What is Your Highest Payoff
What is Your Highest Payoff
Ideas are everywhere!
They're coming to you from books, CDs, seminars, interviews, mastermind groups, and your coach.
The only thing you can do is learn to manage your ideas effectively.
So, how do I decide which idea or project is most viable for me? Today I will share with you my personal project selection criteria. I hope you find it useful!
1. What kind of return on investment can you expect?
I'd have to invest time and money into any project I decide to work on. I want to know that it's going to be all worth it at the end.
2. How quickly can you get it off the ground?
Unless it's a project with a huge return on investment, I don't want to spend too much time on it. My book, for example, took me over 2 years to write and it's finally coming out in a few weeks. It started out as a collection of articles and newsletters. I then hired a ghostwriter--a former New York Times reporter--to assemble and edit it. (Biggest mistake, by the way! He "stripped" my book of my voice, and I had to spend another six months putting my voice back into it!)
The time investment, however, was worth it here because it's a high payoff project that will last me for many years.
For the most part, many of my successful projects take up to 30 days to develop or put into place. Sometimes I invest a day into a project that generates as much revenue as my one-year salary before I quit my job (HINT: a joint venture!).
3. Does it have any leverage and re-purposing?
"Get the most out of what you've got" -- great motto I learned the hard way, when I was still designing full-blown web sites for $200-$300. I like to feel productive. Any time I can say that I am "killing two birds with one stone" is a sign of a great project for me!
4. Do you have or can you develop a "back-end" product for it?
This is a big point--pay attention! Many times I come up with an idea, which is a "bright shiny object." It looks great, it sounds interesting, but it's a stand-alone product. In other words, I don't have anything else to sell to the same group of people.
Getting buyers takes a lot of effort, so if they buy one product, I want to be able to offer them something else. (That's why you always hear the words "product funnel" in marketing.) Unless you have or can find a way to develop a second product or program, it might make sense to drop this project altogether.
5. What kind of resources do you need to make it happen (people, research, tools)?
Sometimes I find that I need to partner with someone else to work on a project effectively. Or perhaps I need to invest time into further research, or money into new software or equipment. I will only do this if I know the project will bring significant results to my market and my business. Trivial products bring trivial rewards.
6. Is it going to solve a big problem?
Creating a product or program that is too narrow-focused, or that solves a very general problem is not best use of your time. Not only will you not generate any revenue with it, but you will also waste valuable time and energy you could've put into a more important and valuable project.
7. Will it generate revenue for your customers?
This may not necessarily apply to life coaches, but it is a key point for business, executive and career coaches! Any time you can create something that will generate revenue not just for you, but also for your clients and customers, it is a winning project. In other words, create something that your customers can use to increase their in/come.
8. What is the potential size of the customer base and can you easily reach them?
I always want to know that there is a sizable audience waiting for my product or program, and that I'll be able to quickly and easily reach them. It doesn't have to be your own database, you can form strategic alliances with companies who already have a mailing list of the people you're trying to reach.
Many times companies want to offer something to their customer database, but don't know how or don't want to actually develop it.
9. Can it take off and function on its own once you launch it?
I come up with new projects all the time, so I need to know that I don't have to "babysit" any specific product. If it fits in my "funnel" then it will automatically be promoted through my other products and services. Or, I could set up a pay-per-click ad on Google and generate traffic to it that way. Either way I want my products to become self-marketed after the initial launch.
10. How congruent is it with your overall message?
A project must fit into my message. For example, "The Apprentice" is fun to watch on TV, but it would be incongruent for me to develop a product on how to become Donald Trump's next apprentice. Grueling work hours, being on standby 24 hours a day, and hearing Donald Trump issue commands is not my idea of a great lifestyle. It might be someone else's though :)
11. Are you passionate enough about it to create a compelling marketing campaign?
Creating a product and not taking the time to create an effective marketing strategy simply doesn't make sense. I always plan the marketing before I develop my products. Many times I'll even create a web site before I start working on the project itself. If I am stuck and don't feel inspired to create the web site, I may cancel the project completely.
12. Will it help you accomplish your long-term goals faster?
I have some very specific goals for the next 12 months. If a project will not bring me closer to my goals, it will become a major distraction and sabotage my success. Of course, sometimes a
project comes along that doesn't fit these criteria, but feels like I can't let it go. I sit down and analyze why I am so excited about it and decide how to proceed next.
So there you have it!
Do you have your own list of criteria for choosing the right project?
Take a look at all you've got on your plate right now and ask yourself these questions:
- Where is the highest payoff?
- Which project is going to take the least amount of time and bring the most revenue into my business?
- What am I most excited about right now?
- What are my 12-month goals?
Many entrepreneurs tend to go into different directions, while the best thing is to choose your "biggest payoff project" and focus on it until you make it happen!
Warmly,
What is Your Highest Payoff - To learn more about this author, visit Milana Leshinsky's Website.
