Coming up with good online business idea is the most critical part of starting an online business. Finding a killer idea is not that difficult, and if you don’t want to go into all that trouble you can simply use affiliate marketing instead. As an affiliate you leverage time and resources that someone else had invested. This is probably the best option if you’re just starting out.
3 Simple Steps to Find Million Dollar Business Idea
Step 1: Idea Generation
During this step you have to free yourself from criticism and judgement. All you’re trying to do is to come up with a list of around 20 ideas. Just write down what you have on your mind.
One of the common beliefs is that you should have brand new and completely unique idea for your business. This is not quite true. You can simply look at what’s already working out there in the business world and make it better.
Here is a tip for ya’. As you go about your day, I bet you had few kick-ass ideas but unfortunately you could remember what these ideas were when you needed to. Well, to prevent this from happening in the future why don’t you carry a small notebook in your pocket. As soon as you get good insights and ideas, jot them down.
But you should always chose something that interests you. Imagine the life you could have if you could do something that you love and something that has the potential to make you financially independent within next 5 years.
Step 2: Assess the Potential of Your Ideas
What we need to find out next is whether our ideas can be turned into a viable home based business. This is where most entrepreneurs go wrong. Remember that you should always do a basic research to find out whether there is high enough demand for the product or service you’re planning to develop or market.
Just because you like the idea doesn’t guarantee that other people will like it, and most importantly, pay money for. After all we are in this business to make money.
There are FREE tools you can use to check whether your ideas have any potential or not. Here is an example of how to do this…
Let’s say that your hobby is dog training. We now need to find out if there are any people looking for information and products related to dog training. To do this you should first head over to google keyword tool and type in your keyword – in our example – dog training.
Hit search and you’ll be presented with some interesting data just like this…
This image represents only small fraction of additional ideas that you’ll get. You can think of those initial ideas that you come up with as kind of “seed ideas”.
There is an important concept that you should become familiar with and that’s concept of searchers intent. Image above shows real keywords that people use to search for information. But as you go through this list of business ideas you should ask yourself what is it that people rally want to know.
When people type in dog training, are they looking for dog training books, equipment, services or local trainer. Because we don’t know exactly they want we are not able to pinpoint the right product or to create the right service that will match the needs of our target market.
So what should you do?
You should go deeper into the market – you should find a niche. Niche is basically a small subset of the main market. For example, dog training is a general market, but dog training equipment is a smaller portion of that market.
But once again, something like dog training equipment is still not specific enough. People don’t just buy training equipment just for sake of storing it in the garage. They have specific need and that specific need requires specific solution.
Step 3: What to do With Your Kick-Ass Online Business Idea Once You Find One
Having found a great business idea with lots of potential is very exciting. But potential will not pay your monthly bills. You need to translate that potential into money. The way you do that is by creating or finding a ready made product that best represents the business idea you’ve discovered during the research.
Here is what I mean…
So we started with very general idea – dog training. But once again this is too general and there is business saying that goes something like this: if you’re trying to talk to everyone then no one will hear you.
You must find one specific need that people have and then talk to them about your product via that need. For example, if you identify market need such as: how to stop your dog from jumping on other people, then you have a winner (if there is enough demand for this).
Next you need to put yourself in position of those people that have this need. Ask yourself why are these people trying to stop their dog from jumping. What is driving this desire. Well, imagine how would you feel if you walk your dog has dirty paws. Your dog jumps all over your friend’s brand new jeans. How embarrassing.
Now if you create website with headline that mentions this then those people who come to your website are more likely to buy whatever you’re selling then anyone else. And this is because they feel that your whole website and your product was created just for them.
So there you have it! As you can see, finding hot business ideas is not as difficult as you may think. Use these 3 steps to guide you along the way.