A good friend of mine has been annoying me for months. Whenever I throw out a new idea for my business, he asks me how it’s going to help me make money. Aaargh!
After a recent phone call, when I was about to delete his phone number from my cell phone, I realized he was right. I’ve been more concerned about how much I’ll enjoy following through with a new idea, than considering how the idea can improve my bottom line.
Thinking of an idea is one thing, while actually implementing it is another. Now when I think of a new aspect of my business that I want to pursue, I put the idea through a short series of questions.
- How long will this idea take to implement? The payback for the time you spend putting your idea into action needs to be worth your time.
- Would it be worth the money to hire a freelancer (not a full-time employee unless the idea takes off) to turn the idea into reality and profit? You could set up the framework of the idea and let someone else handle the details.
- Is someone else already offering the product or service and if so, has it been profitable for him or her? After researching an idea and finding someone else who’s doing something similar, call or e-mail that person to ask whether his or her idea has paid off. Not everyone is willing to offer insight, but most people are.
- Will implementing this new idea require training? If your idea requires skills you don’t have, look for helpful webinars or classes you can take. YouTube is also a good resource. A few days ago I learned how to use FileZilla to transfer files to my site by watching a few YouTube videos.
Not all ideas will pay off for you. But the right idea can transform your business. The key is knowing which ideas are worth implementing and which are worth keeping to yourself.