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Have you ever experienced "the curse" of being an entrepreneur?
Ideas are everywhere!
They're coming to you from books, CDs, seminars, interviews, mastermind groups, and your coach.
The only thing you can do is learn to manage your ideas effectively.
So, how do I decide which idea or project is most viable for me? Today I will share with you my personal project selection criteria. I hope you find it useful!
1. What kind of return on investment can you expect?
I'd have to invest time and money into any project I decide to work on. I want to know that it's going to be all worth it at the end.
2. How quickly can you get it off the ground?
Unless it's a project with a huge return on investment, I don't want to spend too much time on it. My book, for example, took me over 2 years to write and it's finally coming out in a few weeks. It started out as a collection of articles and newsletters. I then hired a ghostwriter--a former New York Times reporter--to assemble and edit it. (Biggest mistake, by the way! He "stripped" my book of my voice, and I had to spend another six months putting my voice back into it!)
The time investment, however, was worth it here because it's a high payoff project that will last me for many years.
For the most part, many of my successful projects take up to 30 days to develop or put into place. Sometimes I invest a day into a project that generates as much revenue as my one-year salary before I quit my job (HINT: a joint venture!).
3. Does it have any leverage and re-purposing?
"Get the most out of what you've got" -- great motto I learned the hard way, when I was still designing full-blown web sites for $200-$300. I like to feel productive. Any time I can say that I am "killing two birds with one stone" is a sign of a great project for me!
4. Do you have or can you develop a "back-end" product for it?
This is a big point--pay attention! Many times I come up with an idea, which is a "bright shiny object." It looks great, it sounds interesting, but it's a stand-alone product. In other words, I don't have anything else to sell to the same group of people.
Getting buyers takes a lot of effort, so if they buy one product, I want to be able to offer them something else. (That's why you always hear the words "product funnel" in marketing.) Unless you have or can find a way to develop a second product or program, it might make sense to drop this project altogether.
5. What kind of resources do you need to make it happen (people, research, tools)?
Sometimes I find that I need to partner with someone else to work on a project effectively. Or perhaps I need to invest time into further research, or money into new software or equipment. I will only do this if I know the project will bring significant results to my market and my business. Trivial products bring trivial rewards.
6. Is it going to solve a big problem?
Creating a product or program that is too narrow-focused, or that solves a very general problem is not best use of your time. Not only will you not generate any revenue with it, but you will also waste valuable time and energy you could've put into a more important and valuable project.
7. Will it generate revenue for your customers?
This may not necessarily apply to life coaches, but it is a key point for business, executive and career coaches! Any time you can create something that will generate revenue not just for you, but also for your clients and customers, it is a winning project. In other words, create something that your customers can use to increase their in/come.
8. What is the potential size of the customer base and can you easily reach them?
I always want to know that there is a sizable audience waiting for my product or program, and that I'll be able to quickly and easily reach them. It doesn't have to be your own database, you can form strategic alliances with companies who already have a mailing list of the people you're trying to reach.
Many times companies want to offer something to their customer database, but don't know how or don't want to actually develop it.
9. Can it take off and function on its own once you launch it?
I come up with new projects all the time, so I need to know that I don't have to "babysit" any specific product. If it fits in my "funnel" then it will automatically be promoted through my other products and services. Or, I could set up a pay-per-click ad on Google and generate traffic to it that way. Either way I want my products to become self-marketed after the initial launch.
10. How congruent is it with your overall message?
A project must fit into my message. For example, "The Apprentice" is fun to watch on TV, but it would be incongruent for me to develop a product on how to become Donald Trump's next apprentice. Grueling work hours, being on standby 24 hours a day, and hearing Donald Trump issue commands is not my idea of a great lifestyle. It might be someone else's though :)
11. Are you passionate enough about it to create a compelling marketing campaign?
Creating a product and not taking the time to create an effective marketing strategy simply doesn't make sense. I always plan the marketing before I develop my products. Many times I'll even create a web site before I start working on the project itself. If I am stuck and don't feel inspired to create the web site, I may cancel the project completely.
12. Will it help you accomplish your long-term goals faster?
I have some very specific goals for the next 12 months. If a project will not bring me closer to my goals, it will become a major distraction and sabotage my success. Of course, sometimes a
project comes along that doesn't fit these criteria, but feels like I can't let it go. I sit down and analyze why I am so excited about it and decide how to proceed next.
So there you have it!
Do you have your own list of criteria for choosing the right project?
Take a look at all you've got on your plate right now and ask yourself these questions:
- Where is the highest payoff?
- Which project is going to take the least amount of time and bring the most revenue into my business?
- What am I most excited about right now?
- What are my 12-month goals?
Many entrepreneurs tend to go into different directions, while the best thing is to choose your "biggest payoff project" and focus on it until you make it happen!
Warmly,
What is Your Highest Payoff - To learn more about this author, visit Milana Leshinsky's Website.
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