Over the years, I’ve studied the behaviors of hundreds of successful authors, musicians, and creative entrepreneurs. Why is it that some can set up a blog, write a book, or otherwise get their businesses going with ease while others can’t seem to get traction they can build upon.
Have you ever seen somebody who appears to be doing basically the same thing you are, but making a lot more money? Isn’t that frustrating?
Here’s one reason for “lack of money” when building a business…
Too Many Projects
A problem faced by many entrepreneurs (and people in general) is jumping into too many projects at once. The real issue isn’t so much “too many projects” as it is a lack of ability to successfully complete them.
Why is this?
For people like us, ideas come easy. Ideas are a nickel a dozen though. When it comes to making money, it’s completing something that counts.
So what’s the solution?
Rather than work on multiple projects at once, a better approach is to focus on a single project and see it through to completion. As you get more efficient at handling tasks and the businesses you set up gain enough momentum to where they can run with little or no effort from you, add a second project to the mix, then a third when that is completed, and so on. Even though this process is not as stimulating as jumping on multiple projects at once, taking on one big project at a time will allow you to complete things efficiently and start bringing in money more quickly, rather than have everything “in process” with none of it making money.
The “Vending Machine” Solution (You Don’t Need a Vending Machine to Use It)
Here’s something to think about the next time you have a dozen great ideas, too many options for making money, or want to jump ahead with something that is perhaps too ambitious for where you are now.
Think of your business, regardless of what it is, as a “vending machine” business.
Imagine each of your ideas is a vending machine. Just like vending machines in various states of repair, some of your money-making ideas are more complete than others. Some are ready to go now and some are easier to implement than others.
You want go get each of your different ideas making money for you as soon as possible. To do this quickly, begin with the one that is easiest to implement and focus on that idea until it has been launched.
Ideas, businesses, and vending machines that aren’t 100% working make nothing.
Get something going, even if it’s small, and let it make money for you. As you’re following up on ideas two, three, four, etc, that money, though it might not be a lot, is more than you’d have otherwise and will help motivate you to keep going on bigger and more complicated business tasks.
Always remember, just like it’s better to lift just a few pounds in the gym than nothing at all, it’s better to have 100% of a small income stream than zero income from a “bigger idea” that has potential.
You can’t deposit potential in your bank account.