To further help you analyze income opportunities, use a process that my 5 Day Weekend collaborator Garrett Gunderson employs. It’s called the Idea Optimizer
The Idea Optimizer is a complete business system in and of itself that’s designed to:
1) capture an idea,
2) define the process required to create value in the marketplace through that idea, and
3) determine if the idea is worth implementing. It’s also a platform for capturing an idea, taking that idea to concept, then from concept to concrete opportunity, from opportunity to product/service/ experience, and finally bringing that product to the marketplace.
Identify a recent idea you’ve had that could be brought to market. This may be a completely new idea or an idea of how you can improve and expand what you are currently doing. Use that idea to answer the following questions.
Assets of the Idea
- Why is the idea valuable?
- Who values the idea?
- How can you leverage this idea in multiple ways?
- Do you have the capacity to implement the idea yourself? If not, who can do it for you?
- Are you inspired by the idea?
- Does the idea align with your passion and purpose? If yes, how?
- If the idea were purchased in the marketplace, what would the experience of the customer be?
Liabilities of the Idea
- Do you have the time to support the idea?
- Do you have necessary systems in place to deliver the idea to market?
- Do you already have the resources for implementing?
- Do you have any areas of uncertainty about the idea?
- Are there any areas of the idea that drain your energy?
- Are there any holes in your teams that would prevent implementation of the idea?
- Do you have any internal beliefs that the idea is impossible?
Resources for Implementation
- Can you identify a system for delivery of the idea?
- How can you create certainty surrounding the idea and its implementation?
- What people do you know with expertise and passion in the area of this idea?
- How can you market this idea before the product is created (Win, then Play)?
- What mediums of leverage exist to deliver this idea to the market (social media, radio, TV, books, people, forums)?
- Identify a strategy or solution that overcomes or addresses every liability of this idea.
- Imagine the idea fully implemented. Work backward to define a timeline for achieving the idea, complete with deadlines.
The world is full of amazing, innovative, ingenious ideas that fulfill no real demand in the marketplace. The products and services that result from implementation of these ideas inevitably languish, because no one is willing to pay for them. Even if a product or service has a demand in the marketplace, the economics of fulfilling that demand might not make sense as a business proposition.
I explore this aspect of the Idea Optimizer in my next post.
In the meantime, consider the questions that the optimizer asks of you – what does that say about your idea as it stands now? Is it viable? Thank you for sharing.
Secure your copy of the “5 Day Weekend” book. 5 Day Weekend: Freedom to Make Your Life and Work Rich with Purpose [Nik Halik & Garrett Gunderson]