Common business planning mistake #4 and exercise to solve it

Lesson Details:

Video Transcription: Now I want to talk about another common business planning mistake and this is not being decisive and wanting to start many businesses and then somehow vaguely connecting them so for example this focused synergies making vaguely connecting different ideas pieced together in a very awkward way I'll give you an example this is from a real client a salon with a coffee shop with childcare and then it like went on and on I'd like to help a community to give back and so and so and they're gonna donate and blah blah blah fantastic business but what is it first and foremost it's a salon right you've got a panel as that the other things are just features kind of if you plan a childcare it's different than planning as I want it's different than planning a charity for to give back to the community they all have their quirks ins and outs and the original way is just to confuse yourself another so singular focus is the key to success you can grow into your bigger goals later but you've got to stay singularly focused early I know it's hard I've been there myself I've made that mistake before can I've seen it many many times imperfect decision of what you should choose you can't make a mistake there's no guarantee that you choose the right option it's possible that you'll make a mistake but that indecision and that hodgepodge that vaguely connecting different ideas is often worse than making a bad or imperfect decision because any one of those businesses is probably pretty good but the combination of them is terrible because it's unmanageable it's just not executable early so decide stick with it and be open to change the direction it's it's not bad usually.