Should You Create That New Revenue Stream?
You have a great idea for a new revenue stream to add to your business. Perhaps it has been suggested by a client, or you were at a conference are inspired. Some of you will want to immediately get started and some are more apt to drag your feet. You wish there was a way to know if it will work in the end. What it really comes down to is having a set of criteria to determine when to say yes and when to say no to new ideas.
Most of us who are tiny business owners, understand that we’ve gotten probably where we are by listening to our gut, which can be the perfect solution in the beginning. As our time gets tighter as we increase business, we may need to give our gut some parameters and not throw spaghetti at the wall. In this article, I’m going to take you through a quick list of five steps that you can use as a way to decide if that new idea is worth your time and resources.
The first question to ask is: Does it excite you? If you have an idea that in theory, you think would be a great addition to your offering, but you are not thrilled about it and you dread the work it will take to do it, it’s probably not a good idea to start it. Why? Because there have been studies done that show that when people start projects (or businesses), the initial stage is extreme excitement and optimism. And then you come down into the valley of despair where you…
