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Got a great question on one of our webinars the other day:
"I know you have several businesses, when did you decide that you can start an ecommerce vs. shiny object syndrome?"
Now, I'll be the first to admit I'm drawn to bright shiny objects just as much as anyone else.
We're hard-wired to want (and seek) novelty.
You see, scientists have discovered a "novelty center" in our brain. Brain activity lights up when we experience new things. And dopamine -- the "feel good" chemical -- is released. So the brain makes us feel good when we experience new things, which leads us to seek even more new things.
You buy a product and get excited. Soon the new becomes old. And off we go seeking new again.
And so the cycle goes.
Bright shiny object syndrome is literally in our DNA.
And it will be your undoing if you don't get it under control.
Because of this I'm always cautious about my motivations for getting involved in a new project.
But I do have a simple rule of thumb you can follow.
A single criteria to know if you should even consider starting another business.
Now I will warn you, just because you "pass" this test, doesn't necessarily mean starting another business is the best decision. There is a lot to be said for putting all your eggs in one basket and then watching that basket like a hawk.
But I'm just not wired that way.
And I'm willing to trade potential bigger financial rewards in the future for more variety and enjoyment in the present.
So, with that warning, here's my rule of thumb:
Don't start another business until your existing business is doing at least six figures in revenue.
In my experience, people bail waaaay too early on most projects, drawn by the bright shiny lights of another... where the grass is so much greener.
But guess what happens?
You inevitably find out the grass only looked greener because you weren't close enough to see all the weeds.
The "six-figure rule" is a simple way to keep you honest and make sure you've put everything into one opportunity before you get distracted by another.
Of course, it's not perfect, and there are certainly times when it makes sense to jump ship and launch something new.
But if you've got your fingers in five pies and no one is buying any of them maybe it's time to scale back and perfect the recipe for one pie first.