What’s your big idea?
Chances are you quickly thought or spoke about what it is and what it does.
But no matter how you defined it, chances are you saw it in one way. Instead of looking at all of its potential, you defined it through the strategy of one product or service.
Here’s what I mean.
A friend of mine would answer the above question in this way:
“I have this dream of starting up a consulting business to help other families going through infertility issues and how to stay strong through the entire process.”
Her concept is small and at one level at this point – consulting services.
When you are first starting out building your business around your Big Idea, it’s easy to think this way. Especially if you don’t have a lot of entrepreneurial experience yet.
Yet once you decide to move forward, a one product or one service business could literally be your downfall. Here’s why.
Lets say you decide to open up a business doing what you love. In this case, it may be consulting with families facing infertility. You’re not a doctor, so this service is more at the emotional level. It helps people through the process of discovering they can’t start a family the natural way, and need some assistance in moving forward.
The automatic assumption is to start a one on one program in which you meet with families in an office environment.
And that’s a great place to start.
Yet it isn’t sustainable.
Lets say you agree to meet clients one on one in your office. And lets say you agree to 4 clients per day 5 days of the week. Take two weeks off for vacation and that brings you up to 1000 clients per year. Charge $100 per hour, and you’ll have a yearly salary of $100,000 a year.
Sounds pretty good in theory. But working 5 days of the week, 50 weeks a year, meeting 4 clients every day of the week will become more than tedious very quickly.
So you may begin taking off an extra week here or there. Or reducing your work days from 5 to 4 per week.
And your salary drops considerably.
Yes, you can argue maybe you’ll increase from 4 to 5 per day. Or increase your fee from $100 to $125 per hour.
But overall, you can never break away from earning right around this overall amount of income.
Unless you approach it by threes.
With every concept you have, you can approach things in many different ways. Yet when you are first starting out, even one concept can be overwhelming – how would you ever think about three?
But there’s an easy way to do it.
Take your idea.
In this case it would be one on one coaching for people facing infertility issues.
Now ask yourself how you could stretch and add two more ideas that were complimentary to your main idea, yet would bring in a whole new level of clientele.
If people want one on one help, they are usually willing to pay for it.
But what if they can’t quite afford one on one help? What if they could learn similar concepts in a group format?
What if they like the concept of learning in group format, but at the moment can’t even afford that? They still want solid information, yet have their money prioritized towards something else. Do you think they would buy a book or a small affordable training program they could read on their own?
Yes, and therein lies the 3 way strategy that should breathe life into your Big Idea.
Take your concept and discover exactly how you can reach out to your clients and present it to them in a way in which they will buy from you.
Discover a way in which other potential clients can get similar information from you, only in a way packaged differently.
Dig deeper and find a whole different group of people that still want your information, but prefer it in a different method, a lower price, or another learning method.
In our example:
Step 1 would be our one on one coaching program
Step 2 would be our group coaching program
Step 3 would be our book
Now comes the difficult part. Even if you’ve been charging a certain amount for your one on one coaching for years, at this point you may have to raise your rates. Significantly.
Your book or training program should be your entry level product – a $10 book up to a $99 online self-help training course.
Your group coaching gives people access to you in a group format. It may consist of 10 people in a conference room, or 1,000 people on a teleclass. In either way, it should be a step up in payment from your entry level product, let’s say $250 to $1,000.
Which means for your one on one level of coaching, in order for it to be effective for you and your client, your fees must go way, waaayyyy up. A $10,000 day. Or a $25,000 unlimited access for a year program.
Now you’ve increased your potential tenfold.
See how that works?
Really a simple concept. But I know it may take a while for you to look at your Big Idea in such a way.
When you do and have questions or comments, I’d love to hear about them here.