Once you have your second ideas coming in, it’s time to find out what people want to pay for and will like to do.
Step 2: Validate your ideas
This is a critical step that MANY miss. And I’ve seen the results of skipping this step happen time and time again: People are still standing, months after starting their business, trying to figure out why they’re not making money or progressing.
I’ll tell you why: Because their vision was not good in the first place.
You won’t make that mistake though. Instead, you will invest a little time to make sure that your second income idea is a winner.
To do this, we’ll use a system I call ‘Payment Guarantee Testing.’ The best part is you can validate your ideas in less than 15 minutes.
Here’s how it works: Take a piece of paper with your ideas and write down who would pay you for each service next to each one.
- Is your idea “communications consultant for law firms?” My legal partner can pay for that.
- Is your idea a “jobs consultant for millennials?” Twenty-one job seekers will pay for that.
- Is your idea “violin teacher?” Parents of music-loving children will pay for that.
Once you’ve done that, it’s time to ask yourself two questions:
- Is my imagination willing and able to pay for this service? (Requirement)
- Am I willing and able to provide this service? (Enter)
Where those two questions meet is where you will find your best ideas.
So take it, a communications consultant for law firms. “Will my law partner be able to pay?” That’s right. Law firms have more money than God.
Are they like that you are determined paying a social media consultant? Probably not. Law firms are generally not interested in social media. They hire and market themselves in other ways.
Decision: Delete the view.
How about something like “violin teacher?” Are the parents able to pay? Yes. Parents who can afford to buy a violin for their child will be able to provide tuition fees.
Are the parents willing to pay? You bet. These parents will do almost anything to make sure their child is perfect and successful.
Verdict: Good idea! Pursue!
Use the Payment Guarantee Test on all your ideas. Once you have done this, write down all the ideas that have passed on to their ‘good ideas’ list. Don’t worry about others. They are not rejected forever and you can revisit them later if you want.
At this point, however, you should have at least three to five ideas that could be of secondary benefit.
Now choose the one you think is the best.
I know. It’s like choosing which child you like. But, at this point, there are no wrong answers. The important thing is to pick one and try it.
Once you’ve chosen your second income idea, now it’s time for my favorite part: Finding your first client.
Step 3: Find your first client
So now that you have your second ideas for making money, it’s time to start putting your ideas to work, and you do that by getting your first client.
Although it may seem difficult to start selling your skills, it is actually quite straightforward as long as you have the right plans.