About a month ago, I shared a mindset shift that helped me through a period of self-doubt. I was working on a challenging project, but instead of asking “Can I do this?” I shifted gears to ask “Is it worth it?”
Knowing that the project meant something to me, that I found it important enough to keep going, made it easier to suffer through the parts that were hard.
But some of you may have read that post and wondered, “How do I know if a project is worth it?”
I get that challenge too.
As creatives, we’re always coming up with new ideas. And in general, our inclination is to chase those ideas. Hello, shiny object syndrome.
But I think many of us are also concerned that this constitutes a lack of focus on our part. How do you know if a new project, a new idea, is shiny enough to go after?
How do you know if a project is worth it?
A few months ago, a member of Artists & Profit Makers asked the very same question. And in trying to come up with an objective answer, I ended up designing something called the New Project Decision Matrix. It’s a series of questions to ask yourself when deciding if you want to take action on a new project.
More on that in a minute. Because first, I want to say that “because I want to” or “because it’s important to me” is a perfectly valid reason to pursue a new project.
Sometimes you feel something so deeply that you just can’t imagine not working on it. You can’t shake the idea, and you just want to see it in the world. (That’s how it is for me and this current project.)
If that’s the case, if you know deep down in your gut that it’s worth it, then do it. You don’t need me (or anyone else) to help you decide.
But sometimes, you’re faced with lots of ideas. They all seem interesting, and plausible, but they aren’t big, all encompassing, life altering ideas. Sometimes, they’re just things you might want to try.
The problem with this, of course, is that we all have limits on our time, money, and resources. It’s likely that we don’t have the ability to implement every idea that pops into our brains. Sadly, we’ve got to prioritize what we’re working on at any given moment.
That’s where the New Project Decision Matrix comes in.
The NPDM is a series of questions (in the form of a spreadsheet) you can ask to help vet new projects.
It asks you to consider who the target audience for a new project is and how much they overlap with your existing audience. (Because it’s always easier to launch a project when it fits with your existing audience.)
It also asks you to consider how quickly you can take your idea to market. (And how much that will cost.) Because at the end of the day, you only really know if people will buy something if you put it up for sale and ask someone to give you money.
The NPDM also takes into account previous projects and the revenue potential of the new project idea. (It even does the math for you!)
And it lets you compare multiple projects, to help you decide what to work on right now, what to pursue in the future, and what to let go.
Basically, the New Project Decision Matrix is the cure for shiny object syndrome!
And it’s only available for members of Artists & Profit Makers. Click here to join today.
