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Unsure if your new idea is worth millions, or time and money pit? You're not alone.

The digital space has evolved and grown so rapidly over the last 10 years and many say that the evolution has just begun. With this change comes a huge opportunity as well as a challenge.

The direction you can take your online business are nearly endless -- Online Memberships, Digital Programs, E-Books, Products, Supplements, Educational Websites, Virtual Health Consultants, Vlogging, Youtubing, Influencer Marketing, Blogging, just to name a few. Entrepreneurs often spend hundreds of hours and exhaust thousands of dollars on ideas that are destined to fail because they don't take the time to ask the right questions before moving forward.  There is a 2 step process to filtering out the great ideas that have the potential to make that million dollar online business you've been wanting. The first comes down to asking yourself these 5 questions:

1. Does this idea fit my skills and the skills of my team?

2. Does this idea excite me?

3. Does this idea solve a bleeding-neck problem?

4. Will your audience be willing to pay for this?

5. Is this idea scalable?

1. Does this idea fit my skills and the skills of my team?

Tom Brady is arguably the G.O.A.T. (Greatest NFL Quarterback of all time) and that statement is backed up by 6 Superbowl rings, and dozens of all-time records. One thing we know for sure is that Tom Brady has a gift for passing the ball and scoring touchdowns. In fact, if you're reading this, he is much better than you are at it -- and thats why you are building a digital business and not making millions in the NFL.

HOWEVER, if you are reading this, you are good at something. The key is to be aware of that ability and build a business around your strengths. Does this new business idea play to your strengths? Is this something that you can be the G.O.A.T. at? Does the team around you have the skills to turn this idea into a successful business? Avoid being caught up in ideas that sound good but will take an act of God for you and your team to execute on it because it isn't in your wheelhouse. 

2. Does this idea excite me?

Often times we can get caught up in something that was successful for someone else and we see the $$$ and try to create the same business for ourselves. That excitement for pulling a profit is quickly broken when the challenges come around. Does this idea keep you up at night? Do you loose track of time when you talk about it?

3. Does this idea solve a bleeding neck problem?

If your neck was bleeding, do you think about your achy back? Probably not. You are concerned about taking care of the most important things first. When potential clients are deciding on whether or not to invest their hard earned dollars into your app, gadget, digital course, or subscription, they are asking themselves the question, "Do I NEED this?" That need is based on what is most important to them. Does this idea solve my audiences most important needs right now?

4. Will your audience be willing to pay for this?

A good friend of mine owns a online photography education business and decided he wanted to create and sell a program to millennials on how to take great pictures on their iPhones. He spent 2 years developing a state of the art course. When it came to sell it, he found out that millennials don't have an interest in buying a course on something that they can learn through youtube videos and blogs. See the course solved a major problem (Have you seen how many selfies millennials take?!) but the audience didn't want to pay for it. Can your audience get this same type of product/program and similar result for free or significantly less? Does your audience have a history of buying this type of product/program/service? 

5. Is it scalable?

Successful business growth depends on a scalable business model that will increase profits over time, by while avoiding progress halting overhead. Will this idea scale over time or will you see diminishing returns as you grow? Good ideas can generate an initial profit but margins decline significantly over time. Great ideas are sustainable and lead to long term growth and reduced production/creation costs over time. 

Step 2: Where your great idea turns into a plan of ACTION...

After you answer those questions yourself, brainstorm with someone that has experience in building successful online products/programs/services. An expert can point out any gaps in your thinking and give expertise in how similar products have performed as well as insight into pitfalls you may want to avoid.

 

That is exactly why I created the the 1 hour brainstorm session where I will ask you the tough questions, refine down your idea, and guide you to your next step (planning and execution). I will also be able to introduce you to the agencies I recommend for tasks such as sales funnel creation, facebook and instagram ads, website design and creation, email automation, and everything in between.

Have a great idea that you want to take root and begin to turn it into a business? Lets brainstorm!