When we speak with people who have applied for our coaching program, one of the biggest issues we discover is often not a shortage of ideas, but instead that people have way too much going on.
"I'm following this guy's/gal's program, but I also want to go into this niche, and have this other website on the side..."
STOP! You're killing your profit.
Whenever you start any kind of new venture, there is a huge learning curve and some degree of a workload.
For some systems it'll be smaller, and some projects it'll be larger. But it still involves your blood, sweat and tears.
For example, even with the most basic affiliate marketing funnel, you could send traffic to a squeeze page to get the email subscriber, then give them some free content which pre-sells the affiliate offer you're selling, then you follow-up via email.
This still requires you to set up your squeeze page, create the free content, find a profitable affiliate offer, write follow-up emails and generate traffic - which will take most people a good few weeks if they have no idea what they're doing.
But let's imagine you want to do that alongside creating your own products on a different topic.
This means you not only have to create your own products, website, sales funnel and follow-up sequence, but you're also juggling the other affiliate marketing project at the same time.
Being human, you can't do everything at once, so you end up flicking from one project to the other like channels on a TV remote.
And while you're working on one of the projects, the other is sitting there doing nothing.
Even when the projects are finished, you still need to scale the business by adding in more offers, managing your prospects and customers and growing your traffic - and you can physically only do this for one project at any one time.
(Yes you can outsource these tasks, but you'll still need to hire the right person, train them and manage them, which is another workload in itself.)
All in all, this leads to 3 reasons why working on multiple projects at once is a terrible idea in the beginning stages of your online venture...
- You end up multiplying the amount of work required to reach your end goal, because you'll have two/three/however many unfinished projects, instead of one project which is 100% finished and making money.
- You multiply the time required to get stuff done, as you'll be too busy flicking back and forth between projects to get anything done quickly, and nothing really gains the momentum it needs to be completed.
- You restrict your profit because you're too (insanely) busy "doing stuff" to take a deep breath, pause and analyze what needs to be fixed or improved.
So what's the answer?
When starting your new online business, you should only focus on one website or project.
Yep, just one!
This means if you have a lot of different ideas, you'll need to put some of them on the back-burner.
Focus on that one website or project until it's making money, then continue focusing on it until it's making more money.
That's how I grew Digital Prosperity to beyond $500k in sales last year. I only have the one business in the one niche.
(If I'd have been focusing on several projects at once, I'd probably still be getting my first website online right now.)
Then if you find yourself getting bored once it's profitable (which happens to most of us entrepreneurs), you can consider whether working on any new projects makes sense at that time.
Better still, making one business profitable will teach you a ton of valuable lessons which you can incorporate into your other ideas, which you wouldn't have been able to do if you were stuck at 50% completion for your other projects.
Does this make sense? Can you see how this would speed up your success?
Go forth and prosper!
- James Francis.
Founder & CEO, Digital Prosperity.
P.S. Feeling like you need to make a change for the better? Comment below with how many projects you have on the go right now, and make a vow to focus on just of them.