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R E A D O N L I N E
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Evaluate Your Options
Hopefully, your mind is churning with possibilities! Time to strain out the best. Ask yourself a few ques-
tions about your new ideas.
Do you have the mental bandwidth to devote to it? If you're running wide open with no time to spare
( fi rst, think about building your team), then honestly assess if you can fairly commit time to a test.
Any idea is bound to fl op if your heart isn't in it. Write down the amount of time you have to devote
to a new project and how you will carve out that time.
Do you have the margin to fail? If you're passing cash through just trying to stay current on rent, press
pause on ideas requiring inventory or investment. Go back and brainstorm on collaborations or prod-
uct extensions that mainly involve time, not cash outlay. Come back to the other ideas when the ship is
sailing again. How much cash or credit can you accumulate? Estimate inital startup expenses.
Do you have the infrastructure to support it? is could be your team, website, logistics or inventory.
If it becomes a fl ying success, can you service the increase? If you're feeling intimidated, fi nd a way
to break it down. What smaller step you could take to start (e.g., emailing a customer list instead of
off ering a new product publicly)?
Charting a new course can feel overwhelming when you can't quite see what lies ahead. But remember
that you don't have to dive straight in. You can dip your toe into new ideas before taking the plunge.
You may fi nd yourself paddling into bigger profi ts on a new 2021 revenue stream.
