Coming up with a business idea is easy, executing it is hard.
There’s a big difference between “doing what you love” and creating a business that makes money.
Sure, you should choose something you have a vested interest in, but you need a sales/marketing strategy to go along with it before you launch.
For example, I love coaching, but that alone is NOT going to pay the bills. I evaluate different opportunities now based on the income potential. Is my motivation to be filthy rich? No. But I want to provide for my family and have my business ventures support my lifestyle. So here is an acronym to help you judge your next idea against:
Sell your strengths – Do what you know and are great at. Don’t try to do everything well. That only disrupts your focus and dilutes your efforts. Figure out what you’re best at and stick there.
Collaborate – Nothing great is accomplished alone. The bigger the dream, the more help you’ll need. Network like your life depends on it. Offer value to others, but don’t keep “score.” Say yes to most partnerships at first. Learn from others who have done it before.
Automate – Figure out how to get yourself out of your business. That means aim to put it on auto-pilot and let it run itself. Most people’e egos won’t let them NOT micromanage, but if you truly want something to grow, you have to give up full control. It doesn’t mean you won’t be involved, but it does mean you won’t be involved in every little detail anymore. Trust good people and systems to do what you can’t.
Lifestyle – Your business doesn’t need to be your life, unless you want it to be. Have your business support your lifestyle, not the other way around. If you plan that way, you’ll have a life and the time to spend it the way you want. That’s the best part about being a lifestyle entrepreneur: the freedom and flexibility of schedule.
Efficiency – Time is the currency that is given equally to all. Use it wisely. Along with selling your strengths, collaborating and automating you want to spend your time and effort on what gives you the best ROI. Being busy for busy’s sake is just plain dumb. A rocking chair makes a lot of movement, but doesn’t go anywhere. As someone who is obsessed with efficiency, work smarter, not harder.
If you measure your business effort against S.C.A.L.E., you should be able to select a project that is both worthwhile and profitable. I hope this is helpful and I’d love to hear what you’re working on. Please comment below!