Episode 251: How I Created a $1 Million Business Idea

By Sarah Walton | October 22, 2024

Click here to watch the video version of this podcast episode

You can look up the steps online to make seven figures in a business. You’ll probably get a good strategy. But that’s only 20% of what will make you successful. The other 80% is where the magic happens.

This is not a gimmick. After being a coach for more than 16 years, there is a common thread among all the extraordinary human beings I’ve had the privilege and honor to work with – and that’s actually believing something is possible.

When we're up against a world where it looks like everybody's trying to sell something, everybody's being a little slimy, we start to question what's actually real, what's actually authentic, and what actually can happen. So, I’m going to pull back the curtain on how I came up with my million-dollar idea.

How to create a million-dollar idea

These days, seven figures gets thrown around a lot – business owners, do you want to scale to seven? That kind of stuff. But how does someone actually do it?

There are several avenues to create a business that can sustain you completely. I’m going to let you inside how I work with my students in the Abundance Academy.

Now, if you’ve never heard of the Abundance Academy, it’s my signature program to answer how I could help more people faster.

If you were asking that question, you might say you would write a book. Or start recording videos. You might create an online course or become a keynote speaker. All of these are valid options for hitting seven figures.

Find the magic 80%

The 20% strategy is necessary for success. But the magic happens when you start breaking down what is holding you back. We all have those niggling doubts. Can I really do it? Is it really for me? Can I really make it happen?

The magic 80% is your mindset. Because as you start to implement the 20% strategy, your mindset, your experiences, your childhood, things that didn’t land how you wanted to will have you quit.

You’ll start to chase the shiny objects. You’ll redo your website, your About page, and your services page. Those shiny object activities are happening because you are bumping up against the edges of where you’ve been before, and it starts to get uncomfortable.

You start wondering what people are going to think about you. You start wondering if you're doing it right. You start wondering if you know somebody better is going to come along. You start wondering if you should have even started this anyway, because aren't there enough of whatever you do already out there?

But we all have a different way to go through life. We have different passions. We have different things we want to teach. We have different ways that we want to be represented, different ways we want to be of service to other people, different ways we want to challenge ourselves and grow.

Surround yourself with success

And if we try to do that by ourselves, we get into trouble every time. We were not meant to go through massive expansion periods in our lives by ourselves.

That is another way that I knew I was onto $1 million idea when we came up with the Abundance Academy. Not only were people getting held back by what they thought was real, they didn't have anywhere to go.

They didn't have a group of people who were up to something just as big as them, a group of people who've been there, or who want to be there, or have done this like 4 or 5 times already. And each time they get a little bit better.

They didn't have a coach by their side; they were alone trying to figure this out. (By the way, if they could have figured it out already, they would have figured it out.) There's so much that we can see in others that we cannot see in ourselves.

We need more than just our own minds or even our bestie to help us through these moments where we're trying to expand. The ego starts screaming, “This is too big, this is too hard. Who do you think you are? You can't do this. This is for other people.”

One of the best pieces of advice I've ever heard: when you really want to create something amazing, you want to be in rooms with people who've already accomplished what you want to accomplish, or who are up to accomplishing the same thing.

Expand what's possible

So when you're looking to create $1 million idea or how to even generate something at that level for you, it might be a stretch right now. Maybe you need to start by saying, what's a $3,000 idea that I can execute this month? What's a $5,000 idea I can execute this month? From there, I want you to move to $10,000. From there, I want you to move to $50,000 and start expanding on what you think is possible.

Then, as you start to come up against blocks, have playmates in your sandbox with you -- people who know what it is to run a business. People who know the challenges that only we know, the challenges that only we face as we try again and again to show up in this world.

So, as you are looking at your own life, I want you to start to set some stretch goals for yourself. What's the next big step you could take? Where could you expand to start to get towards that million-dollar idea?

If you are interested in joining the Abundance Academy and having other people with you, I want you to click the link below this video or in the show notes. And I want you to start exploring what could happen for you. Where is your next million-dollar idea? $10,000 idea, $100,000 idea, $500,000 idea. You need to start exploring that and then having the tools, the mindset and the strategy. And hopefully a coach at your side showing you how to make your dreams a reality!

If you're ready to enhance your relationship with money, check out the Abundance Academy. You'll hear directly from Sarah personally.