Always dreaming in your business? This episode will help you figure out what to do with your next million-dollar idea.
Whenever Reina has a big idea, she has to be honest with herself – is it really a great idea? Or does it just seem that way thanks to the Recency Effect?
In this episode, Reina breaks down how to capture those awesome ideas and decide whether or not they are the right fit for you right now.
What do we do with these million-dollar ideas? What Reina does:
- Park them in the parking lot for two weeks or longer
- Considers whether they are too time or money-intensive and if they fit within her goals and with her resources
- Slack channels act as great parking lots – any space where you can brain dump your thoughts and return to them (set a reminder on Slack to help!)
This is an opportunity to pause and not take action on every cool idea that comes your way. This is helpful for those who are great starters but have trouble seeing ideas completed.
Remember: the money doesn’t come in until you put the idea out into the world and make it an offer.
Checkpoint: Decide where you are going to put your million-dollar ideas. Where is your parking lot going to be? Be consistent!
How do you determine what to focus on? Those who can focus on what’s in front of them and not #allthethings make the most money.
- Buy into the notion that trying one thing and focusing on it is the solution for you
Three steps to determining what to focus on:
- Decide if you need to make money right now. If yes, prioritize your money-making ideas first (over passion projects). They should be leading you directly to money, not just building your portfolio.
- Know that if you have the means, it’s still okay to take on a passion project. Do you have the seed funding? If yes, go for it! Consider though – does this project actually fuel you? Passion is important to keep you motivated!
- Consider the time and resources it will take to bring your project to completion. How much investment will this take? Should you be working on a different project first?
What impact are you trying to create? Are you responding to something in your environment? Something someone else is doing? Does this impact make sense with the goals and values of your business?
At the end of the day, you want to prioritize your profit. Be sure that your million-dollar idea is being created in a way that is both profit and service-oriented. Create the solid business foundation first and then find that passion project.
Revisit your parking lot after two weeks, two months or even quarterly and decide based on these suggestions which idea is worth your time.
When you say yes to something, you’re saying no to something else. You want to be able to say yes to the right things.
We have created an offer for you!
We are so excited to offer you a $12 off coupon for Next Big Thing Challenge. Use the code is episode23, to snag the challenge for only $5!
Sustainable Habit Builder of the Day:
Tell Reina what your habits are that make you more productive! Share your tools, tricks or habits on Instagram Stories and tag #sustainablehabitbuilder and @reinaandcompany.
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If you’re enjoying the Fueled with Heart Podcast, please leave us a rating and review. I am shameless asking for it on CEP but I truly create everything in my business for YOU, so your feedback (and encouragement, since I’m a total Words of Affirmation person in the 5 love languages) is important for us to make content for you.
I love interacting with you on Instagram and I can’t wait to learn more about your offers. Tag me @reinaandcompany and #fueledwithheart to show me you’re working on this week’s check point! Remember, don’t just listen to this episode. We keep these super short so you can take some time to actually implement!!