One of my favorite moments as a business coach is when an aspiring business owner has several ideas for a business and wants to start all of them at the same time. I get it. They are excited and want to generate multiple streams of income. I have dubbed this approach -- “The 4/25 Plan” – having four new businesses and only being able to contribute 25% of your energy toward each business. Such multi pronged approaches make business success very difficult without help. Clients believe they can run all four businesses (without help) at once only to discover they don’t have the bandwidth to manage all of those businesses.
I have helped clients like this by asking clarifying questions like “What do you like about this business idea? Which one of these ideas are you most passionate about? Why?” Who will manage operations for each business? You or your team?” The next time we meet, they always end up launching one business and creating future plans for their other ideas.
One client had ideas for five disparate businesses and after discussing the risks for just two of them they focused on one. Today they are operating one business and planning the launch for a second. Lesson learned: There are ways to benefit from too much of a good thing. The key is to plan wisely and strategize for managing and financing each venture.
Tips on Starting Your Business
Brainstorm Ideas for Your Business Concept
Visualize your business idea & the future of what you want to do with the idea
Write your thoughts out to begin planning -- the idea stage so nothing is concrete
Define Your Business Concept
Once you have a solid business idea you have to make sense of it by defining what it is and how it solves a problem (or need) for your potential customers
Research Your Concept (Market and Competitive Analysis)
Do some research on your new business concept
Who’s buying your business idea
How much are customers paying for this idea
Who else is doing it
For more tips, download our Radient Pearl Business Starter Checklist. Receive a free mini-training walking you through each item on the list.
Ready to start your business journey? Schedule a call with me to get moving in your business!
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