Today we wanted to take a break from our niche breakdown series and write about a problem we see happen tin our industry and has the potential to affect every entrepreneur.
It is called shiny object syndrome.
Entrepreneurs are constantly inundated with new offers. Sometimes this can help a business. Other times it just distracts from the business and the business goals.
What is shiny object syndrome?
When you constantly chase what is new at the expense of other things. In other words, you chase the shiny, new, flashy, object, while letting the tried and true pass you by.
Anyone can be affected by shiny object syndrome if they are not careful. You need to have clear goals and a set path to be able to make it through with blinders on especially in business.
Entrepreneurs are more susceptible.
When you already own and operate a business you can easily get distracted from your business.
As an owner it is your job to keep up with the latest trends in your niche so you are constantly bombarded with programs and offers. Some that pertain to your business and some that do not.
New business opportunities constantly also surround entrepreneurs.
Splitting your time trying to start a new business before earning money with your older business is never a good idea and can be a very costly mistake.
It is easier to expand on a business that is making money than it is to stop growing your business and start a new one.
We read a really interesting blog about how someone had an online business and started another one. In 6 months, they had made $2.32 with the new business but had lost 61 dollars and change from neglecting the first one. In this case they chased the new shiny object instead if nurturing what they already had.
They chose to focus on a new website because it was “more interesting”. They worked their tails off on a new site for a half a year just to gain that $2.32. Now let’s see…would you rather earn $61 dollars or $2.32?
Just so we are clear, we are not saying don’t start a second business or a third or whatever but don’t do it until your first business is making a good profit.
Don’t chase shiny objects at the expense of other things.
When starting an online business your first big goal should be around a thousand dollars a month. This is just a rule of thumb not an absolute.
Obviously start small then work your way up making your own goals along the way.
If an offer enhances your business or builds your business then certainly take advantage of the opportunity. For everything else you may need to put on some blinders.
If something really interests you then put it on the back burner. Do your research and find out if it is even viable. Then when you are ready make a go of it, it will still be waiting.
Note: There are of course time sensitive things, but if it does not help you with your current business then it might be a sign just to let it go. Marketers are famous for putting a timer on things just to push you in to sale. Sometimes this is just a tactic and not a real countdown. So, watch out for these tricks.
Have you chased shiny objects? Did you get anywhere? Tell us about a time when you chased shiny objects in the comments below.