How To Find Your Best Money-Making Idea

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?

  1. 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.

  1. 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.

  1. 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.

  1. 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!

 

 

#1 Reason You’re Yet To Start Your Dream Business –And How To Overcome It

 

This one thing is stopping you from starting your dream business.

Fear.

We are all afraid of something. When you decide to champion your own life and decide your fate by starting a business of your own, fear often becomes a problem.

We unknowingly start giving excuses. Sometimes we label our fear as “being careful”, “inadequate resources”, “lack of experience”, “not enough time” but in reality, it’s often just fear.

I am not trying to undermine or even disregard other possible reasons for not starting. I mean, lack of capital is a very potent reason. But, it’s been proven that where the desire is strong enough, there’s always  a way to start out with resources that are immediately accessible.

In most cases, fear is always the underlying factor.

Yours could be fear of the unknown business world. Fear that you might bungle things up. Fear that you might make mistakes and end up losing the funds you started with. Fear that the business might fail. Fear that you might make a fool of yourself and look foolish to your peers. Fear that the funds you have will not be enough and that you will soon run out and be left stranded midway. Fear that you do not have enough experience and connections to pull it through. Basically; fear in all its definition stops most people from reaching out.

I get it.

There are many reasons that may cause fear in anyone – especially when you’re starting out with limited funds and in new terrains.

I know firsthand how paralyzing fear of the unfamiliar can be. It leaves tiny knots in your stomach and you begin to doubt yourself and your capabilities.

I started a business (several small businesses actually), that I grew from home. Running my business from within the walls of my home and behind the internet wasn’t much of a problem. You’d think that with my experience in starting small and growing it big that I wouldn’t have a problem reaching out, right?

When I decided to run this blog to share my knowledge and experiences in building a successful business, starting small and growing it big, I got paralyzed with fear. Literally.

I would pick up my pen to write on a topic that I know so well but I just wouldn’t be able to.

I didn’t understand what the problem was – all I knew was that each time I tried making a blog or even social media post; I would literally freeze up within. It doesn’t even begin to make sense to me; I mean, I love marketing and sales, negotiating and quickly closing sales. I thrive at coming up with strategies to turn around product and business ideas, I can quickly identify winning products from afar even before they get in demand but freeze up at the thought of publicly posting stuff on social media and on my blog – who can rationalize that?

One day I read a quote “Unless you are ready to look foolish, you will not achieve greatness”  -Cher.

 It was then that it dawned on me.

I realized that I was such a perfectionist in strategizing that I feared looking foolish.

The questions kept coming – what if I’m unable to communicate with my readers? What if nobody reads my blog and posts? What if people read and no one comments? What if I get ridiculous comments? What if I become yet another “copy-cat” “me-too” blog without adding real value? What if…?

The more I allowed the “What Ifs” in my mind, the more I fed my fears, and the longer I delayed in doing what I know that I truly want to – make an impact in today’s generation with my knowledge.

 

“Entrepreneurship is simply having the courage to just do it” – Barbara Cash. Click To Tweet

I’d say: EVERYTHING worth doing – is simply having the courage to just do it

This is the first real blog post that I’m writing on entrepreneurship … and then the “what if” questions are piling up again. What if …?

But I tell you what; I choose to be courageous and pour my heart into my writing anyway.

Enough about me.

What about you?

What has fear kept you from doing? How has fear stopped you from reaching out even when the odds are in your favour? How many times have you come up with solid business ideas but gave up on them because you were afraid? In fact, what business venture are you about to give up on now out of fear? What about that growth opportunity you just got but you’re balking at the idea because you think you cannot do it? How many times has the fear of criticism and failure stopped you? How many of life’s achievement have you allowed to pass you by?

Before you go on and answer these questions, I’d like you to know that:

  • Everyone has fears, some tangible and others – imaginary kinda.
  • Every successful entrepreneur has had to face his/her fear before achieving any measurable success.

So how do you overcome your fears and start your own dream business anyway?

  • Reaffirm your reasons for wanting to start your own business.
  • Carefully go over the facts, figures and your options.
  • Be sure you’re starting a business you’re naturally poised to exploit. Don’t just go into a business because of its “new shiny object” status.
  • Be ready to accept full responsibility of your own actions and decisions.
  • Ignore the nay sayers (sometimes they actually mean well and are only looking out for best interest but ONLY you are in charge of your own destiny)

The truth? There really is no overcoming it – you simply just do it!

Now you can go on and answer the questions above…and get right on to build that dream business of yours even if it means starting from your kitchen table!

 

If you have any other suggestions or tips for new entrepreneurs to overcome their fears, feel free to share them with us in the comment section. I’d love to hear from you!!