Nearly every week among my clients the topic comes up of running several businesses at the same time, so I know it's a big issue!
In fact, I have first hand experience of this: I've been in a position where I was running three businesses at the same time, even as late as last year.
And I often see ladies who are really proud that they are building 2 or 3 businesses.
And my heart sinks.
Because I know exactly how they are thinking...
- They are spotting money-making opportunities around every corner.
- They see a friend with an MLM business and decide to add it onto their current business because they love it.
- Then they decide that their current business is missing a trick because they are seeing people in their Facebook group asking for stuff that they could be doing, but aren't currently offering.
And before you know it, you're trying to promote and build 3 different businesses to 3 different client groups. And none of them are really working.
And then they wonder why they are busy to the point of exhausted and yet still broke.
There are a couple of things going on here.
The first is that these ladies are all entrepreneurs, just like you.
Entrepreneurs love to start things. They love the thrill of the new. They spot money-making opportunities around every corner. They can't say no to a good deal. But they also get bored quite quickly if things need more work than they anticipated or if it's all taking a bit too long. Is this sounding familiar? Hmmm. I call it 'Bright Shiny Object' syndrome.
The other thing that's going on is that they think 'More Businesses' = 'More Money'.
However what I see is 'More Businesses' = 'Diluted Focus'= 'Less Money'.
I know from experience that when I spread my attention over more than one business, especially if they are in different sectors, then something has to give. I can't put my attention in more than one area at once. And I also want to fit in quality family time.
Remember 'Where you place your attention, is where the magic happens.'
This might sound like a trite saying but it's true. 100% true.
When I had 3 businesses they were draining me. I didn't have the mental bandwidth to be able to give any one of them the attention they needed and as a result I was always playing catch up and doing half a job with them, which made me feel guilty.
My decision was to drop two of my businesses - not because they weren't profitable, but because my heart wasn't in them. My heart is in The Girls Mean Business and it's a good job, because I put a lot of energy into it and I intend to do so for a good time to come.
So, you're not going to like what I have to say, but if you want to make a really good living from your business, focus on your business. On ONE business. The best business. How will you know which one?
- The one that's got the best chance of making money.
- The one that already has customers buying from it.
- The one you LOVE to work in.
- The one where you're not doing the follow up.
- The one where you're not getting repeat sales even though your customers love what you do
- The one where you're missing out on opportunities because you're only giving it a third of your attention.
Yes, that one.
When I put all my focus and attention on The Girls Mean Business I went from earning 30-40k to earning over 100K in a year. Because I gave it my all. I put all my other stuff away. I stopped hedging my bets. I put all my betting chips on my favourite business. And wowser, did it pay off!
It doesn't mean I can't do 'new'. I still do 'new' all the time but I do it under my Girls Mean Business brand.
So I challenge you to park those businesses that aren't your 'best' business. Park them for 3 months, or even better, 6 months and focus all your energy and attention on your BEST business. And see what happens. I predict the magic will start to happen. It always does.
Off you go!