As an entrepreneur, we get new ideas for our business on a daily basis. We get them from attending networking meetings, webinars and live events. We can also get great ideas from reading blogs, social media posts, magazines and when we are having conversation with our peers.
It is easy to become overwhelmed with what I like to refer to as brilliant idea syndrome. An avalanche of brilliant ideas that inspire, motivate and excite us but can also distract and derail our current project and work flow. It is part of the creative process but if broken down into the following 3 easy steps can be successfully implemented into an income producing idea.
1. The Great Idea
It comes out of nowhere. You are listening to a speaker or reading a blog and all of a sudden, there it is. A new idea is born. First you feel the excitement, you think about how you will be able to create a new product or service or maybe just add something new to an existing product or a new delivery system. Then you feel the sense of overwhelm, where are you going to find the time, the money, and the resources?
Whether you implement those ideas or not will determine your income. Sometimes you will get an idea when you are right in the middle of a marketing campaign and you are not able to implement at that moment. I always keep a notebook with me at all times and write them down and then add to my “parking lot” of ideas.
2. Implementing the Idea
Taking the idea and turning it into something that produces income is all about the implementation. An idea that never produces income is just an idea.
“No one has ever made a bigger impact or more income with an idea that never leaves your living room.” ~ @PattyFarmer
Implementation means taking action on your idea and turning it into reality. Taking that reality and adding a solid marketing strategy to it that results in producing income is even better. First, look at your idea; determine what resources will be needed in order to achieve it. For example, will you need a graphic designer or a sales page? Ask yourself where it fits into your business model and if it is a new product or service or something to be added to an existing one. How much time will it take to achieve what you want it too and is now the time or will it distract you from the project you are working on now.
3. Generating Income
Once you have decided the timing is right and what resources are needed it is time to determine how your idea will generate income. One of the most important functions of your idea is to generate value and income. There are many ways to do this including adding to an existing product line with a different delivery method such as adding a home study course or taking a one to one coaching model and going to a one to many model instead or in addition too. It could be creating a sponsorship program for your podcast or live event or adding a book signing or joint venture opportunity to your new book release.
One of my favorite ways to take an idea and implement it to produce more income is to add another revenue stream to my business model altogether.
Please comment below and share with us what is your favorite way to go from idea to income?