When it comes to making money online, there are two things that we all want the most. We all want to make as much profit as possible, and we want to do so with something unique and fashionable. The trouble is that some online business owners can’t stop with that one big idea. They see potential in every hot new fad and golden opportunity presented to them – often instantly and without question. This is a sign of Shiny Object Syndrome.
So what exactly is Shiny Object Syndrome?
The name conjures up images of people distracted by superficial bling and drawn away from items of substance. This is pretty much the basis of the issue and applies to many people trying to make money online. There is this notion that they only way to succeed online is to catch hold of the best new fad. The problem is that these fads are difficult to keep up with, and often complete failures. Yet, people with SOS can’t help but jump from idea to idea, jumping ship on current projects to chase something new.
This can sound quite fun for thrill seekers that don’t want to get bored at work. There is the promise of fame and accomplishment for being the first to crack a market. Still, it isn’t a healthy mindset for business, and it won’t lead to profit and long-term success. Business owners that flit around between shiny objects can’t develop their ideas and build on strengths. They may lose sight of important, successful ventures because they wrongly think that they are outdated. Every now and then, people jump onto a hot new idea and make it work. But, that is because they choose wisely in the first place, created a strong business model and worked hard on the idea. They don’t have Shiny Object Syndrome. If they did, they’d have abandoned the concept early on when something “better” appeared.
So, what can you do to prevent Shiny Object Syndrome from taking over your life?
There are different steps that you can take to make sure you aren’t completely blinded by that so-called golden opportunity.
1) Let the idea breathe for a little while.
2) Consider the idea from the perspective of your client base.
3) Draw up a clear theoretical plan of action to see if this is worthwhile.
Letting the idea breathe.
This is a good idea in most situations, to be honest. We wouldn’t rush into a rash life-changing decision on the spur of the moment. So, we need to maintain that same level head when dealing with our online business deals. Think of the lure of the shiny object a little like intoxication. Ideas can sound amazing under the influence and in the right setting. But, when we sober up, we wonder why we were so impressed with it. Give the idea a couple of days and see how it matures.
Consider the idea from a different perspective.
You might see a product or idea online and think it is the most amazing thing you have ever heard – at least since the last shiny prospect last week. You need to take a step back and see things from a consumer perspective. Would anyone else in your loyal base agree with you? Would this venture add to your business and help customers? Or, could it potentially confuse your message, turn away buyers and have a negative effect?
Drawing up a theoretical plan.
Say, for a moment at least, that you go ahead with this and give in to the shiny precious item. What would be your strategy? How does this fit into your current plans for the company, financial projections and social media plans? The more you look at this objectively and rationally, the easier it is to make informed choices.
Knowing when to chase after a shiny object and when to leave it alone.
Shiny Object Syndrome hits hardest when we can’t help ourselves. We latch onto the next fad without taking that time to think or gain perspective. The tools above can help you get over the syndrome and separate the shiny treasure from the deceptive trash. If you let the idea breathe, and find it is still actionable and beneficial for customers, you can move ahead. If you step back and realize it is a terrible idea, move away.