Show notes
Million dollar ideas are just the beginning. I remember the day that I got a phone call from her and she said, "Hey, we hit a million dollars in sales for this year. I'm really excited." it's a huge thing because when you're looking to grow like that -- when you're talking about multiplying your revenue in a relatively short period of time -- there are very specific things that have to happen. Most people don't know what those things are, and even if they do know what those things are, they don't take action on them consistently enough to make it happen.
David: Hi, and welcome to the podcast. In today's episode, co host Jay McFarland and I will be discussing million dollar ideas. Welcome back, Jay.
Jay: Hey, thank you, David. I have to tell you, this is a running joke in my home that I constantly have million dollar ideas. But I never do anything about it. And so I'll have them.And then years later, my wife's like, you told me about that, you know, five years ago, why don't you do something about it? And I'm like, I don't know.
David: Yeah. And you're not alone. I do the same thing. I think pretty much anyone I know who's been involved in business in any capacity has had ideas. And then they see that somebody else did it later.
And they're like, "Oh man, I thought of that years ago." And it's like, yeah, well, unfortunately, as you indicated, thinking about it does not actually get it done. But it's a fun topic because since we all pretty much have had them, we all have million dollar ideas, the question becomes. What are you doing with it?
Or are you doing anything with it? And as I was thinking back on this in preparation for this podcast, it occurred to me that of the million dollar ideas that I might've had, and who knows, the ones that you don't pursue, you have no idea what they're worth, especially if nobody else then comes along and turns it into a billion dollar idea, but it occurred to me that I only took action on a few of them, and the ones that I took action on actually yielded some really good results.
And the thing about a million dollar idea is... There's a time component that really plays an important part in that, right? You could say, all right, my million dollar idea is to make $25,000 a year from the time I'm 25 until the time I'm 65. So if you multiply $25,000 by 40 years, it's a million bucks, right?
But if you're earning $25,000 a year and it costs you $35,000 a year to live, then that plan is not going to work for you. But it is a plan. It's an idea. It's a million dollar idea. And so as we're thinking about things that can actually get us from where we are to where we want to be. It's a good idea to consider that.
All right. Well, what's the likelihood of generating revenue from this and how much on an ongoing basis so I can have an idea of where it's going to take me?
Jay: Yeah, it's such a great point. I think for me, the fear of putting myself out there is one of the reasons why I haven't pursued.
And I've taken, some of them were good enough. I've taken a little stabs at them and I want to be successful by just stabbing at them and not really diving in a hundred percent.
And it's not until I said, "okay, I'm all in." It wasn't the idea that was bad. It was my desire to actually put any work and effort.
I've just, I've always said, I want to have a company where all I do is come up with ideas and sell them. I don't want to have to actually put the effort into, working on them. Why can't I just earn the money from the idea?
David: Right. Yeah. It'd be great if it worked that way, but somebody has to do the work that actually generates the revenue.
But when I think about million dollar ideas, particularly as it relates to business. If somebody's doing $250,000 a year in their business in four years, that became a million dollar idea. Now, again, if that's your gross sales, it doesn't mean that you're making that much, right? It doesn't mean that you're pocketing that much, but it counts.
It's a million dollar idea, and then the question really becomes. Is my million dollar idea a million dollars in a lifetime? Is it a million dollars over 10 years? Over five years? Over a year? Is it a million dollars a month? Is it a million dollars a week? A million dollars a day? Because different businesses generate different amounts of money.
I don't know what Amazon is generating, how quickly it generates a million bucks, but it's probably a lot faster than a million a day. It could be down to the minutes and seconds, probably is.
Jay: Yeah, I really think a lot of what you're talking about is your expectation, right? you're just saying, I want to have this idea to make money, that to me really kind of feels misguided.
And to be honest with you, a million dollars does not sound like that much money anymore, right? So it's more a matter of, I think defining better what the idea is and what you want it to achieve.
Are you looking for financial freedom to where you can travel and buy nice cars? Are you just looking to pay your bills?
I think putting some better definition on it is more important than using this word million dollar and somehow that's a sign that you've been successful. Cause as you said, you may be making millions a year in gross sales, but you could be losing as much, if not more. So, yeah, you have to be a little bit more specific than that.
David: I remember when my daughter was young, we were talking about the idea of a million dollars at one point. And I said, well, think about this. Let's say you make a million dollars. You're able to save a million dollars and you've got a million dollars.
You've got exactly a million dollars in the bank. And so you go out to celebrate and you go have lunch at McDonald's and you spend $12. Now you're no longer a millionaire. Right? Because you spent your twelve bucks. Whatever it is. And, I don't know, just the idea of these money benchmarks being some form of accomplishment, I think is a little misguided.
Yeah.
And generally it's misguided by people who look at it as a goal, think that it's something to aspire for, and then if and when you get there, it's like, oh, okay, now what? You know, now you go for more, right? And no matter what your number is, even if you're Warren Buffett and you're a multi billionaire, probably another extra billion or two never hurts.
Jay: Yeah, I agree. For me, I kind of think about how I deterrnine success in business. I have steps, like you said, benchmarks. So my first benchmark is, can I just pay my bills? Right? Can I feed my family, pay my car payment, keep the electricity on?
If I can pay my bills, I've achieved a level of success because I don't have to go out and have somebody else tell me how to do my job all day for an hourly wage.
So that's goal number one. Can I pay my bills with my business year round? Then I start saying, well, can I still make the money I'm making, but do less or spend less to make it?
So maybe I only have to go into this business three days a week, and then two days a week I can be with my family or I can be tinkering, you know, with my car in the garage or something like that.
So I start to look at it more in terms of time than I do in terms of actual dollar amounts.
David: Yeah, the time component is huge and also consistency I think is huge. I had a client who signed up for our Total Market Domination course a couple of years ago. She was doing about $250,000 in sales at the time.
She wanted to get to a million dollars. And so we went over the specific steps that she would need to take to do that. And she was a great implementer. She was able to do it. And I remember the day that I got a phone call from her and she said, "Hey, we hit a million dollars in sales for this year. I'm really excited."
Yeah.
It's a huge thing because when you're looking to grow like that, when you're talking about multiplying your revenue in a relatively short period of time, there are very specific things that have to happen.
Most people don't know what those things are, and even if they do know what those things are, they don't take action on them consistently enough to make it happen.
So for those who are looking to get to benchmarks like that, if you have a million dollar idea, if you know in your bones that this thing is likely to generate that amount of money, but you're not quite sure how to get there, then we really ought to have a conversation.
Jay: Yeah, and again, we talked about scary things and the fear of the unknown in our Halloween podcast.
That's what's so hard, and one thing I keep telling people is, you don't have to reinvent the wheel. This is not the beginning of time . There are so many people out there who have done this and duplicated this over and over again.
And often times, just coming up with a unique idea, that's one of the toughest parts of the battle.
Then if you can access and not be afraid to talk to people, see people like yourself, who have done this over and over again, and who have helped other people achieve it, if you can get rid of a lot of the unknown, and then just implement your idea, how much better is that going to be for you?
David: Exactly. And so much of it just boils down to focus. It's about what are the few things, what are the fewest steps I can take, the fewest number of activities that I can engage in to get me to my goals. And a lot of times it's a lot simpler than people think. But they're so distracted with all these different things they think they have to do that they end up missing the boat.
And it goes back to your point earlier where, "hey, wouldn't it be great if I could do less things, do fewer things, and still generate the revenue?" And the truth of the matter is that if you're doing too many things, your likelihood of getting there goes down dramatically.
Jay: Yeah,