Just because you can doesn’t mean you should.
Everyday we get confronted with opportunity. Some of these opportunities will build upon what we are doing, while others will be a distraction from our potential success. It’s hard to leave potential money on the table. You have to look at the value of what you are doing in terms of time and money. Is it better to stay all in on what we do best, or should we diversify? It is really up to you. Just know that more is not always better. More in so many cases is just more which adds up to much of the same income, due to expenses, with less time and more stress.
A friend came to me complaining about his business. It is a lead based sales business. His wife is an ace salesperson and they have access to premium lead information. They basically hire sales people and cut a deal where the percentage of the sales generated off the leads is dictated by if the sales person buys a lead or just uses 1. They do this under another person’s umbrella, meaning they don’t own the business. Now they want to get out from under and start their own business.
The idea is to go get an office and fill desks with sales people they are going to train and do the same thing they are doing now. Why not? You get to double dip and make money on selling leads and profit off the actual sales they generate… Sounds good but now you have to rent space, hire staff, train staff, and hope they make sales. You are also competing against the other businesses that buy leads from you.
What do you do? You do what you do best for free and you make money off your connections. Give away all your sales training for free and sell leads. You make more money with less overhead selling leads and you gain the trust of the marketplace by giving away great sales training. You could charge all the way around but it is actually limiting your ability to generate income. Reduce the stress, build a real customer base, do some good, and make a living by focusing on the 1 thing that always brings profits.
Sometimes we have to walk away from expanding and just go deeper with what we do best. Lots of people will come to you with money making ideas. If these ideas just complicate your life and diminish your ability to do what you do best - walk away. Recognize that some money comes with a cost that makes it totally not worth it. Focus on what you are good at and simply be great at that.