100 successful businesses distilled into a simple formula, why most business ideas suck, and the exact process I follow to generate business ideas that are guaranteed traction on day one.
This guide is week 2 of my “Build a Lifestyle Business from Scratch” project. The goal is to start a new business and build it to $1K monthly profit in 120 days or less. If you want to follow my updates over the next 120 days, click here.
In week 1 I started with affirmations, the same place I start whenever I’m tackling a really hard problem. If you think affirmations are BS, click and read the article and then come back and talk to me. Better yet, try them and THEN come back and talk to me.
As much as affirmations go against everything inside of me, I can’t deny results. Not only do they work for me. They work for me when nothing else seems to. And they work for others, too. I have recommended the practice to countless friends, students, and readers now, and I’ve never seen a single case where someone used the affirmations and failed to achieve (or surpass) their goal. It’s uncanny.
Anyway, this guide is a change of gears. We’re going to get tactical. What follows is the exact step-by-step method I use to create a profitable business idea from scratch. And not only am I going to teach you how to find a profitable business idea… I’m going to follow the exact same process to find one for myself, in real time.
Let’s get into it.
Intro to Finding a Profitable Business Idea
This entire guide is based on the premise that virtually everyone has a business idea somewhere deep inside — it’s just a matter of finding it. That may sound a little corny to you. That’s okay. Let me put it another way:
Everyone has value to offer the world that people would be happy to pay for.
You don’t have to invent the iPhone or start a tech company to create value. In fact, you don’t have to create anything novel at all. You can earn a hefty income selling stuff someone else created. Or you can perform a simple service.
For example, my buddy Oscar teaches people how to earn six figures with an auto-detailing business. Auto-detailing is an old business, but anyone can create a new version of it in their city and make great money.
Your background, skill set, appearance, experience, dreams, desires, etc all combine to make you uniquely suited to sell something. And that idea is probably simmering just beneath the surface of your conscious self.
This guide will help you suss it out.
This guide is NOT a series of mental exercises designed to put you in touch with your inner self.
It is a technical process — a series of concrete steps you can take that will yield concrete results.
Who Is This Guide For?
This guide is for anyone who wants to work for yourself but doesn’t have a real business idea yet.
It’s for anyone who anyone who has already started a business but had little to no traction. (You can use my business-discovery method to test an existing business idea.)
It’s for anyone who has multiple business failures under their belt and is ready to try again.
It’s for anyone who has one successful business, but wants to diversify with a side hustle. (This method has an AMAZING track record with building side hustles.)
It’s for anyone who knows the industry they want to work in, but doesn’t know how they can be valuable.
It’s for anyone who has an engaged audience but doesn’t know what to sell to them.
It’s for anyone who brainstorms “brilliant” business idea after “brilliant” business idea, only to find out no one is interested in it. (This is me. In fact, these repeated failures are why I created this guide. I needed an objective method for testing my “brilliant” ideas before I lost my shirt.)
In short, it’s for anyone who needs help finding a business idea.
Where Did I Learn These Methods?
I am not the author of these business-discovery methods. I have borrowed them from some of the best business minds on earth. Tim Ferriss, Ramit Sethi, Ezra Firestone, Jeff Walker, Bryan Harris, and others.
What I have done in this guide is combine the business-discovery principles that these giants have tested, proven, and published; distilled them down into simple steps; and built them into a spreadsheet tool that will give you quantifiable answers that you can use.
It is 1,000 successful business ideas distilled down into a simple method anyone can follow to start their own business.
What result can you expect from following this method?
Uber, Shopify, The Five-Minute Journal
Maybe you think, “Those brands are huge. I could never create the next Uber.”
Here are some more recent examples from a just a few of my students.
compression packing cube
doggy lifestyle brand
coffee cup warmer
shoe cleaning kits
What results can you expect?
Step 1: Finding a Niche
- what I’m going to teach
- where I learned it
- proven results
- results you can expect
- Finding a niche
- look at your spending
- disposable income shows you where you’re price insensitive
- price insensitivity -> profit opportunity
- scratch your own itch
- understanding the market
- Product/Service Ideas
- 4 questions
- 40 ideas
- No judgment
- Service ideas are usually cheaper and easier to start
- Some ideas suck
- Use filters to get rid of them
- The ideas left are good
- The ideas that score over 50 are great!
- You have pre-validated the ideas by pitching them to people who might want them
- You understand the marketplace because you’re a member
- You know how to sell it because you’re solving a real problem (4 questions)
- It should be relatively easy to start because you’ve factored startup costs into the score
- Next step – starting the business.