In this video, Matt agrees with this business owner that you should only focus on one business. Having too many businesses in different industries can cause you to not give each business the attention it needs. Watch this video to hear more from Matt.
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript:
Business Advice Video:
I had multiple businesses, a lot of mine shut down, sold, and I just focused on the one that I was most excited about, and had the most potential upside. I look for that business that got me super excited, most lucrative, and then I roll with that one. But to be clear, you can make a lot of money doing almost anything as long as it’s a scalable business model. So you might have to look at that like, which one? What business do you think you could actually scale? And which one you’re most excited about? Wherever that overlap is, that is where you want to be.
Matt’s Review:
Okay. So, yes. It’s good to have interest and excitement about your business. You really can’t get up every day and function well if you hate what you’re doing. But it doesn’t have to necessarily be your passion either your day-to-day love. You don’t, if you love golf you don’t want to necessarily start a golf business, right? You could still start a construction business, or a retail business, or an ecommerce business, or whatever and do very well with it and then play golf on the weekends. So you don’t have to have a passion for the business itself, as long as you have a passion for what the business is doing and growing and, you know, the overall. But you don’t necessarily have to have a passion for that thing. If you do anything with a customer base big enough to scale can be scaled. You just have to figure out if that’s the thing you wanna work on or something else. I do agree with this point, it’s very hard to run 5, or six, or 10 unrelated businesses. And your focus just doesn’t – it’s too split. And none of them get your full attention, and so none of them do very well. So you need to figure out one thing you can really do well, grow that, have logical offshoots that still basically let you run the same business, and figure out how to scale it. But anything can scale. It doesn’t have to be your passion, but you do need to stay focused on one thing.