SNM154: When Should You Diversify Your Business?
Start chasing that ball too early and you’re business will never be profitable; wait too long and you’re leaving money on the table. How can you manage this balancing act?
This Porridge is Too Cold
The first mistake new entrepreneurs make is chasing that bouncing ball. Each idea seems more exciting than the last and you can’t resist those amazing promises.
Every course about making money online makes massive promises.
“Push this magical button and you become a millionaire!”
Who wouldn’t push that button?
But you keep buying new buttons and pressing them. You forget about last week’s big promises as you chase that next rainbow.
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You are so busy chasing that you have no time for implementing.
This Porridge is Too Hot
You wait so long to expand your business that your customer base is constantly asking for new products.
Your revenue was growing for a long time but now it’s flatlined.
You are stuck in your ways and your income starts to slowly diminish.
You aren’t releasing new products or ideas, so your audience starts to wonder if you’ve passed away.
You are leaving more money on the table than you take home because you live in constant fear that you will catch Shiny Object Syndrome.
This Porridge is Just Right!
There is a balance and if Goldilocks can find it, so can you!
You don’t want to open any new projects until your first project has crossed several key milestones.
First, you need to make back your initial investment in any training or software.
Listen to today’s episode to the next milestones…
Show Notes:
Key Points:
- Wait until your first project is profitable
- Don’t let your income plateau or start to dip
- Find ways to diversify that take advantage of your existing infrastructure
Resources Mentioned:
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