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Here's a really simple tool to help you prioritize/decide on what to take on next.
Write down ALL your ideas.
Draw a large chart (looks like a big + sign)
Along one axis, write "easy" at one end and "complex" at the other
Along the other axis, write "high potential for profit" at one end and "low potential for profit" at the other
Start putting all your ideas on the chart according to where they fit. BE HONEST with yourself.
Pick the ideas in the Easy/Profitable section first. When you are done implementing them and it's time to do more, pick the ideas in the Hard/Profitable section second. Ignore all the other ones.
It sounds so simple (some would say stupid) but there is something about just seeing your ideas in that chart that really makes it easy to choose.
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Quote:
Originally Posted by NinaN
Here's a really simple tool to help you prioritize/decide on what to take on next.
Write down ALL your ideas.
Draw a large chart (looks like a big + sign)
Along one axis, write "easy" at one end and "complex" at the other
Along the other axis, write "high potential for profit" at one end and "low potential for profit" at the other
Start putting all your ideas on the chart according to where they fit. BE HONEST with yourself.
Pick the ideas in the Easy/Profitable section first. When you are done implementing them and it's time to do more, pick the ideas in the Hard/Profitable section second. Ignore all the other ones.
It sounds so simple (some would say stupid) but there is something about just seeing your ideas in that chart that really makes it easy to choose.
Do this ^^^ (I add a 'ranking and spreadsheet')
Then find a non-biased coach / mentor to help analyze your options tailored to your skill set and financially beneficial to your key business goals. (be sure you know what these are)
You're farther ahead than me. I don't have the skills to make up a full plan that involved funding and employees.
I'm at the point where I'm trying to make self employment more profitable.
For example, changing the industry into a different category all together.
That method is making them over 300k a year.
I actually use what is called a 1Sheet to do a business model. I can translate that into a business plan when needed with very little additional work. Don't put too much value on a standard business plan. The stats show 80% of businesses fail within the first 5 years. I'm losing faith in the standardized business startup approach recommended by universities and entrepreneur agencies.
Self-employment, I've done a lot of that. Let's say it's something where you have to do the work. An example would be you're the intellectual expert and no one else has the knowledge you have. So, you can charge probably at most $300/hour. Now, if you work 45 hours a week. You can probably get in about 25 hours billable time. You'll need to spend the rest of the week selling, holding customer's hands, doing accounting, paying bills, going to therapy sessions, etc. So, you'll be grossing $7500/week or $375,000/year. That's if you take 2 weeks vacation, but if you're running a business as owner operator you'll really need 8 weeks vacation a year just to stay sane. Now you'll need to take out expenses then taxes. Which will leave you about $187,500/year.
The problem you're facing is that you have to struggle between selling and working. That is why real business hires employees. Because that is what's best for a business and it's customers. When you're not available to help a customer someone else at your business is. Also, then you can focus on the best use for your time, promoting and growing the business!
Changing the industry is another reason to hire employees. You can spend time expanding to another industry while the employees you hired in the first industry are still working.
I've done the self-employed thing twice first as a computer technician then as a software developer. After the first time you lay awake all night thinking how nice it would be to help others by creating jobs. You'll start to see the importance of focusing on promoting and growing a business. Instead of figuring how you can keep all the money for yourself.
I know consultants that are making $300,000+/year. I know one that is close to $1,000,000/year. They all are always looking for new ways to grow a business and hire employees.
Then find a non-biased coach / mentor to help analyze your options tailored to your skill set and financially beneficial to your key business goals. (be sure you know what these are)
I think this is really important too. When we used this tool in strategy development, instead of just profit, we also looked at whether it contributed to our strategic goals.
For a self-employed person, one of the first things to decide is: Do you want to continue to be a 1 or 2 person business and maximize profit that way, or is your goal to build a larger company that you can run/sell/hire someone else to manage someday? That decision will lead to very different results. Some people are simply not cut out to build a large business (I am one of them) so it's best to recognize that and go for the ideas that fit your style.
Here's a really simple tool to help you prioritize/decide on what to take on next.
Write down ALL your ideas.
Draw a large chart (looks like a big + sign)
Along one axis, write "easy" at one end and "complex" at the other
Along the other axis, write "high potential for profit" at one end and "low potential for profit" at the other
Start putting all your ideas on the chart according to where they fit. BE HONEST with yourself.
Pick the ideas in the Easy/Profitable section first. When you are done implementing them and it's time to do more, pick the ideas in the Hard/Profitable section second. Ignore all the other ones.
It sounds so simple (some would say stupid) but there is something about just seeing your ideas in that chart that really makes it easy to choose.
That's a good idea. It's roughly how I chose to do the first item on my list. I didn't think of writing them all out on an chart, but I'll see how all of mine fit according to difficulty and profit. It totally makes sense to do the easy and profitable ones first, because they will pay first and some of that money can be saved to work on the difficult and profitable projects.
Finished #1 on my list, which included making a couple new things, had photos taken of 3 new products, and have posted them to my website. I can still do more of number one, but I'll give it a month at least and work on #2 a little here and there.
I have been self employed for a few years. It's going ok, but not great.
My issue is that there are so many different directions I could go in. There are positives and negatives to each possible decision.
I have learned that changes are incremental. So I don't want to make huge changes, but just sort of build on what I have already done.
I guess this is more of a mental problem. I get stuck in one place, because I have all of these ideas, but then I start to think of how to make them happen, it gets complicated, then the idea doesn't sound so great. Then I think of another idea and the same thing happens. Then I just do nothing with these ideas. There are small exceptions, like very small slow changes. I look back on the last couple years and am not happy with my progress.
Anyone have any idea of what I am talking about? How do you stop the thinking and make a decision that is a pretty good decision?
Been in exact same situation. You have to make a plan and follow through with it. There is no other option when you are self-employed. If you start many projects then you only end up with many half completed projects that never hit the market. If your products aren't hitting the market then you aren't making money. You have to start slow, work on one project, finish the project and then move on from there.
If you have other ideas then write them down someplace and get to them at a later time. You have to focus 100% of your energy on one project until it is completed.
Listen to this audio book. One of the tenets is to always finish a project until it is completed:
Finished #1 on my list, which included making a couple new things, had photos taken of 3 new products, and have posted them to my website. I can still do more of number one, but I'll give it a month at least and work on #2 a little here and there.
Good for you!!!!
It's amazing how just organizing your thoughts and making a plan can lead to immediate results. keep it up.
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