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What I do to ‘check myself’ when I have a shiny new idea
If I had a dollar for every time I had a new idea for my business, I’d be a very rich woman. And I’ll be honest, one of the most fun (and rewarding) parts of being an entrepreneur is the opportunity to experiment and try new things.
But one of the biggest lessons I’ve learned over the years is that you shouldn’t always go full steam ahead on adding new offers to your business — whether it be a course, a workshop, Live or Virtual event, or something else.
It’s smart to err on the side of caution, and really evaluate whether it’s going to be something that adds value to your audience, and increases your bottom line.
And here’s why:
If you spin the wheels trying to make every idea that you have happen, you’re going to lose focus on something that might already be working really well.
Now, there are certainly times when you should add something new to your business. I’ve done this many times.
But every time I have a shiny new idea that I just can’t stop thinking about, I force myself to take a pause, and run through my simple, 4-step ‘checklist’ to make sure that it’s really something that is going to benefit my business.
And guess what? I’m sharing that exact 4-step checklist with you in this episode, so you can use it whenever you find yourself in a similar situation.
So grab your notebook and be sure to take notes, because what you’re about to hear could save you a lot of time and money in the long run.
Here’s a glance at this episode…
- [05:20] Take inventory of the current offers and revenue streams you already have to see if you can optimize what you’re already doing.
- [07:10] Ask yourself: What did I love working on? Can I do more, just better? What had the highest profit margin? Can I scale this?
- [09:09] Figure out if there’s anything that's not working or needs to be tweaked, improved, or deleted.
- [11:29] Do your research. Is your new offer something that your audience even wants?
- [12:57] Once you've decided to add on to your business, take baby steps. It's okay to try something out to see if it works.
- [16:40] Homework: 1. Take an inventory of everything you do to make money. 2. Reevaluate your current offerings and make sure everything is optimized. 3. Do your audience research. 4. Take baby steps with your new idea.
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