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

 

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