Beware of the Multiple Project Trap

As a marketer, you probably have no shortage of great ideas. Oh, if I only had as many minutes in a day as I have great ideas. Does this sound like you?

photo of bulb artwork

Here’s what often happens to many marketers when they’re first starting out. They do some research and determine they have viable products or services they can develop in multiple markets. So, they begin writing an eBook and developing a course and creating some software all at the same time.

Their thought process is like this. “I’ll just work a little each day on each of my projects and before long, I’ll have a great catalog of products or services I’ll be making money on.”

So, they work a little while each day on their book. Then they switch of to the development of a book on a different topic. After a while, they tire of that, so they begin some work on their new software tool. And so on and so on.

If you’re a one-person shop by utilizing this approach you delay the completion of any individual project for some period of time. So, nothing’s making you any money because everything is always in a constant state of development.

person using computer on brown wooden table

If you’ve got four projects in development and if each project takes a month to complete, you’re effectively delaying any possible revenue inflow until four months down the road.

And, invariably, something that you think will take a week ends up taking two or more. So, maybe those four months becomes six or seven or eight. You’re hemorrhaging cash, and nothing is coming in.

What’s a better plan?

Really focus on one and get it done. Get it out in the market to begin generating revenue. Then move on to the second project and repeat the process. That way you have one project generating revenue after month one, another generating revenue after month two, another generating revenue after month three, etc…

No waiting until month four to get anything coming in at all. That’s if you’re doing all the work yourself.

Experienced marketers know they don’t have to do all the product creation themselves. They have team members and use ghostwriters and have others resources they use to generate more products more quickly.

This is where you want to get to. Just be sure when you’re starting out you don’t get sucked into the multiple project trap.

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Bret Ridgway

Find out more about Bret Ridgway and the services Speaker Fulfillment Services can provide you at SpeakerFulfillmentServices.com.

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