Ep. 36 The Million Dollar Idea is a LIE (Do This Instead)

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Do you feel like you’re one "big idea" away from financial freedom? Host Jim LeBoeuf challenges the "Million Dollar Idea Lie" in today’s episode. We often pass up wealth-building opportunities because they aren’t "innovative" enough, while the 1% are busy scaling boring, reliable solutions to common problems.

Jim shares his personal journey from offering free advice to launching a robust coaching business and community. This episode is a kickstart for anyone tired of the W2 grind who wants to validate a skill and see that first $100 in revenue. Stop daydreaming and start solving.

#WealthMindset #FinancialIndependence #SideHustleTips #ProblemSolving #EntrepreneurLife #NetWealthNest #MoneyGame

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Transcript

Jim 0:00

Stop waiting for the million dollar idea. Most wealth is built on reliable problem solving, not the next big app or the next new technology. Just take a look around at what I'm doing here. Financial education is not some new fad. It's been around longer than I've been alive. But finding a better way to do it or serving someone who isn't being served well, that's a business waiting to happen. Waiting for that next big idea to hit you over the head. That big light bulb to go off. That's what I like to call the Shark Tank myth. Many people think that they need the next big thing or something that has never been done before. Let me spoil that for you right here and now. There's pretty much nothing new under the sun and waiting for that big idea. Well, it actually just leads to daydreaming and procrastination. The real value is this. You need to find something you're good at. Something that solves problems for people, and this is probably the most important part, something that is high value skill. But what do I mean by that? This is probably gonna upset some people. A high value skill isn't flipping burgers at the fast food restaurant. That doesn't mean you can't be a chef and provide a high value skill. In fact, many people do this. Think about professional chefs that cook for athletes and celebrities. They're not cooking McDonald's burgers for them. They're typically cooking something that the person couldn't do themselves, or there's not enough time. in the day for them to do it. That's what high value means. Other areas you could think of are things like project management or, operations, financial education, specialized bookkeeping, tech support. All those things can be high value skills. Now in the world of ai, some of this is changing, but that doesn't mean there isn't an opportunity for you to take advantage of even those types of things. The key is reliability over innovation. People pay for problems to go away, not for a maybe or a tomorrow. one thing I think you should be searching for if you're in this mentality of starting a side hustle or side business or making other income on the side is. That first a hundred dollars philosophy, what I mean by that is that first a hundred dollars is just so important to you. The reason it's so important is it's kind of your validation that you can make money with whatever you're trying to do outside of your W2. It proves that the system is optional. And that's why it's also important to launch something that could be a good enough service or a good enough value today versus waiting for the perfect business plan or the perfect idea That never leaves your hard drive. You don't only think your way to business. You have to work your way there. And so let me talk to you a little bit about my journey in my own business. I love talking about, how to build wealth and how to build money. Obviously this is why you're here. That being said, as I learned more, I started to have those conversations with other individuals. and as I talked to those people, I found that I had a unique way of relating information to individuals that it was easy to understand and gave them opportunities to actually change some of the things that they were doing Without asking for it, I was actually given feedback on how I was providing some of the information and was actually invited to provide some of that information to a couple of groups of people. I went ahead and did this multiple times for free just to get my message out there and just plainly to help people. And after doing it for a couple of different groups and a couple of different individuals, one of the organizers of those groups reached out to me and said, Hey, like I want to continue to do this. I see the opportunity. There's some other things that we're doing that we would really love to bring you in and do this. What do you charge for this? And that's where I took a step back and I was like, whoa. I don't know... it was just something I was passionate about and people told me I was good at. And this individual is like, Hey, you should really get paid to do what you're doing. And that has led me down the road to not only doing group courses, but also one-on-one coaching. And we've just opened a new, community as well, all in efforts to serve individuals and help people. And what I found through doing this is there was a significant portion of people in my own community, but also across the country that just weren't getting the information they needed in the way they needed it to make changes. And so I worked on building out a business plan, continued the curriculum I had already put together and built out even more of it, more robust, more details, different concepts and more information. And at this point, package that where I can actually go out and teach these courses and I get paid for it. And those first checks that rolled in. We're kind of eye-opening, to be quite honest with you. I didn't anticipate to be able to do what I'm doing, for the amount of money that I've been paid for and through just giving away some of these services and meeting the right people and putting myself out there I was able to build connections where I finally met the right person that was willing to buy my services, and help me push them out into the world, and anybody can do that. It was just identifying the information that I wanted to share. And utilizing the skills that I had built both in my personal life and my business, life, bringing all that together to be able to share my message and get it out to the world. And the feeling on doing that was remarkable. And so I encourage you to do the same. But here's the catch. There are some things you need to do first. First list out 2, 3, 4 things at your current job that you always get asked to help with or fix. This is the service you offer. Now you do need to make sure it is a high value skill. So if you're getting asked to go get coffee for the office or take mail from floor two to floor four. Probably not a high value skill that you can utilize outside of your job. But if you're getting asked for tech support or how to do something, how to, involve AI in your workplace and work on workflows, how to provide other types of services inside your organization, that's it. That's your service. The next step, I would say post a service on LinkedIn or Facebook today. Just do it. Don't build a website. Don't try to do anything. Just post a skill offer, help to somebody and see if anybody takes you up on that. And if they do, do it for free for a couple times at first. And here's the reason why, because immediately you should be able to solicit them afterwards. Let's say you provide a service to them and you say, Hey, you know, I just did this for you. It's something that I'm good at. I like doing it. I'm thinking about offering this as kind of like a side hustle for me. Um, you know, be honest with me. Just give me the honest truth here. Would you have paid for this in, what do you think you would've paid? It allows you to start building some questions and seeing how viable your business is or how viable your skill and services. And they'll also tell you like, maybe your skill is kind of valuable, but not as valuable as you thought. Are there things you can do to change So that it may become more valuable or it may, warrant the amount that you would like to charge for it. I hope this is helpful. The whole goal here is to help people get outta this paycheck to paycheck cycle. It is a grind and it is rough right now. If this is helpful, please leave us a like comment below on any questions you might have or any topics you'd like to see us cover. And of course, please share it with anybody you think needs this. Thanks for joining today. My name's Jim. Bye everybody.