Are you ready to start your online business, but struggling to come up with a viable idea?
If so, you’re not alone. Coming up with an online business idea is one of the most common struggles we see among our listeners and members. That’s why we devoted an entire episode to helping you come up with a business idea!
We will walk you through a step-by-step process for how to come up with business ideas. Our goal is to help you find a great business idea that is centered around the key business fundamentals AND is something you are relentlessly committed to.
Why? It’s a win-win for everyone!
Your customers want to hire someone who is completely committed to serving their needs and solving their problems.
You want to work on something that is personally satisfying and fulfilling to your soul.
See? Everyone wins!
Let’s dive into how to brainstorm a business idea.
Addressing Your Worries About Finding a Business Idea
We know firsthand how hard it is to take the leap and get started brainstorming online business ideas. There are plenty of objections that may pop up in your mind, like:
You might have other worries too. Bottom line though, we know you’re afraid. Afraid to take the leap and make a commitment to yourself.
We’ve addressed a lot of these concerns in our earlier podcast episodes, but today we want to bring you back to the Tony Robbins’ momentum model that we discussed in episode 3: the keystone to success for online entrepreneurs.
We know that humans have amazing potential—YOU have amazing potential! Once you tap into your potential, you find your hunger and drive that pushes you toward action.
Taking action gives you results, and seeing those results helps you believe in yourself even more. This drives you to tap into your potential again, take more action, and see more results! This cycle keeps feeding into itself, giving you momentum.
This is how successful people become more successful! So let’s get started in helping you get momentum!
Before we jump into the step-by-step process of brainstorming business ideas, let’s take a moment to review the key strategic elements your business idea should be based on:
Incorporating these two things will set you on the road to success. To understand more about why these are important, check out episode #3 of the podcast.
To guide you through these brainstorming exercises, we’ve created a downloadable worksheet that takes you through each step of brainstorming business ideas. You can use this to follow along with each step to come up with your business idea.
A niche is a very specific group of people with a unique combination of interests and needs. Niches can be based on several different things:
Your niche should be as specific as possible to help you narrow down what problems to solve and what needs to meet. If it’s too broad, it will be much more difficult to provide products and services because it’s not as specialized and focused.
It’s okay to start with something broad in this exercise and narrow it down as we go. Think about specific attributes of the broader niche that you want to support. For example, if you want to support teachers, what kind of teachers? Montessori teachers? What kind of Montessori teachers? Maybe Montessori preschool teachers, or Montessori teachers in a big city. Try to be as specific as you can!
If you’re struggling to think of a niche, listen to the episode for some real-life examples of niches that can lead to business ideas.
Once you have your list of niches, choose one that speaks to you the most for step two. (You can always repeat the exercise with your other ideas later but start with just one.)
You’ll need to determine some information about this niche. Below are some questions to jumpstart your search for this information. If you can’t answer these questions on your own, ask a few people you know fit this niche! People love to talk about their lives and it’s a great way to connect with others, particularly during social distancing!
Here are four questions to start understanding your niche:
Once you have built out this picture of your niche and their needs, it’s time for the most important question: How can you help them?
As you answer this question, don’t filter your thoughts at all! Write down everything that comes to mind, and we’ll sift through it later.
Now it’s time to think about what concrete products and services you can provide to your niche that will help them solve their problems and achieve their goals.
Here are some of the most popular ways to provide e-learning products, as we discussed on last week’s episode about making money from your online business.
You will also want to consider what you will offer for free, and what will be a paid service. In this episode, we dive into how to determine what should be free content and what should be paid, but here’s a sneak peek as to why this is important:
Free content helps attract new customers and gain their trust while establishing your credibility and demonstrating value. It should provide a teaser to what your paid service will give them so they are persuaded to buy from you.
Listen to the episode for more on what works as free content and what works as a paid service, as well as examples from specific niches.
By now, you’re hopefully closer than ever to having a viable business idea. The final step in this brainstorming exercise is to think about how you can differentiate yourself from other businesses that might be attempting to serve the same niche (or a similar one).
Start by listing out all the things that make you unique. These can be things you think about, say, or do automatically that you don’t notice other people doing. Think about how you can incorporate these things into what you’ll offer customers. This is the basis for your brand.
Making your services stand out doesn’t have to be a wild or intense angle. It simply has to be something that you—and only you!—can bring to your customers, shaped by your experiences, interests, and strengths!
Now that you’ve gone through our brainstorming exercise, you should have some creative thoughts brewing—and might even have a business idea! Congratulations!
Next, it’s important to take a little break from thinking about this and let your ideas marinate a little. Let inspiration strike you on a walk or get creative insights from pondering this all in the shower—research shows that 72% of people get inspired there!
Once you’ve found a business idea that’s exciting to you, you can move on to the next step: figuring out if your business idea is feasible! We’ll be covering this topic more on future episodes.
To wrap up, here are some of the key takeaways from today’s podcast episode:
Be sure to listen to the episode for a step-by-step walk through of the brainstorming exercise worksheet, as well as real examples for each piece of the exercise!
Then leave a comment on our private 20 Hour Work Week Movement Facebook Group to help support everyone in this movement.
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Links mentioned in this episode:
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