s your baby. OK, I’m absolutely sure you can do this…but, what happens to your first business while you’re doing this and what happens when you get bored of this new business idea or it doesn’t get off the ground as quickly as you want it to? Will you then start another business?
2. No-one will know what you do.
When people ask you the question of what do you do – what will you tell them? Will it be I do x and I also do y and sometimes I do z? Or will it be, I do x and here’s how it can help you? If you have two or more business ideas, believe me no-one will be quite sure what you do and how you can help them. If you don’t believe, try asking a few of your trusted contacts who will give you honest feedback…
3. Jack of all trades, master of none
One of the reasons that’s often given to me as a reason for not choosing just one business is the fear that they won’t be able to use all the skills they have. This is absolutely not true – just look at the PR and coaching examples above – they will use all their skills and much more. If you focus on one thing and take this one idea to the market in different ways, you’ll be amazed at the results and the difference.
OK then, if you already have two or more businesses what do you do? My first suggestion is to stop and decide which one of these businesses you’d really like to focus on – and then (brave step this), let go of all the other businesses and really throw your heart and soul into this one business. If you’re not sure which business you should focus on, get the help of a coach or a business mentor to help you.
And if you’re considering taking on another business – stop and really think about it. Are you sure that’s the best decision? Are you prepared to drop the other businesses you have and focus on this one 100%?
Think very carefully about taking on a new business – I know it’s exciting and improves your motivation, but it may only be a short time until you get bored with this one too and then are you going to be looking for that next big idea?
Why you should stick to one business idea - To learn more about this author, visit Helen Dowling's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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