What’s the number one difference between the hundreds of thousands of entrepreneurs barely making it and the top 10% who are wealthy, successful and living a life that they love?
Knowing the right opportunities to focus on.
Last week I was talking to a new client who suggested how frustrating it was to be putting so much time and energy into running his business only to find that he is barely making enough to pay his bills. I asked my new client to make a list of all of his projects and opportunities he is focused on. Five pages later, I realized what the problem was. It seemed that Bright, Shiny Object Syndrome™ was running amuck!
Let’s face it. There will never be a shortage of opportunities, great ideas and potential money makers. But how do you know what the right opportunities are so you don’t waste your time?
Last year I was coaching a man who is a brilliant idea guy. He called me up for a coaching session very excited about the radio show he decided to host. When I asked him how much time, money and energy he was planning on investing in this marketing opportunity, he said, “I don’t know yet. I just know it is a real opportunity for me.” Then I asked how it would translate into paying customers. He responded, “I don’t know yet, I just know I’ve always wanted to host a radio show.”
Bingo.
How many opportunities are you saying yes to simply because it sounds like a good idea or it seems like fun?
Are you ready to turn your over-committed, way-too-busy, laundry list of overwhelming to-do’s into a simple, power-packed strategy to skyrocket your success?
First of all, you must know what your high payoff activities are. What will really make you money? You also need to know when it will make you money. There is a difference between making immediate money. For example:
• An email campaign with a specific deadline one week from now will generate immediate cash flow.
• A teleclass in 30 to 60 days will generate cash flow in the near future.
• A new marketing strategy like hosting a radio show, doing an interview for a magazine or article submissions are longer term, and more uncertain, in terms of cash flow.
Second, if you say yes, will it align with your immediate priorities and goals? If you say yes to a joint venture partnership to create a new product and your priority is immediate cash flow, well, you probably are going to invest your immediate resources (time and money) for a long-term, undetermined payout.
Third, how reliable or proven is the opportunity? Just because it sounds fun or like a good idea or even if it works for someone else isn’t a good reason to jump on the idea. Get facts. Run the numbers for yourself. Ask other people with similar business models if it works.
If you can’t get this kind of information, you need to make a “grown up decision.” Are you willing to take a risk with your time, money and resources for an unknown payoff? No matter how good it sounds, if you are up against the wall, it’s not really the best time to experiment with unknowns. Or at least take a small chunk of your time and money and dedicate it to the riskier opportunities.
It’s kind of like gambling. If you take a risk with your whole nut and lose…well, you will have a small probability of a big payout but the chances are you will walk away empty-handed.
Running your own business means you must become willing to make better choices for your time and resources. Put this simple strategy into action and I know you will immediately see better results!
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My client Anna called me last week, completely frustrated, about an unfolding nightmare with her new client. Anna had recently accepted a new client who had an exciting project. They discussed what specific needs the client had, and Anna determined that it would fit in her schedule. She received a down payment for the work, and scheduled the time in her calendar.
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