Last updated on January 31st, 2022. Posted in Finding Profitable Business Ideas.
How to find business ideas -- practically all new business owners struggle to find new, unique, and profitable business ideas, don't they? It's like, on the one hand you want to run a successful and profitable business...
Here are links and resources mentioned in today's video. Enjoy!
...but on the other hand, finding an idea that's really going to work can feel like some kind of dark mystery, can't it? So here, we're gonna find out how to find business ideas to help get you on the right track.
Okay let's dig into all this "how to find business ideas" stuff. It can be real tough sometimes to come up with really good business ideas. But here's the rub: As business owners, you and I don't need to come up with anything.
Coming up with what we thing is a rare, unique, and novel idea for a product, service, or business, is what I call a "magical big idea"...
...because we think they're valuable and magical and that they'll give us everything we want.
But really, as I say, you and I don't need to come up with anything at all. Instead what we need to do is look for problems.
That's because people -- that is, your customers -- don't buy products or services. They aren't interested in your novel, unique ideas.
Instead, what your customers pay for is fixes to problems. I mean, isn't that what you and I do, too? We spend money to have our problems fixed.
So all we need to do is search for problems, issues, and challenges that people are wrestling with. But that said, it goes further than this.
Let's say we've uncovered some problems that people are having. The next thing you and I need to do is, we need to evaluate that problem.
First, we need to determine if this problem is a problem that we can fix. In other words, do we possess the skills, knowledge, and means to solve this problem?
Second, does solving this problem offer us as business owners a viable opportunity? What I mean here -- directly -- is, can we solve this problem and make money doing it? Can we solve this problem at a profit?
This really boils down to who we're solving the problem for, and how complex the problem is. There are many markets that have plenty of problems...that just don't recognize the value of having those problems solved...
...and if your market doesn't value the solutions you're offering, then it's gonna be a tough slog.
Equally, if you aren't able to solve frustrating, complex problems...but instead are solving easy to fix problems, then that's gonna be a tough slog too.
Third, do we *want* to solve this problem? Do we enjoy solving these sorts of problems? See, just because you're good at something, just because you *can* do something...doesn't mean you should build a business around it.
And that's because really, our top priority here isn't to make the most money -- having that as your priority is a recipe for disaster. Instead, our priority is fulfillment...
...that is, doing work we enjoy doing...and doing it for the sorts of people we enjoy serving and being around.
And this, my friend, is what the internet and building an online business allows us to do.
We don't have to work for work's sake or work just to make money. Instead, we can connect with likeminded people, an audience with shared interests...we can do work that fulfills us...and we can earn a very nice living in the process.