Entrepreneurs thrive on new ideas. We live in a world where business ideas are endless. I know that a new business idea comes to me at least twice a month at three in the morning. But, not all business ideas are created equal.
If you want to quit your day job and become your own boss, you will need to be crystal clear on a solid business idea that meets the needs of a niche market. Herein lies the dilemma.
Should I combine my passions or choose one?
Many of us are multi-passionate and have our hands in several projects, which can lead to many businesses in very different industries. We entertain a number of business ideas in our lifetime. However, a surplus of ideas can only be successful if you are able to narrow your focus enough to reach a niche market that actually needs and wants your next great widget!
Being multi-passionate is not a curse, as some may say.
However, if you want to build a successful business, then clarity and focus is essential. Prioritize your ideas, choose a niche and stick to it. This doesn’t mean you have to throw out your other passions; instead, prioritize them outside of your main venture (and even hold off for a while until your first venture is successful and sustainable).
Multiple passions can cloud your clarity. Not being able to just choose one thing to do with your life can be really frustrating and painful. Both for your psyche and for your bottom line.
Avoid these common mistakes at all costs.
1. Don’t play musical chairs with your business
This constant change in what you do or who you are helping in your business will confuse your audience. Potential customers need to who your company is, what your company does and who your company helps. Once the confusion begins, it is an uphill battle to convince your new target audience that you are actually an expert in the new market and niche you’ve declared.
2. Don’t settle on a ‘broad’ strategy
You cannot move forward with targeted marketing efforts (e.g., social media marketing, content creation, webinars, advertising, sales calls, etc.) or any other money-making activities until you have found clarity and decided on a niche market. Before finding clarity, some entrepreneurs try a broad strategy, which typically appeals to fewer people than those who are in a specific niche market.
3. Don’t burn out because you can’t make up your mind
Spending weeks or months on one business idea only to switch it up a few days later is exhausting. Oftentimes, your efforts the next few times actually are infused with less passion than when they were new and exciting.
You may find yourself trying to salvage your first business idea and interject new aspects into it. This also typically fails, because your re-worked platform has aspects of your former business woven in, again causing confusion.
Remember: all successful businesses start out with a clear, profitable niche. Focusing on clarity exercises and market research will help determine if your niche and market are profitable. I recommend finding clarity early on in your business to avoid confusion, delayed success, and burnout.
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