How Do You come up with a Business Idea? – part 2
In part 1 we gleaned some insights into how we can develop an idea for our business.
Now in part 2 we will take a closer look at how to find and develop that million dollar idea.
You want to start a business, but the thing that’s holding you back is not being able to decide on what your business will be about.
You work through all of the steps and procedures to come up with the perfect business but you’re still unsure. Stop. Stop worrying, stop the uncertainty and just start. You can research and analyze things to death. They will never be perfect and you will never ‘feel’ ready.
Don’t get me wrong, you need to research and do your due diligence, but in the end you need to put yourself out there and get started. This will be a huge learning experience and if you don’t start you will never gain the knowledge. The only way to learn is by doing it.
If things don’t work out perfectly (and they probably won’t), you will gain invaluable knowledge and insights into the online marketing field. You will learn, test and try new things in order to move your business forward and if it doesn’t take off then you use that knowledge to try again with a new idea.
If you’re having a hard time coming up with an idea or have a few, but can’t decide which way to go, try the following five steps to help you find your niche.
- Identify your talents, interests and passions.
Make a list of 5-10 interests, hobbies and passion that you have.
Be honest with yourself because you don’t have to show the list to anyone. This is only for you to see unless you want to share it with someone. Make sure that this list is only things that you are passionate about and are good at, not things that you wish you were good at.
This may sound obvious, but you’d be surprised how many people skip this step.
Many people only think of the money aspect, trying to find something that will make them a fortune. Don’t get me wrong, money is great and we all need it to survive, but if your niche isn’t something that you are really passionate about then you will quickly burn out.
It needs to be something that you love doing in your free time. Something that you are always thinking about, something that you can’t wait to get out of bed to start doing, something that you would do for free.
I really look forward to getting up every morning, grabbing my coffee and heading down to my home office to begin my day. I never have a bad day, no commute to worry about; if the weather is bad…..no problem, and I get to do something that I love, working with my community.
If it is not something that you love doing the money won’t matter. Look at what you are doing now for your day job, you probably make good money, but can’t see yourself doing it for the next 40 years.
If your niche isn’t something that you care about deeply then the odds of you giving up and quitting will greatly increase.
If you are still stuck then think of the areas you have special skills or experience in. What do people tell you you’re good at? What special skills or knowledge have you developed through your work? What did you love to do as a child?
Still stuck? Check here to get the juices flowing…….WikiHow.com
Finding a niche that you’re both knowledgeable and love is the sweet spot that you need to find.
- Identify problems or what do people need?
Now with your list of topics, you’re ready to start narrowing down your options. To create a successful business, you will need to find problems that your target customers are facing and then try to solve them. If there is something that you need, but doesn’t exist if there is something that you are frustrated about or feel that it could be done better, chances are that others feel that way too.
Here are a few things that you can do to identify problems in your niche:
Take a look at Quora (a website where people ask questions and they are answered by others in the Quora community), Yahoo Answers is another place where you can find people asking questions about many subjects.
Search for forums related to your niche, then take a look at the discussions that people are having. What problems do they have? What questions are they asking? You don’t have to even join in, just listen and learn.
Research keywords (Keywords are ideas and topics that define what your content is about). Explore different keyword combinations on Google Trends and Google AdWords’ keyword planner. This will help you to uncover popular search terms related to problem areas in your niche.
We will finish the last three steps next time in Part 3.