When it comes to entrepreneurship, many people think that the more businesses they have, the more money they will make. This is not always the case. In fact, trying to focus on too many businesses at the same time can actually do more harm than good. I believe this is one of the reasons 50% of businesses fail by year five.
I know it’s easy to look at people like Richard Branson who’s involved in more than 400 companies and think you can do the same. This is a trend I see a lot in my students and I have personal experience with it, so I will discuss why you should focus on one business at a time and how doing so can help you grow your business faster.
Let’s get into it!
My experience running multiple businesses
Here’s the thing… In entrepreneurship, you’re encouraged to take action as much as possible. In the beginning, this is a good habit to develop but over the long term can be bad. Let me explain my experience.
When I first started out in entrepreneurship, I tried everything and anything. I did dropshipping, affiliate marketing, self-publishing, freelance writing, you name it. This was great because it developed my skills and allowed me to discover what I’m the most passionate about.
As I started to focus on marketing and copywriting, I still tried growing passive income websites on the side, publishing books, and pursuing other ventures. What did this do? Ultimately, slow me down and hold back my main business which is my personal brand and blog.
Several years back when I decided to focus on just copywriting, I very quickly made it to five figures per month in income. Not bad, right? Ever since then, I started preaching that you should only focus on one thing at a time or your growth and income will suffer.
But it wasn’t just the financial gain. It was peace of mind and clarity. No longer was I thinking about 5+ businesses. I could focus on one business, target audience, service, and marketing campaigns. That’s priceless.
Why more businesses aren’t better
When you try to focus on too many businesses at once, you will not be able to give enough attention to each one. This can lead to a lot of problems such as:
- Not being able to invest time and money into the business due to resources being spread too thin.
- Not having the necessary knowledge or skillset required for the business’s development.
- You won’t be able to properly manage your team and delegate tasks if there are too many companies in the picture.
- Overwhelming yourself with too much work, causing burnout and reducing productivity.
If you want to have success with your business, you need focus and dedication. That means focusing on one thing at a time and giving it your all.
How to focus on one business at a time
Now let’s look at some tips and strategies that you can use to focus on one business at a time:
- Set realistic goals and create an action plan for each of them. Make sure the goals are measurable, so you know when they have been achieved. People who write down their goals are 33% more likely to achieve them than those who don’t.
- Give yourself deadlines for tasks within the goal or project framework. This will keep you accountable and motivated to get things done on time.
- Break down bigger projects into smaller tasks and work through them one by one. This will help prevent overwhelm and keep you focused on what needs to be done each step of the way.
- Surround yourself with positive people who are focused on the same goals as you. They can help motivate and inspire you to stay on track.
- Take regular breaks, but make sure they don’t become too long. Breaks can be beneficial in order to refocus and recharge, but they should also not take away from your productivity.
And, perhaps most importantly, take a hard look at all of the things you’re working on and choose which is the highest leverage opportunity. This means what will generate the most amount of revenue and growth for the least amount of work. Don’t get me wrong. You have to hustle and work your butt off, but focus on what has the most potential.
Final thoughts on focusing on one thing
Running multiple businesses can be very difficult and time-consuming. It’s important to focus on one business at a time so that you can give it your all and watch it grow.
By setting realistic goals, breaking down tasks into smaller steps, taking regular breaks, and surrounding yourself with the right people, you will be able to keep focus and increase productivity. Lastly, make sure to analyze your opportunities in terms of the highest leverage opportunity so that you can maximize your results.
Focus is key when trying to grow a successful business, don’t forget that! So go ahead and take action now. Pick one business to work on and commit yourself 100% to its growth.
If you want to learn more about growing businesses and get mentorship from me, check out my online courses.