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How To Choose A Million Dollar Business Idea
February 20, 2023
So, you want to escape the Rat Race, carve your own path and start up your own business. And of course you want it to be a successful business! Below are some useful tips to help you do the research to find a business idea that will work for you, and get you started on a life of financial and personal freedom.
Starting a business can be an exciting and fulfilling endeavour, but it can also be challenging to come up with the right idea.
Fact: most businesses fail within 5 years.
So, it is essential if you are going to start a business that you choose what you invest your time and money into very carefully.
Ideally, you want to find something that aligns with your interest and skills, but also has the potential for significant financial success.
Here are a few tips to help you find a good business idea:
1. Look for problems to solve:
One of the most effective ways to identify a profitable business idea is to look for problems that need solving.
Whether it’s a product or service, your business should aim to provide a solution to a real problem that people are facing.
Start by asking yourself and others around you what issues they are struggling with, and see if you can come up with a solution.
Next time you find yourself saying, “WTF, why do they do it like that?” (or similar) – recognise therein lies opportunity.
If you are thinking like that, so are countless others.
They are your market.
2. Identify your passions and skills:
Your business should align with your passions and skills.
If you are passionate about a particular subject, you will be more motivated to work on it and will be more likely to succeed.
Similarly, if you have a specific set of skills that can be leveraged in your business, it will give you a competitive advantage.
3. Research the market:
Before committing to a business idea, it’s essential to research the market to see if there is a demand for it.
Look at your competitors and see what they are doing well and what they are not.
You don’t have to reinvent the wheel. Identify any gaps in the market that your business can fill.
Look for ways to do it better – Amazon, Uber, Deliveroo are just 3 examples of multi-billion-dollar companies that took an existing service and did it better.
4. Add what MJ De Marco calls in his book Millionaire Fastlane: ‘value skew’.
This refers to the difference in value between what someone is willing to pay for a product or service, and the actual cost of producing or delivering that product or service.
He argues that businesses that have a large value skew are more profitable and sustainable in the long-term.
A product or service with a high value skew means that the customer is willing to pay much more than it cost to produce or deliver it.
This allows the business to make a significant profit margin.
Creating a value skew involves finding ways to deliver more value to customers than the cost of producing or delivering the product or service.
There are several strategies that businesses can use to create a value skew:
a) Innovation: Introduce new and unique products or services that customers cannot find anywhere else.
b) Branding: Develop a strong brand that commands a premium price, and is associated with quality and exclusivity.
c) Personalization: Offer customized products or services that meet the specific needs of individual customers.
d) Education: Provide customers with valuable information, insights, or training that helps them solve a problem or achieve a goal.
e) Convenience: Make it easy and convenient for customers to access your products or services.
f) Scarcity: Create limited availability of your products or services to increase perceived value and demand.
g) Service: Offer exceptional customer service that exceeds expectations.
h) Network effects: Create a product or service that becomes more valuable as more people use it.
Creating a value skew takes effort and creativity, but it can be a powerful way to increase profitability and customer loyalty in the long-term.
One key point is whilst you should be committed to your course of action, if for whatever reason it’s REALLY not working and you can’t find a solution, don’t be afraid to pivot: Sometimes, even the best-laid plans can go awry.
Take what you’ve learned and use it to adjust your approach.
Be willing to take risks:
Starting a business is inherently risky, but without risk, there can be no reward.
Be willing to take calculated risks, and don’t be afraid to fail.
Failure is a natural part of the business process, and it’s often a necessary step in the journey to success.
Keep in mind that finding the right business idea takes time and requires a lot of self-reflection and research.
However, by applying this advice, you’ll be stacking the odds in your favour and giving yourself the best chance of success.
Looking to escape the Rat Race and create a life you love?
I can help.
For ongoing advice, mentorship and support to quit your job and start a business that runs on autopilot, so it delivers the money and freedom you want, come join my online community and Crack The Freedom Code.
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