One of the reason we are entrepreneurs is because we have tons and tons of ideas. And fortunately or unfortunately, we are enthusiastic about every one of them. So how do we focus ourselves? How do we pick the projects we would undertake next?
What kind of a measuring stick can we build to help us make a decision?
Everyone’s measuring stick will be different. You are the only one that can pick the qualities that define value for you. After you choose your list of qualities, you will need to assign a value to each of them in order to create your own personal Payback Measuring Stick. Here are some ideas:
What is the payback I get for this project in terms of:
- My time (How long will it take to implement? Can I do it or do I need to hire some/all of it done?)
- Money invested. (How does this project fit into my over all business budget?)
- How it feeds my passion (Is this on target with my innermost goal?)
- Pleasure/enjoyment in creating/doing it
- Potential joint venture possibilities
- Leveraging capabilites
- Is it scalable in that it can get bigger?
- Is it scalable in that it can be built so I do not have to work all the time?
- Will it hold more customers/clients?
- Will I run out of customers for it? Is there a burning need for it?
- What is its current worth? (If it’s a project in place now that you are considering expanding)
- What am I personally up for right now in my life—a big undertaking, or a small but valuable tweaking?
What weight you give the aspects of this Pay Back Measuring stick depends on your goals.
Are you trying to create passive income that will keep rolling in for the future? Then you are going to care about the leveraging and joint venture aspects of the project. Leveraging is a key component to growth. Can this one idea become many other things? Can this e-book become a teleclass and an audio book and a packaged information product? Can you create a retreat based on its content? Is it the basis for a radio show or a podcast? Who else can you join with to strengthen the idea and make a profit for you both? What other lives can this project idea have?
Scarcity may be a deciding factor. Do you have the time and/or money at your disposal to do it yourself or can you be a team leader and get someone else to do it for you?
Is being creative a core value for you? Then you are going to give more weight to creativity and your pleasure and enjoyment in doing the project.
What size do you want your business to be? Are you limited by 1:1 delivery methods or is this new project a way to leverage your knowledge base into a group target market? Is there a genuine need for this idea or should it be modified and adjusted?
If you are in a hurry to create a product to accompany your next speaking engagement, or if you want something up on line and for sale in a week, the time it’s going to take to create it will carry more weight.
Every decision must be weighed heavily against your core passion. I see lots of moneymaking ideas floating past me, but many of them do not represent my values, or the needs of my client base, or my basic purpose for being in service. Some I can adjust to my business, some I cannot. Choose a project because it honors your heart’s calling.
Once you determine the value of each possible project, you have your own unique Pay Back Measuring Stick to help guide your choices.