The #1 Business Killer and How to Avoid It

Statistics are a funny thing. You can usually find a study with numbers that support your position, and one with numbers that disprove your position.

One notable exception is the statistics on how many new small businesses fail. Every study out there puts the numbers somewhere in the 90 to 97% range.

The near inevitability of failure can be depressing when you’re just starting out. It’s certainly one of those things your friends and family will quote to you when trying to discourage your dream.

Fortunately, when you have a little knowledge about why people fail so often, and know what to do about it, you can shift the numbers to heavily weigh in your favor.

Today we’re going to look at a major reason new small businesses fail that’s known as shiny object syndrome, or SOS.

Basically, shiny object syndrome goes like this. 

You decide to go for it and start your business. You buy a training course claiming your new business will be raking in $10K a month within its first month.

You begin to follow that training, but before you’re all the way through it, you notice another training that claims to have a new and even easier way to start a successful business. 

So you abandon the first training and buy the new “shinier” training.

And the cycle repeats. Again and again and to infinity, and beyond.

Your wandering eye may even catch a sales letter or two advertising completely new businesses to you. 

After reading how you’re guaranteed to make money with Forex trading, or how the health supplement industry is worth billions of dollars and a large piece of that is just waiting for you to deposit into your bank account, you may even abandon your original business idea and start a completely different business.

This is also a cycle that can repeat itself over and over again. You’ll meet people along your entrepreneurial journey who have “tried” 10 or 20 different businesses.

The good news is, with a little focus, you can conquer (or hopefully avoid all together) falling into the fatal jaws of shiny object syndrome. Here’s how.

Recognize That S.O.S. Is a Thing

This may sound easy, but it’s a crucial first step. 

Simply recognizing that S.O.S. is out there, that there are people trying to get your attention and your money every second in the “how to make money online” space will make winning the battle easier.

When you go into battle, your chances of not dying are going to be greater if you put on a suit of armor first.

Being aware that shiny object syndrome will be all around you, trying to slay your new business, is the equivalent of putting on a suit of armor before heading into battle.

Have A Written Plan and Commitment for Your Business

Even when you know it’s out there, and you’re determined not to let it get you, S.O.S. can still be a tough one to shake.

Starting a business is hard, and when you’ve gone in with fresh optimism and given it your all for a couple of weeks yet have zero to show for it in your bank account, it’s easy to get discouraged and allow yourself to be distracted by a better, easier, faster way to do things.

For this reason, it’s essential that you have a written plan for how you’re going to bring your business from zero to its first dollar, and a written commitment to sticking to that plan and seeing it through.

Your plan will be based on whatever training or coaching advice you’ve decided to take. Do your research and make sure you have a solid, proven system.

So if you’re working from a 6 module course that shows you how to get your business set up and make your first sale, get out your calendar and write down the date you intend to finish that course. 

Then work backwards and fill in the dates you’ll finish each module and complete each task necessary to get your business going.

If you have a written plan, when you get discouraged, you can look at it as your roadmap. This way you’ll be able to see that although you haven’t reached the destination you want yet, you are on the right path and making progress towards the goal.

Having a roadmap will make you less likely to want to throw that map away, go all the way back to the beginning, and start over again.

Be Accountable to Someone

Accountability is a must-have for conquering shiny object syndrome. 

You can be accountable to a coach or just a fellow entrepreneur who’s also in the process of starting her business. 

It’s ideal to pair up with someone who’s a little farther along than you are, as you can learn from her mistakes and look up to her as an admirable example of how to build a profitable business.

Accountability shouldn’t be a huge time suck. You really only need 15 minutes a week. 

Touch bases by Skype or Zoom or whatever your preferred method is and check in that you’ve each accomplished what you promised to do the week before, or at least are on track with your written plan for your business.

Have a pact that before you buy anything that may be considered a shiny object, you’ll get your accountability partner’s approval.

If you’ll follow these three steps, you can eliminate the threat of shiny object syndrome. 

While it has kind of a “cute and catchy” name, it is truly deadly to countless well-meaning entrepreneurs.

And if you need help, KidsPartyCharacters.com owner Cheryl Jacobs is here for you. Cheryl is a serial entrepreneur who has started multiple successful businesses. 

Cheryl has recently decided to help her fellow entrepreneurs by offering memberships to KidsPartyCharacters.com, which means you have the opportunity to start your own children’s entertainment business with KidsPartyCharacters.com.

Whether you’re looking for a full time income, or just a little extra on the side, when you work with Cheryl and the Kids Party Characters team, you’ll have the written plan and accountability you need to never even be tempted by S.O.S.

A membership with KidsPartyCharacters.com gives you an exclusive territory in which to book parties, the right to use our 200 plus costumes, as well as access to our casting director and acting coach.

You also get full training and support on starting your business from Cheryl and the KidsPartyCharacters.com team.

If you think a KidsPartyCharacters.com business might be a good fit for your life, or even if you just have questions about what owning a business looks like, book a friendly, no-pressure chat with Cheryl right here at KidsPartyCharacters.com. She’ll answer all your questions and help you determine the right course for your situation.

Also be sure to connect with us on Facebook to see daily updates about how fun and rewarding having your own children’s entertainment business can be.