Today I’m unveiling the precise criteria that your million-dollar idea needs to embody to ensure success.
Drawing from my own personal and professional experience of building two multi-million dollar companies and over a decade of guiding business owners to achieve 6-7 figure success, I’ve learned the art of identifying a million-dollar idea is complex and often derailed by a few common missteps.
Find Existing Demand For Your Idea
The single biggest key point when starting a business is NOT about getting people interested in your product/service but rather finding an EXISTING DEMAND and SATISFYING IT.
To take your Million-Dollar Idea and turn it into a no-brainer offer, make sure it fits the following criteria:
- It must be something you are genuinely passionate about! Even if you pivot later, lead with soulful purpose.
- It must provide a tactical result/outcome/solution for your ideal client or customer. Get ultra clear on the reality shift they hunger for.
- It must solve a specific problem that a specific person Needs & Wants. Pinpoint the urgent pain points your specific niche wants eliminated NOW.
- It must solve a specific kind of problem they are currently experiencing. Zone in on what specific problems they dislike the most, and how this intersects with your unique talents, and desires- to resolve it.
- It must have a new way that differentiates you from others in your marketplace. It must solve their biggest problem using a new opportunity or a new mechanism only you can provide.
- It must be scalable. Having a profitable business model that converts interested ideal prospects into profit -smartly.
Don’t Fall Emotionally Attached to Your Idea
The most common misstep among entrepreneurs (or those who want to be) is falling in love with their own product/program/service idea.
The Truth is your product, program, or service holds no value to anyone if it doesn’t alleviate pain, address discomfort, resolve their current disliked issues. It must offer a solution to a problem that is both emotionally and logically worth their investment.
Loving your own creation isn’t enough.
The trick is to STOP thinking about your program/product/service and START finding an existing demand to satisfy.
For example: Kagan, who is now the FOUNDER of Appsumo once said, “I asked people if they were interested in a DocuSign alternative. And then I went on to do $3,000 in 24 hours.”
The second biggest key point: Once you find something that works, double and triple down on it .
Because the third key point is… The best business is the one that works!
