I don’t know if it’s because it’s almost summer or what. But there’s been a boom in creativity among my clients and colleagues. And quite a few have approached me with some version of the question, “I have more than one business idea. What should I do?”
So I made this video with 3 Strategies for When You Have More Than One Business Idea.
For those of you who prefer or need text, here’s the summary.
- Sequence them out. You don’t have to launch everything at once. Create phases (3-5 is a good number) of deliberately created chunks. And develop a plan re: how you’re going to tell the story of each phase to the people that follow you. While one goes live, you can be working behind the scenes on the other aspects of the work. This way, you can maintain your excitement about having more than one business idea and feel a sense of fulfillment that they are getting developed. And the people you want to help get the benefit of things coming into their awareness in a coherent, well paced manner.
- Separate them out. The concept here is that each idea gets its own presence – separate websites, social media accounts, email lists, etc. The benefit of this approach is that people can sign up only for the parts of your work that feels relevant for their situation. Each idea can grow at it’s own pacing and you can invest different amounts of time, energy and money into each idea based on what feels most viable and your level of excitement.
- Synthesize them. In some cases, there’s a tremendous amount of value to the people you want to help in the cross pollination of the ideas you are passionate about. For instance, coming mindfulness training with good parenting coaching can help overwhelmed parents with both tools to regulate their own nervous system as well as learning about the most current parenting strategies. The intersection can also help you stand out and be unique. The important thing to keep in mind if you take this approach is to make sure you do a good job with explaining to your ideal client how the synthesis of the concepts helps them get better results.
Which approach is right for you?
Ok, these 3 approaches might make sense in theory. But which is the best one for you? I use these 3 questions to help clients get clear on this.
- What are you best known for?
- What are you best trained (formal and informal learning) for?
- What is the likely impact on your revenue if you go this route?
You don’t have to be a slave to reputation, training or revenue projections. And, I’m a big believer of getting this data on the table so you can make an informed choice. It will help you make a good choice when you have more than one business idea.
Your ideas and questions
There are many ways to navigate having multiple business ideas. What are your suggestions, ideas and questions? I’d love to hear about them in the form of a comment below!