Episode 035 - Great Ideas or Great Distractions?

<p><span style="font-weight: 400;">You’re out there, doing well in real estate and putting in the work. You’ve established yourself as a solid agent and now you’re looking to diversify and up your game by starting a new business adjacent to what you already have going on. The reality is that branching out without a solid plan can end up costing you more than you could believe. This week, we’re talking about starting new businesses and how to tell the difference between creating multiple streams of income or creating multiple distractions from success.</span></p> <p><span style="font-weight: 400;"> </span></p> <p><strong>Great Idea or a Great Distraction?</strong></p> <p><strong> </strong></p> <p><span style="font-weight: 400;">Gary Keller says that the hardest thing for an entrepreneur to do is say no. We all have ideas on how to make things better or places where opportunity exists. But unless we do our due diligence, those ideas are just distractions from what we’re supposed to be focusing on. The hard truth is what starts out as a side hustle can turn into something that sucks up all your time, your money, and your earning potential. When evaluating if a business venture is something worth getting into, understanding how much effort you’re willing to put into it before you need to stop is a hard question that needs to be answered.</span></p> <p><span style="font-weight: 400;"> </span></p> <p><strong>When is the Time to Branch Out?</strong></p> <p><strong> </strong></p> <p><span style="font-weight: 400;">All this doom-saying is not to say never try to branch out, but only to be smart about it. Take a look first at yourself and your primary business. Are you still having to hustle to make ends meet, or are you in a great place where things are coasting along? How is your home life: is your work/life balance where you would like it to be? This all needs to be asked before branching out if you want to be in the best place to be successful. Finally, ask yourself: can building a new business help me in each of those