There is nothing wrong with keeping your eye open for opportunities and investment. This isn’t what shiny object syndrome really is in the business world. Shiny object syndrome means that you get easily distracted by something that looks new (shiny), and then you put off your real work to pursue the new things. This is a recipe for disaster in business.
If you really want to stop chasing shiny objects in your business, it’s imperative that you have a plan right now. Know what you want from your business and your life, and then you will be in a better position to know whether something is really a distraction or if it’s something you should go after.
Here are 8 ways to help you avoid shiny object syndrome in your business.
8 Ways To Avoid Shiny Object Syndrome
1. Write a Business Plan
Even if all you do is write a one-page business plan, you’ll at least create a guide to follow that helps you know which opportunities you want to take advantage of that match your business needs. This forces you to go over your strengths, weaknesses, opportunities, and threats from inside and outside, and helps guide you toward a specific business.
2. Decide on Your Different Streams of Income in Advance
Most people are more successful if they have multiple streams of income. Some studies suggest that the rich have at least 7 streams, but only one of those is “earned” income. The rest are set up and then are more passive. That way, you can use those criteria to help you assess the new opportunity.
3. Set Goals Properly for Every Project
When you start any project, always set up goals using SMART goal setting. You need to know why you’re doing any one action, and that starts with a goal. This is how your business goals should be SMART:
- Specific
- Measurable
- Attainable
- Realistic
- Timely
These goals make it easy to keep track of your progress. Plus, it’ll make it easier for you to set up steps to take based on the goals you’ve set.
4. Determine What Type of Lifestyle You Want to Live
When you also know what type of lifestyle you want to live, it’s easier to look at an opportunity and ignore it immediately if it goes outside of the life you want to live. For example, most entrepreneurs (especially work-at-home types) are bombarded with offers and opportunities that are multi-level marketing situations. If you have decided in advance that you don’t want to do that, it makes it easier to say no to it.
5. Finish One Thing before Going to Another
When you start a business, don’t start another one until you have played out all your plans in your business plan and you’re making a profit, or you’ve decided it’s not going to work at all. Don’t just keep doing things that don’t work. Instead, ensure one thing works before moving on to the next.
6. Avoid Pivoting without Data
One issue for many solopreneurs is that they’re always changing things up instead of sticking to things. Use data to help guide your choices. Don’t just stop doing something because you want to. You need to know why. For example, if you have decided to use a freebie to get more email list members, don’t give it only a month and give up. Give it a real plan and watch your data for answers.
7. Keep an Idea File
It’s okay to have a million ideas as a small business owner. This is part of what’s fun for a lot of entrepreneurial types. However, you want to just save these ideas until you really do have some time to pursue them, and consider them when you’re done with the first thing.
8. Evaluate Every Idea Fully Prior to Launching
In your calendar, set aside some time to evaluate and learn about the items you’ve put in your idea file. That way, you can take the time to ensure they match your values, will fit into one of your income streams and are a profitable choice.
Free Checklist: Common Business Mistakes To Avoid
We all make mistakes. We wouldn’t be human if we didn’t. In the world of business, you’re going to make some minor boo-boos and some cataclysmic mistakes. It’s all part of the learning process. Although mistakes are going to happen, you can avoid the common business mistakes that are lurking around the corner. Download my free checklist, 10 Common Business Mistakes, and avoid the false moves and slipups that even veteran business owners and entrepreneurs make.
