Last updated on March 25th, 2021. Posted in Finding Profitable Ideas.
Finding a strong idea for your business and for the products and services you'll offer is really something that begins with you -- it begins with something that's inherent and genuine about who you are and what you're great at.
Here are links and resources mentioned in today's video. Enjoy!
As you might guess, it doesn't begin with making millions, buying a lambo or any of that stuff. Although these things may motivate you, really, they're trophies that come at the end for a job well done.
So really, while it's important to dream big, the actual idea that you have for your business starts with you. The starting point is to know yourself. Try to answer these questions: What are your interests? What do you value most? What are your preferences towards work and business? What's your ideal lifestyle?
I know this might be sounding like a self-help seminar, but trust me, figuring this stuff out is totally worthwhile. Taking the time to really figure out -- really, to discover -- who you are and what you want is hugely valuable.
For me, I struggled until I got really clear on this stuff. And when I sat down with pen and paper and began working this stuff out, it was like discovering something that was so obvious because I knew it all so well -- what I wanted in life, my personality, my preferences, and so on.
It was like travelling the same route you've travelled 1000 times before, but this time really stopping and taking your time and looking at all the details and scenery that you'd previously rushed past.
Next, what skills do you have? And, what skills might you need to develop? So ask yourself: What am I good at? What set of skills do I already have? What skills (that I don't yet have) would compliment my existing set of skills?
The next part is to apply the skills you have and the skills and knowledge you're gaining to solve big, complex, difficult problems for the audience you want to work with...in a way that fits you, your personality, and your preferences.
So, what kinds of people do you want to work with? Weekend-warrior mountain biking enthusiasts? Professional small business tax planners? Busy single parents who are health conscious? Who?
Next, what market segment do you want to work with (bargain shoppers, mid-range, high end)? And what sort of business do you want to build -- discount retailer, to offer a wide selection, or to be a premium vendor?
And to put all this together, it could be expressed as: 1) You (your personality, your preferences, your unique perspective) + 2) Your set of skills (skills you already have, skills you need to develop) + 3) Big problems that the types of people you want to work with have.
Intersect you and your set of skills, with what your market needs -- that's when things really start happening! If you can get these three stars to align, you'll be on to something.