How do I find a business idea?
What type of business should I start?
You want to start a side business.
Or you dream of replacing your full time job with a freedom based business one day, one that will give you more time and more money to live your dreams.
But you just wish you know what kind of business you are called to do.
You know that every successful Business was once an idea.
You know that the majority of the richest people in the world and all Fortune 500 companies are so, because someone decided to start their own business and work hard at it.
But you’re stuck.
You’ve been circling around this issue for a quite a while now.
You’ve been sitting here racking your brains trying to figure out the right business to start.
So how do you find a business idea?
How do you go from “no idea” to having several ideas to choose from – even if you don’t know where to start?
You know there are lots of business ideas out there.
But you need the idea that will be right for you.
You don’t want any scams, you know there are a lot of them, you just need some honest advice.
Use this rock-solid strategy used by successful entrepreneurs to go from no idea to many ideas.
Well, this is my honest opinion: stop looking for business ideas and start looking for problems.
The truth is this.
You will continue to find it difficult to find a business idea until start looking for problems.
The problem is: most people spend all their lives running from problems.
People hate problems.
So they hide from their problems.
And avoid others who have them too.
I must admit, I was like that too.
Well, can you blame me?
Would anybody in their ‘right mind’ looks for problems?
Who is their ‘right mind’ would?
As soon as you solve one problem, there is another one waiting to be solved.
Problems are obstacles stopping you from getting where you want to go.
They slow you down.
They waste your time.
They stop you from achieving your goals.
And worst of all, you then have to pay to have them removed.
And when they are gone, you think they are gone forever, but not so with some type of problems, the stubborn ones.
So, I don’t really blame you if you hate them and run from them too.
But that’s not the full picture about problems.
As Steven Covey says: “The way we see the problem is the problem.”
Now, this is what the wealthy minority know that the poor majority fail to discover…
There is another side to problems that you need to understand if you’re going to be successful in business.
But just like every coin has two sides, there is another side to having problems that most people fail to discover.
But some special people have discovered this other side of the coin and have discovered a world of abundance, a world of plenty, a world of endless opportunity.
These special people are called entrepreneurs, they live in the same physical as you do, but they spend most of their time in a different mental world.
In this world, they love problems.
They run towards problems.
They embrace problems.
Problems are the entrepreneur’s friend.
They see problems as opportunity.
The bigger the problem the bigger the opportunity.
So they look for big problems to solve.
Sadly, naive people don’t see this.
The whole business world is moved by people paying other people to solve their problems.
You pay people for solving your problem.
Solving problems make money.
Solving problems is the secret of the wealthy.
Solving problems is and getting paid to do it, is one secret to financial abundance that nobody wants to tell you about.
Now, if you want some of this wealth to flow your in your direction, you need to make the necessary mindset adjustment.
You need a re alignment.
You need to be properly aligned.
Outlook changes results.
“Don’t focus on the money; focus on a problem that needs to be solved for the one for the world…money will follow you as a by-product.” – Manoj Arora
This is one small key that unlocks financial prosperity and allows it to flow into your life.
So, if you have also been running from problems, you’ll need to change that, don’t you think?
You need to start chasing after problems and develop yourself so that you can solve the most difficult ones for your clients and your world.
So, are you still wondering how to find a business idea?
The answer is simple.
It’s right before you.
Now, let’s get your mind whizzing with ideas
One of the awesome techniques I created to help my Clients who are struggling to find a business idea is: The Ultimate Idea GenerationTechnique.
It’s a wonderful problem hunting strategy.
The great thing about this eye-opening technique is that it helps to up open your mind so that you can uncover potential business ideas that are already within your reach by asking some simple but important questions.
It’s a great technique to get you started as you step out to find a business idea you can run with.
I’ll share a bit of this technique with you to help you get unstuck.
Use these super actionable questions to generate great ideas
1. What is Your Ideal Client Frustrated About?
There’s no point in having a business idea that nobody is willing to invest in. The market forces of demand and supply are still at work.
An idea remains an idea if there is no demand for it.
But having customers is what makes a business a business.
If there are no customers wanting what you have to offer, if there are no customers beating a path to your door, then you don’t really have a business.
So find a target market that you want to serve.
Hang out hang around with them.
Listen to their conversations.
Find out what problems are keeping them awake at night.
What is their biggest frustration?
2. What Are People Complaining About?
It’s great when a company, product or service gets many great client reviews, but when people are disgruntled about a product or service they already use or may want to use, therein lies a potential business opportunity.
As Bill Gates puts it: “Your most unhappy customers are your greatest source of learning.”
I’ll also say, they are a great source of wealth.
Great entrepreneurs not afraid of negative reviews.
