If you chase two rabbits, you probably won’t catch either of them.
That’s one of those “common sense” business lessons I’ve heard for a long time. Of course, I don’t follow it. My husband and I own a liquor store and a cattle ranch, I speak and write about small business, and I co-founded Tourism Currents to teach social media marketing for tourism. Apparently, I’m chasing a lot of rabbits.
|How many rabbits are you chasing?|
I think chasing lots of business “rabbits” is partially a small town trait: we develop multiple lines of income because one business may not be enough to support us in a small town. And we use it to even out risk, the way farmers use multiple crops to even out the ups and downs of commodity prices.
Theoretically, if you could find your one “most profitable” business, you ought to focus on that, and maximize your profits. Of course, that maximizes risk, too, if anything should happen to that business. One of the best posts I’ve read about focusing is Jonathan Fields, “Are you Building a Body of Work or a Cornucopia of Chaos?”
Here’s how I resolved this. I have a central mission. I help small town entrepreneurs prosper, so they can help their communities prosper. Every business I listed is part of that.
Every project that someone asks me to take on, I run through the filter of whether it helps me to support small town entrepreneurs. Yes or no. Very simple. That is the body of work I’m building.
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- Easy economic development tip: Write down all new businesses in your small town - September 17, 2018
- Commerce builds communties - September 10, 2018
- Quick insights into local tourism trends - September 3, 2018
- US small businesses can get small loans through Kiva - August 27, 2018
- Want to sell more in the evenings? Use this easy promotion - August 20, 2018
- When things go wrong, this is the secret way to keep customers happy - August 13, 2018
- From kids with summer jobs to kids with summer businesses with these small town business ideas - August 6, 2018
- Finding the money to renovate an old building in a small town: grants, loans and other funds - July 30, 2018
- Rural tourism trend: digital detox and off-the-grid vacations - July 23, 2018