On this segment of Q & A Day, I received a question from Claudia, who’s a single mother and is stuck between which business to pursue. Claudia is a recent certified Health & Wellness coach and knows where she could take that business. Her only gripe is she can also see very clearly a product-based business and where that could lead. She is stuck between which business to pursue, and feels obligated to follow the coach path due the time and money spent.
Why Might You Struggle with Finding Direction as an Entrepreneur?
There are a couple things that could be going on here. Firstly, what is the primary reason for going the coaching route? Is there something that resonated with her? And is there a reason why now she feels like she’s holding back?
A lot of times this can be due to self-sabotage. We tend to start to feel like we don’t have all the information to help people, kind of like imposter syndrome. So oftentimes, instead we set ourselves up for failure or hold ourselves back by looking in all sorts of different areas. This keeps us playing it small or playing safe. It’s crucial to ask yourself these questions, to figure the true motive behind this, and determine if at this moment you’re holding yourself back.
How Can We Maintain Direction as an Entrepreneur?
The second thing that can be going on here, is when we step into entrepreneurship, oftentimes the box of possibilities opens up and we’re left with so many ideas of new businesses and projects. As we continue to grow and evolve, many new ideas and passions could come up for us. As new passions come up, it’s important to ask whether doing the other business idea could hinder your growth in your initial passion and, if so, could it be holding your initial business back from success?
In order to figure out this dilemma, you have to take a step back and look at this with a practical and honest view. If money is an area where you’re struggling, then looking at the numbers for both businesses might be crucial in being able to choose where to put your energy. If you’re setting out to make a certain amount a month, it’s crucial to really see on paper which business can earn you that? While it is possible to do both, putting the costs on paper can be an eye-opener.
What kind of marketing is needed for both? Does one require a purchase of stock or equipment? How long could the turnover be from investment to profit?
After building this out, you might start to see that one business could generate the initial funds to in the future to bring on another. There is nothing wrong with that, nor does it mean you are more passionate about one over the other. In doing the initial business first to get to your salary goals, you might start to realize that maybe the other business was a buffer and a reason to play it small. Oftentimes, it’s really helpful to write out the numbers for a decision because it allows one to clearly see the pros and cons of a choice in an unbiased way. Look at the numbers and then decide the steps to make both or one work.
Find Success as an Entrepreneur by Maintaining Your Direction
All in all, you have to get clear on the logistics of a business venture first, then you can start to see why you’re looking at new ventures rather than your initial passion. One thing I can guarantee is that the route with the least upfront costs is the fastest way to bring in the desired income. Once you do that, you’ll be able to easily step into your true passion and grow a successful business in your area of expertise.
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