It’s a given that if you want to make money, you need ideas – profitable ideas. But I’ll take it a step further:If you want to create crazy and super-sustainable wealth – look for problems! Click To Tweet
I am all for ideas, in fact, one of my favourite quotes on ideas is:
“Capital isn’t so important in business. Experience isn’t so important. You can get both things. What is important is ideas. If you have ideas, you have the main asset you need, and there isn’t any limit to what you can do with your business and your life. They are any man’s greatest assets – ideas.” – Harvey Firestone
We churn out ideas all the time in our head and that’s cool. But our ideas may be beautiful and meaningful to us but lack real value in the real world.
It doesn’t matter one bit if you spent countless of sleepless nights working on your ideas. It doesn’t matter if you, your friends and family “think” it’s a great idea. Many great ideas have failed and nowhere to be found today.
Any idea seem beautiful to the person who thought about it. Sometimes we are tempted to clutch on to it because it fills a gap in us – it makes us feel kinda super. We want to profess it to everyone “Hey, that’s my idea!” – but that’s where it ends.
As much as I like creative ideas, the bitter truth is that ideas remain just that – ideas – until you find a way to convert it into cash.
As a golden rule, for every business I start and for all my private clients and students, I always look for pertinent problems to solve first.
Think about it: The most successful businesses in the world today all solve a major problem.
Over 3.5 billion searches on Google everyday revolve round people searching for solutions to their problems – almighty Google can’t be wrong, right? Problem solving = Sustainable cash revenue
So, how do you know if you have a money-spinning idea?
- Does It Solve a Common Problem?
This is the most crucial question you need to ask yourself. Your business idea MUST have the ability to solve a real problem in some way. It has to be a solution people are clamouring for. If there’s a problem that you, your family, friends and co-workers need a solution to, chances are high that many others need the solution as well.
- Will People Pay For It?
There are problems you solve and the most you get for it is a hearty “Thank You”. That’s not the kind of problem solving I’m talking about here. Until you have a paying customer, your idea may very well just remain an idea. When you have a solution that people are both willing and ready to pay for, then your idea has great a chance of success and is business worthy.
- Does It Fit Into A Known and Easily Reachable Market Category?
You’re just starting out and so shouldn’t try to branch out into an unknown and probably untested category. By known, I mean an easily identified category such as health and beauty, food and beverages, cosmetics, building and construction, fitness, service providers etc.
I am not in anyway asking you to limit yourself to these popular categories. The point is, if you cannot easily fit your new idea into an already established, tested and proven category, you might likely have a tough time marketing your business – let alone making tons of money off it.
- Is There a Sizable “Hungry” Niche Market For It?
A business that tries to serve everyone all at once often spells doom for a new entrepreneur. Likewise, a business that serves too narrow a market will probably choke to death as well.
Your money-making business idea doesn’t necessarily have to be new or novel. What you need is a solution that a sizable and targeted niche market is actively looking for a solution to. A “hungry” customer is a paying customer.
When I started a hair care products business, I deliberately didn’t go mainstream into regular hair care products. I chose a niche with a hungry market – hair loss treatment. I determined that people with this problem needed a solution that works and most importantly, they are willing to pay for proven solutions. In the same way, your business idea can be a money-spinner if you find a hungry and sizeable niche market waiting to grasp the solution idea brings.
Ready to take on the world of entrepreneurship with your ideas and make good money too? Test if your idea fits into these four categories and patiently fine-tune it and you will have that winning idea in no time.
Let me know if you have more suggestions for a winning business idea in the comment section. I’d love to hear from you!