If you're a new business owner, you've probably gotten shiny object syndrome
or SOS whether or not you even realize it.
Everyone goes through it and they can give you analysis paralysis and stunt
the growth of your business. So we want to avoid it as much as we can.
In today's video, I'm going to dig into
what SOS really is and how you can avoid it as a small business owner.
Hi, I'm Mei Pak and I help makers, artists,
and designers make a living selling their handmade products online.
Does this sound familiar to you? Your business is moving along
but you just don't quite feel satisfied.
So you decide to jump into a new more exciting project before you finish your current one.
Or maybe you have a great new idea for a new business.
The only problem is that you already have a business that isn't really that successful yet.
So how can you just start a new one without neglecting the current one?
According to a study by Inc. Magazine nine out of ten business owners have
admitted to falling into the shiny object syndrome trap.
And honestly it is so easy to see why. Most of us entrepreneurs have a fantastic quality
in common - we love to create, to move, to generate new ideas
and while this part of us is what makes us good at what we do,
it can also hurt us. That's why it's
so important to know how to recognize SOS and when to keep it at bay.
So what exactly is shiny object syndrome?
It happens when we become distracted by something that seems exciting, fresh,
and trendy and we chase after it
ultimately, neglecting important work that should be a priority.
It's the same syndrome that drives a child to chase after a shiny new toy,
but just to shove it to the side
when they see another, shinier object that they could be
playing with on the other side of the room.
The business owner equivalent might be making a new product, chasing after new marketing strategy,
or even an idea for a totally new business
that you ultimately don't have the capacity for. Now
SOS doesn't always have to be a bad thing because after all,
it is good to stay on top of the market, but it can get bad fast.
And when it does, it can lead to an inability to finish projects,
poor organization and planning, falling behind,
and worst of all wasting money and time. In short,
SOS could seriously hurt or even kill your business.
If you've ever felt that hamster wheel feeling like you're never really getting anywhere?
Yeah, that's probably because you have had SOS. But don't worry,
once you learn how to recognize SOS for what it is,
you can learn to steer clear from it all together and keep your business right on track.
It takes some practice, but with the right tools you can become a master at ignoring even
the shiniest distractions. So let's get into what most business owners tend to get distracted by
so you can recognize when it's happening to you. You probably saw this coming,
but social media is one of the shiniest objects of all. Social media marketing is necessary
for any business,
but we spend way too much time tinkering with all the new features.
Here's the thing. New trends are usually never the next best thing.
They're called trends for a reason because they tend to disappear
just as fast as they popped up.
That's why I'm personally rarely an early adopter on new features on social media.
I know that social media alone is not going to make or break my business or help it
go from slow sales to full-time paycheck.
So, instead of wasting precious time on all the new social media bells and whistles,
I like to focus on doing the bare minimum.
Like a thoughtfully written out post that leads to a great landing page is the tried
and true tactic that I know works.
So, why waste time on a risk just because it's trending?
There are more important things to do in your business. Stick to what
you know works. So you can spend that valuable time working on the rest of your business
or on more effective ways to get sales.
It's not just social media that can be a huge and dangerous distraction.
It's also just social media in general. We get sucked into our competitors Facebook pages
and Instagram posts,
and then get totally lost in comparison-itís.
Stay away from comparison-itís because as tempting as it is to see what your competition is doing,
I guarantee you that the time you're spending scrolling through their page,
they're spending that time making their business better.
So stay focused on yours. Instead of spending time on your competitors page,
focus on consistent effort in one or two marketing initiatives in your own business.
I recommend daily media outreach, email marketing, and paid ads,
if you have the budget for that. Keep it simple, focus on
what matters and do not get lost in the zombie
scroll. On a similar note, vanity metrics can be a huge killer to online business owners.
While we might want to base our business’s worth on how many followers we have, our reach,
and engagement,
they have no correlation with sales. At the end of the day sales
and profit are the most important numbers not likes, comments, or followers.
Now, I know followers can indicate how far your business is reaching but if you really think about it,
they're pretty weak indicators because they point you in the wrong direction.
So what if TicToc or IG
Reels, help you get a ton of reach because sure,
it's great that more people have seen your product,
but if you have no way to convert that reach into traffic to your shop
and then convert that traffic into sales then reach by itself
is meaningless. You don't want to chase metrics just because they look good,
if they have no impact on your bottom line.
Instead, focus on making sure your website is user-friendly
so you can actually real in those sales
and also focus on getting people from your different sources of traffic over to website.
Another SOS distraction I see way too often is following too many gurus. Now,
coaches are important and having that guidance can make a huge difference.
I would not be where I am today without having invested in a few coaches
along the way, but if you're following three or more different coaches,
then you just end up being confused
because you have this inconsistent mixture
of ideas and different philosophies
to follow. Because everyone is going to have a different philosophy,
right? So you'll be pulled into way too many directions
until you just become overwhelmed and ultimately lose focus.
Now, I'm not saying other gurus are all wrong
and I'm right because there are many ways to build a successful business.
But when you invest in just one great coach,
you can focus on the work that coach prescribes you instead of just getting
lost in a large and tangled mixture
of ideas and choices. The work you do with your coach needs to be consistent,
deep, and focused. Otherwise you won't get anywhere.
You don't want to spread yourself too thin. That's never a recipe for success.
If you've ever felt like you were on a hamster wheel
with your business, it's exactly
for this reason. It's because you're not being focused. On that note,
you might find that friends like to give well-meaning,
but unsolicited advice. You don't have to take every piece of advice
you get. Trust your own gut and follow the feedback
that is best aligned with your business.
Finally falling for sales, and special offers can be a huge hindrance to any business owner.
Now, I know how tempting it is to have the latest
and greatest crafting equipment and supplies and I know it's important to stay on top of the game.
However, if you're consistently breaking the bank
to buy the latest products and supplies,
then you might lose money, buying things that you really don't need
or even have plans for to begin with.
Or you might find a deal on some software that seems like a steal,
but makes you rethink all the other software you've been using
and took the time to build and get familiar with.
If this sounds personal, it's because it is. That just gets messy.
So don't let sales phase you. Trust that
you know your business best and don't be tempted to fix what isn't broken.
I know that a lot of us can suffer from pretty bad
FOMO, or fear of missing out. We can't help it.
When we see a competitor with the latest equipment
we can't really afford or notice that other businesses have more followers than we do,
we can easily fall into a pit of jealousy and resentment.
Just know that these feelings really don't help anyone.
So next time you notice yourself getting a bad case of FOMO,
try to channel that energy into diving into your existing projects. Sometimes,
all you need Is a boost of confidence
and you can get that by simply getting through your own to-do list,
and staying on top of your priorities.
If you ignore your to-do list and waste a few hours on vanity metrics,
you will end up behind and you'll start feeling even worse.
We all fall into SOS at some point or another,
but when we know what to look out for, we can do a pretty good job
avoiding it altogether. Next time you find yourself getting distracted
I want you to head back to your priority list and start checking things off.
Do the good work and over time you will learn how to create a lifestyle
and environment for yourself
that removes all distractions and SOS.
So you're focused on doing that good work.
Because ultimately you’ll get the most satisfaction from staying focused
and helping your business grow rather than chasing after new
opportunities that are ultimately wasting time and money.