So many people have a great idea or they run a successful small business that it seems a no-brainer that they should expand and make more money with their service or product.
But when they do expand, they find that it kills their business. Of course there are a myriad of reasons why expansion of business can kill off a good idea or a great business, but I think one of the most common and avoidable errors is that these people who decide to expand choose the wrong partners.
Specifically, they choose someone they like or can get along with over the right person for the job.
Let me give you a good example. I have a friend in Hollywood who is a music producer and he does great work. He tells me that he is always looking to expand and grow his business, but when he does, he fails. He is an artist and has a reputation for being a genius creative mind. He is frustrated at not being able to expand and make more money. He wrote to me for advice and wants to know how he can take what he does and make more money with it.
Here is how I explained this to him: