How do you determine what to create next in your business? How do you know if it’s worth your (or your patients’) time or money? How do you make sure that what you’re creating is scalable and not a dead-end offering?

In this episode, Meghan and Braden are going through the top three ways to triage your next business offering and ensure that it is the right offering to create and focus on. They share how to stress-test your idea, which money questions you should be asking yourself, and how to know if your patients actually want your next offer!

Key Takeaways:

[:13] How do Meghan and Braden decide what to create? How do they come up with their ideas?

[2:35] Welcome back to the Virtual Practice Podcast!

[3:00] About today’s topic: creating new offers.

[3:46] What it means to “gut test” your ideas and avoid “dead-end offers.”

[4:36] How to know when you’re ready to create something new.

[6:33] Meghan’s three-part methodology (T.A.M) will help you know when to create something new for your business.

[6:57] T = Tension (i.e. Where do you currently have tension in your business?)

[10:15] A = Asking (i.e. How to figure out what kind of offer to create through validation)

[11:43] M = Money Test (i.e. Making sure that it passes the money test and will give you a meaningful return on investment)

[15:08] How to know when to pursue a passion project (aka a “5 a.m. project”) and how you can leverage it for your business.

[19:22] Meghan’s four key takeaways.

[20:14] About next week’s episode!

[20:21] Regardless of your background or credentials, if you want to build a practice or business that creates impact and health for others, Meghan and Braden are your team!

[20:36] If you are looking for a place to see patients and you don’t want the hassle of contracts, rent splits, or commitment, head on over to HealthHives.com to create your free account!

[20:47] If you found today’s episode helpful, please consider leaving a review wherever you listen to the podcast!

Mentioned in This Episode:

The Entrepology Planner

More about 5 a.m. projects

For More on the Virtual Practice Podcast:

Visit HealthHives.com/Podcast and join us on Facebook and Instagram @HealthHivesCo.

For future episodes, visit HealthHives.com/Podcast!

Tweetables:

“I ‘gut test’ everything. [I ask myself:] Is this thing I’m making inherently scalable? … Don’t put your time and energy into, what I call, ‘dead-end offers.’” — Meghan Walker

“For you to create something new in your business; a new offering in your business, the first place I think you should look is: where do you currently have tension in your business?” — Meghan Walker

“Don’t go make things until you’ve asked people and you know that they would be interested in it.” — Meghan Walker

“Even if you’re running a not-for-profit, you still have to make sure that you’re making financially sound decisions. There’s no profession or nature of professions that’s exempt from that.” — Meghan Walker

“Not everything you do has to be this grand ol’ idea that’s going to scale to millions. You can start with those little things that will increase your margin from 20% to 30%.” — Braden Urquhart