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.
This guide is all about generating a profitable product idea. 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.
- 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.