When Is It Time To Let Go Of an Unprofitable Idea?

unprofitable idea

In today’s episode, we’re talking about unprofitable ideas.

Those tricky products, projects, or ideas that just don’t seem to be taking off like you expected or hoped. And more specifically, we’re addressing how to know when you should stick it out…and when it’s time to just let go and move on.

In our society, we have this idea that if we fail we should “try, try again.”

Overall, this is definitely true.

Running a business is a big experiment that we have to commit to tweaking and improving along the way. But sometimes, we are caught up in specific products and offerings that aren’t a good fit. They’re not the ones that we should spend time pursuing.

Sometimes it’s important to pivot.

That’s why, throughout the Off the Charts series, we focus on two things: what entrepreneurs have to “embrace” and “let go of” for their businesses to thrive.

And often, what they let go of is more important than what they take on.

But we tend to get really attached to our own ideas. This makes it difficult to look at things from an objective point of view.

So what I like to do is follow the money and the energy.

For example, if you’ve ever done project or promotion that’s really flown off the shelves, that’s the sign you have to listen to. That’s what we’ve done in our business. We’re really focusing on our products – AccessAlly, ProgressAlly, and PopupAlly Pro, because that’s where our energy is. It’s also where we’ve seen the largest percentage of our revenue.

In this episode, I also share a bit about the dangers of working on specific projects…just because you see other people succeeding at them. We build businesses that are harder on ourselves than they actually need to be.

Make space for the new things that are business-growing by retiring some of the old things that just aren’t pulling their weight.

It sounds so super simple… but it can be tough to do.

So definitely take time to listen to this episode… I’m sharing a little exercise at the end to help you figure out what’s working – and what’s not – in your business.

unprofitable idea

Nicole Roberts Jones: The 17 Year, Overnight Success

overnight success

Our guest today is Nicole Roberts Jones, who shares her 17-year journey to becoming an overnight success.

I really love Nicole’s story because it’s full of realism and practical considerations.  Although she’d been an entrepreneur for 23 years, it took Nicole 17 of those years to actually start turning a profit.

What finally changed?

Nicole realized that a mindshift change had to take place. For the first several years, she believed wholeheartedly that “sweat equity” could make a business successful. But even though she kept putting in more hours, or meeting more people, she just wasn’t experiencing the benefits.

Everything transformed, however, when Nicole began putting “cash equity” into her business. This took the form of hiring a business coach, who Nicole asserts, was “10 times ahead” of where she was.

Her business coach was able to pinpoint key areas of growth potential for Nicole. This included the need to create multiple streams of income for herself.

And this was just the beginning… From that point onward, Nicole began to see her many years of experience and hard work start paying off.

The thing I love about Nicole’s story is that she hasn’t stopped investing in new help to maintain her growth.

The concept of self-investment is one that can be tough for entrepreneurs to take seriously! But in the end, Nicole’s words are definitely ones to sit with: how can we ask someone to invest in us, if we aren’t willing to invest in ourselves?

Off The Charts Business Podcast

More About Nicole Roberts Jones

Nicole Roberts Jones is known for her ability to draw out what’s best in YOU. As the creator of the Find Your Fierce Formula, Nicole works in two arenas. With entrepreneurs to build programming that generates multiple revenue streams and a greater bandwidth to serve their clients. To help them Take Their Brilliance to the Bank. Secondly, she works with corporations to develop high-performing employees who excel at work because they learn to operate in their genius. To help them create greater momentum linking Purpose with Performance.

A sought-after speaker, coach and author she is also the Founder & CEO of the FIERCE Factor Lab. In it, Nicole created a company that mirrors all that she stands for as a content strategist, talent development consultant and coach. Truth, momentum and power is charged into each business she touches, with a long-term focus and an emphasis on expanding income and impact. Her work with companies such as General Motors, McDonalds, Motivating The Masses and the Steve Harvey World Group as well as with clients across the globe in places like Switzerland, Aruba and the British Virgin Islands reflects the incredible need to infuse your purpose, what she calls your FIERCE, into your work.

Nicole has over 20 years’ experience working with entrepreneurs, corporate executives, heads of states, celebrities & nonprofit directors in talent and program development. She has also been an adjunct professor at USC and Boston University where she taught courses on program development.

How Client Avatars Can Sabotage Your Marketing

client avatars

Hey there, and welcome to today’s Off The Charts episode! We are diving into customer avatars and the reasons why they might actually sabotage your marketing, instead of helping you discover and meet up with your ideal clients.

Our guest is Hillary Rubin, a wonderful entrepreneur who’s focused on helping other professionals really learn the ins and outs of coaching.

One thing I love about Hillary’s story is her commitment to pursuing her own passion in life.

I think sometimes it is tempting to settle into a career that isn’t the perfect fit. But Hillary went through several different careers, and was even a yoga teacher for many years. Finally, she admitted to herself that her life as a yoga teacher wasn’t actually adding up in terms of the time and energy that it was consuming.

Of course, this was where she really began to struggle with the whole concept of building a client avatar. Because she was creating amazing ones – but each time it seemed that her clientele shifted, and the avatar no longer applied.

So Hillary chose to let go of the idea of focusing on your own content first. Instead, she began to listen to what her own clients were asking and what they had in common.

This ended up transforming how Hillary viewed her own business, and how she was able to reach those who would fit best with her services.

Definitely take the time to listen to the wisdom Hillary shares in this episode.

Off The Charts Business Podcast

More About Hillary Rubin

Hillary Rubin is a spiritual life & business coach, mentor for coaches, the creator of The Art of Becoming a Coach training program and podcast, The Art of Business for Coaches. She’s on a mission to spread the message that coaching is one of the most rewarding, transformational, and profitable careers to have.

Her clients say the best thing about working with Hillary is knowing that she has their back, even when they don’t have their own, and that she’s a cross between a spiritual guide, an ass-kicker, and a marketing genius that brings out the best in them.

Hillary has been featured in The Los Angeles Times, Yoga Journal, TheDailyWorth.com and was the February 2014 Cover Girl + Feature for Inspired Coach Magazine.
Thank you again, and please let us know if you need anything else! Have a great day!

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