They turn their client’s and other people’s complaints into new products or services that add value to the service already being provide, or use it as the launch pad for a new business opportunity that they can even make more money from.
You can mine a lot of insights from following popular blogs in your niche or going through the reviews of the best sellers on your niche topic.
What insights and business ideas can you get from the popular blog post comments?
What do the customer reviews on best selling books in your niches tell you?
Are you listening?
3. What Problems Do You Pay to Fix?
Since I am always on the lookout for business ideas that really work, I take notice when I have to pay to fix a problem.
I even take greater notice when I don’t even quibble about getting the problem fixed or paying what the supplier asks for.
I look at problems that I can’t wait to get fixed.
Problems that I would rather have fixed yesterday.
Problems that I would even pay extra to have a form of insurance against.
What problems do you pay to solve?
And which ones do try to get sorted immediately?
These may be pointers to a great business idea.
4. What Problems do People Ask You to Solve?
You may have skills and abilities that are oblivious to you, but obvious to others.
They may be second nature to you now, but sometime ago, they were not.
Now, if you find people coming to you for advice or for help to solve a particular problem a lot of the time, what they may be seeking you out for may be a good business idea.
I had a doctor friend call me from across from across the other night. They were desperate for a solution to their problem.
They had a technical IT problem.
They had bought some hardware which wasn’t working with the software that they had installed on their computer.
Although I had a technical background and had worked in the computer industry for awhile in the past, I really had no desire to engage with or solve these kind of problems any longer.
I had burnt out by the time I left my 9-to-5.
But now, I had this friend needing help calling me from the other side of the world.
I listen to his PROBLEM.
I asked of some simple questions.
I did some troubleshooting with him.
And I SOLVED HIS PROBLEM.
Kazuo Inamori once said, “Too many people think only of their own profit. But business opportunity seldom knocks on the door of self-centered people. No customer ever goes to a store merely to please the storekeeper.”
When we are so focused on getting rich and stop thinking of helping people solve their problems, people and money stop knocking at our door.
So, what problems do people come to you to solve?
5. What Problems Are People Willing to Pay You to Solve?
Still talking about my Dr friend from across the pond…
I was about to put the phone down, what he then did took me totally by surprise.
He asked for my bank account details and said he wanted to put a little something in there for me for the help I have given him.
I wasn’t expecting that.
It got me thinking that that may be a good business idea.
On another day I walking down a road in my neighbourhood, my neighbour flagged me down. They needed to get something technical done and wanted to pay me to teach them how to do it.
I showed them how to do, but the learning curve was a bit too steep for them to get a professional finish on what they were working on.
So, they asked if I would do it.
They then decided to pay me to do it for them as well.
It got me thinking again.
This was still using my technical Computing skills, skills that I was not monetising, or not willing to monetise.
But people who were technically challenged seemed to keep on reaching out to me for help, and were more than willing to pay me for helping them with these skills.
What skills and experience are you sitting on that people may be willing to pay you for?
You may already be sitting on a lucrative business idea.
6. What Problems Have You Overcome?
There is a lot of mileage in creating a business out of the challenges that you have already overcome.
There are always other people who are facing the problems that you have faced in the past.
Were you made redundant and were able to find your way back into employment?
Well, there other people who are currently facing that problem who would need your expertise and may be willing to pay for your help to get through this challenge without all the struggles that you had to go through.
Do you always have to struggle to get to the airport and back whenever you’re travelling?
Well, there may be people who are also struggling to get to the airport whenever they travel.
What can you do to make this journey much easier for them?
Lists all the challenges that you have overcome in your personal life or career. And simply work out which one that might be the basis of a good business idea.
7. What Problems to You Get Paid to Solve at Work?
What do you do in your day job?
This one is a bit tricky because because most people don’t think they’re at work solving problems.
They think they’re working.
At work you may be solving problems for your boss, your colleagues or clients.
You already have a lot of mileage in what you currently do in your day job.
You’ve developed expertise, gained industry insights which you can now take into your own business.
A lot of people start to take control over their life by using their current skills to freelance rather than using them to work in a 9-to-5. Then they use freelancing as a launchpad to owning their full time business.
What are you already doing in your day job?
What problems are you already being paid to solve?
Which of these problems are you passionate about solving?
New problems emerge every day, there will always be problems with this as long as this earth remains.
This tells me there will always be a surplus of business ideas for you to choose from.
The truth of the matter is that you don’t really have to look too far for a business idea as I’ve just proved to you using The Ultimate Idea Generation Technique.
As you answer all these questions, you are on the way to discovering a great business idea, one that you can run with.
If you need more help with How to Find a Great Profitable Business Idea, get in touch.
An I can share with you other techniques which I use to help my clients find the right business idea for them and test that them for profitability.