#531: The 4-Step Checklist I Use Before Adding Something New To Your Business

Jan 3, 2023

Exploring the excitement of new business ideas can be thrilling, but caution is key. The speaker shares a practical four-step checklist to evaluate whether a new offer is worth pursuing. Drawing from recent experiences with a coaching program, she emphasizes the value of feedback and focusing on what works. This method helps entrepreneurs avoid distractions from their successful ventures, ultimately leading to more thoughtful growth and increased revenue.

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ADVICE

Inventory Your Revenue Streams

Take inventory of every revenue stream and list how you made money in the past year.
Optimize top performers first before adding anything new to your business.

ADVICE

Prioritize High-Profit, Scalable Offers

Prioritize offers that generated the most revenue and highest profit margin.
Ask if those offers can scale or operate with minimal ongoing effort to boost profit while reducing work.

ADVICE

Remove Offers That Drain Resources

Identify underperforming or expensive offers and consider deleting them to free capacity.
Use deleted or retired offerings as room to add something new that better fits your goals.

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What I do to ‘check myself' when I have a shiny new idea

If I had a dollar for every time I had a new idea for my business, I’d be a very rich woman. And I’ll be honest, one of the most fun (and rewarding) parts of being an entrepreneur is the opportunity to experiment and try new things.

But one of the biggest lessons I’ve learned over the years is that you shouldn’t always go full steam ahead on adding new offers to your business -- whether it be a course, a workshop, Live or Virtual event, or something else.

It’s smart to err on the side of caution, and really evaluate whether it’s going to be something that adds value to your audience, and increases your bottom line.

And here’s why:

If you spin the wheels trying to make every idea that you have happen, you’re going to lose focus on something that might already be working really well.

Now, there are certainly times when you should add something new to your business. I’ve done this many times.

But every time I have a shiny new idea that I just can’t stop thinking about, I force myself to take a pause, and run through my simple, 4-step ‘checklist’ to make sure that it’s really something that is going to benefit my business.

And guess what? I’m sharing that exact 4-step checklist with you in this episode, so you can use it whenever you find yourself in a similar situation.

So grab your notebook and be sure to take notes, because what you’re about to hear could save you a lot of time and money in the long run.

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