I’m looking around the room at glassy-eyed stares. It is day three of a big marketing event where these entrepreneurs have been learning all kinds of new ideas, opportunities and strategies. I’ve been brought into help these entrepreneurs prioritize and focus on the right steps at the right time to get massive results.
I can tell I’ve got my work cut out for me because they are deep in overwhelm. Not because they aren’t capable, but because our brains can only handle so much before we shut down. Or worse yet, go into what I call Bright Shiny Object Syndrome – where we chase all the ideas that sound exciting and have absolutely no idea what will make money.
So I whip out one of my easy to follow formulas that I use with all my private clients to help them easily identify what the best opportunities are for them to pursue.
I’ll share it with you here:
First, ask yourself, if I say YES will it get me closer to my desired outcome?
Many times we say yes to something exciting that is a good outcome for our friend or the person selling it to us, but it’s not necessarily where YOU want to go. Case in point. The other day, I had a long-time friend propose to me that I take over a part of their business. Great opportunity but not in alignment with my values and priorities. It’s probably over $500k in revenue per year. So I said no.
Second, how and when will it make money?
One of my clients was super excited about a product idea. But when we ran the numbers, she realized it was going to take 6 months to recoup the start up costs and the profit was less than $10 per unit sold. Lots of work for little payoff. We scrapped the idea.
Third, will it tap into your passion or fun needs?
I know this is quite controversial – the idea of having fun with your career – but my experience is that if you don’t like doing something, you probably won’t do it. There is nothing worse than saying yes to an opportunity then finding out it you don’t like it. Better to tell yourself the truth from the beginning.
I’d suggest writing out these 3 questions and keeping them with you. When an opportunity arises, balance it against this formula and watch your time, energy and profits soar (because you’re only saying yes to the RIGHT things!)
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2 Comments
May 6th, 2009 at 3:58 am
With so many people quitting their jobs or being plunged into the world of self employment, it’s so important to find the combination of passion and a plan. Many end up with either BSOS or being paralyzed by fear and overwhelm. Also most “corporate fugitives” are unprepared for the money aspect – as in, how to get it flowing, and fast! Thanks for a great formula!
May 6th, 2009 at 6:13 pm
Great tips. I would look for results leading to -saving time, saving money OR making more money and reducing effort.