There are thousands of ways to make money in today’s economy; you can make money by dressing up as a hotdog, giving out leaflets, running admin tasks from the comfort of your bed or by starting your own business selling personalised cupcakes! Once you’ve chosen a good (and legal) idea, there’s virtually nothing stopping you from making a living from it. But the hard part is knowing which venture deserves your hard work and time.
To succeed in business, you have to be in business. Anon
The truth is that if you really want to make good money from a venture and you immerse yourself in the industry and invest all of your time and hard work into it, it is very likely that you will succeed. Sounds great right? Yes! Now what happens when another great idea comes along and you decide that you’ll spend half of your time on that and half your time on your original idea? Logic dictates that you will have half of the success from each of these… Tricky. And I don’t like to think about what happens when that next idea comes along; a third of the success from each. Is that acceptable? Am I maximising my revenue?
Cleansing Your Idea Stash
I have always been an entrepreneur at heart; I used to make and sell various items at school, take on various jobs whilst earning a side income from coaching. I’m a restless soul and If there’s one thing I’ve learnt in these years it’s that I’m never short of ideas but I am always short on time. From being a dedicated multi-tasker I’ve always managed to be just one or two steps away from success in my field of choice. So here’s my plan; I’m going to go through an ideas cleanse over these next few weeks. I have listed all of the commitments that are taking a large proportion of my time and am beginning to strip out ventures or projects that have the lowest long term value for me. For example; I have recently set up a copywriting gig on Fiverr that is becoming quite successful, however, it is clear to me that I can earn more from my time by using it for more important ventures so have decided to shut the gig down. But how can you decide which ventures to keep and which ones to let go of?
How to Choose The Right Venture
Anthony Robbins often says that you need to “ask the right questions to get best answers”. So to decide which venture will hold the most value to you, you should find the venture that provides the highest hourly pay and then ask yourself the following questions:
- Is this side hustle/venture making you more or less than your hourly wage?
If you can make more money doing something else with your time then it may be worth reevaluating your priorities. You can always get your money back but you can never get your time back! This point is very important unless you can answer “YES” to the next two questions…
- Is the side hustle / venture scalable? Is there potential to earn a lot more in the future?
If your idea can be molded into a profitable business then it may be worth putting in those hard extra hours in order to prosper in the future. A great example of this is a blog; the more work that you put into a blog the more value it creates. Your hourly wage will increase from there if you persist in adding more value each time you work on it.
- Do you enjoy doing your venture? Can you see yourself doing the same thing in two years time?
If it is a scalable idea then rest assured that it will require hours and hours of your time every week. Estimate how many hours a week you will need to commit, then double it! With that in mind, you need to really enjoy the work in order to become financially independent. Could you see yourself doing the same work as now in two years? It may take that long before your venture starts to take off, you have to work hard and be patient!
Do you have more ideas than you have time? How do you decide on which opportunities to take up?