What are Shiny Objects?
Well, they’re anything which takes you away from your business, its direction, its goals and strategy. These ‘opportunities’ are distracting and remove your focus from what you should be working on.
Why is this a problem? When you start a business, you should be laser focussed on that business alone and strive to make it great, successful, profitable and fulfilling. When you constantly look at shiny objects, then your focus is reduced and spread thin over a number of opportunities, businesses, websites etc.
An example of a shiny object syndrome, would be owning an apparel Shopify store and then going onto Flippa and buying a new website based on gardening products in the content/affiliate space. You have a clothing based business which needs your focus but you then spread this between the clothing and the gardening sites, thus diluting your efforts.
The problem with this is that neither business will get your full attention and efforts which will slow both of their growths and effect their chances of success.
The other issue, especially in the online space, is the abundance of what I call ‘too good to be true’ offerings. These shiny objects are so good that they are simply not true and can be a simple way to make you pay for a poor service, product or even worse, business which turns out to be a dog. The internet is now so full of these types of ‘opportunities’, so you need to be very vigilant and cautious when assessing anything that sounds too good to be true.
Is there a time when you can look into shiny objects and look to diversify. Yes. Once you have your current business established and systems set up to help automate the workload (this could include adding employees or contractors), then you may have enough free time to start looking at other opportunities.
Don’t get me wrong, a diversified portfolio is a good thing but only if its performing, so you should only diversify once each business or website is established and working well on automation.
The key thing to help avoid shiny objects is to set a goal or strategy to your business and stick to that. You can also put measures in place to avoid seeing these ‘opportunities’, like unsubscribing from websites promoting things like websites for sale. This goes for other non-business related emails like travel agencies, shopping stores, food and drink sellers — unsubscribe from them all!
If you don’t want to go as far as unsubscribing from these, then at least go and set up a non-work email address on Gmail or similar which you can the use for and subscriptions. This separates your work and non-work emails. Be vigilant and only browse the Gmail emails once per week so you aren't distracted by their offerings of shiny objects.
If you found the above information useful, then visit our free resource website at www.emilyandblair.com (launching April 2021) for a vast library of likeminded guides, checklists and content devoted to online businesses.