For aspiring entrepreneurs coming up with a business idea can be a very daunting and confusing process. You’re confident that you can start and run an amazing business, make a ton of money, and live the life you’ve always dreamed of…If only you could come up with the perfect idea!
Where do you start? Can I be profitable? Will people buy my product or service?
So many questions!
Today I want to help you find your first or next business idea and show you a process that you can use to create unlimited ideas and open your mind to a wealth of opportunities that pass right by you every single day!
Method #1: The Niche
There are a ton of successful businesses that do a lot of things, often too many things. Businesses either cast a wide net towards their market or they “niche” out and get specific.
For aspiring entrepreneurs, I recommend the niche method…casting a wide net when it comes to creating a business can be overwhelming for your first rodeo. You will get farther and be way more efficient by focusing on one specific need/market.
What is a niche?
In business, a niche is a small focused segment of a market.
For example, Amazon sells a large number of products covering almost every industry: clothing, shoes, baby products, fitness, and the list goes on and on.
An example of a niche would be a business focused on one specific product such as fitness equipment. Or if you wanted to niche even farther you could focus on fitness resistance bands.
The farther you niche the easier it is to sell and market your product. However, there is a such thing as niching to far. Niching too deep could cause problems when trying to grow and expand.
Finding a business idea using the niche method is as simple as looking at an industry and selecting a specific product. Once you have selected a product, all you have to do is find a way to source the product and add value so that you can compete.
Exercise: In the fitness industry find a product that you are interested in and think of new ways to could make it better or add value to entice customers to purchase.
Method #2: The Gold Rush
I’m sure you’ve heard of the great “California Gold Rush”! If you haven’t, the California gold rush occurred from 1848-1855. The news of people finding gold brought over 300,000 people to California looking to find gold and make a fortune for themselves.
Lots of people did, in fact, make a lot of money. But do you know who made the most money?
The people who sold shovels and gold finding equipment. This “Gold Rush Method” is an excellent way for you to find your next business idea.
How do you use it? It’s simple.
In today’s world, we don’t look for gold per se, but you can look for new fads/trends in the market place.
I’ve seen gold rushes around eBay, niche sites, t-shirts, Amazon FBA, hair/custom jewelry and more. And every time, some of the best businesses to come out of these rushes are the services that support them!
For example, a ton of businesses have been built exclusively to serve Amazon sellers. These are product research services like Jungle Scout, fulfillment tools like Ware2Go, and even FBA prep services.
The next time you see the emergence of a new trend, think to yourself what kind of product or service could you create to accompany this new trend.
Think of what common problems they have? Or, if you’re in the gold rush yourself, what problems do you have?
Be warned, when it comes to fads, businesses will go just as fast as it came. But you can definitely capitalize using this method.
Method #3: Scratching your own “itch”!
If you’re looking for a problem to solve, why not solve your own? If you are facing any issue or problem, the odds are that there are many others facing the same thing.
For an entire day, I want you to keep a notepad or use your phone to jot down any and every inconvenience you encounter. I’m talking about every little minor irritation.
For example, Noah created AppSumo because he was tired of paying a lot of money for software. He created a marketplace to help other entrepreneurs find amazing deals and services for a great price. He scratched his own itch and also helped a ton of others scratch theirs as well. BTW AppSumo is doing incredibly well financially!
As you become more aware of your own problems you will undoubtedly notice tons of new business opportunities. Solve your problems first and then go solve them for others!
Method #4: Rip, Pivot, and Jam!
( Yes, this is a picture of actual jam!)
From the great minds over at TropicalMBA.com, the rip, pivot, and jam method is pure genius. Using this method can get you up and running and making money in no time at all!
Here’s how it works:
- Look at another successful business, and copy their business model (rip) …
- Apply it to a new industry or vertical (pivot) …
- Hustle like crazy to get customers (jam).
That’s pretty much it.
For example, Alexandra Kenin saw plenty of bike tours, bus tours, walking tours, and even Segway tours in her adopted hometown of San Francisco, so she had the idea to offer an “urban hiking” tour. Now her company hosts 1000 urban hikers a year and she’s even gotten a book deal out of her not-so-little side hustle!
Look at popular business models and think of creative ways that you can pivot and create a new business following their same model!
As you can see there are quite a few methods you can use to come up with unique business ideas. These 4 methods are just the tip of the iceberg…. there are more! Open your eyes, get creative, and start building those income streams!
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