Successful businesses ALL start with a winning, profitable business idea…here’s our system for finding hot business ideas:
I put together this post specifically because there are so many of you asking questions about online marketing tactics and techniques BEFORE you even have a semblance of a profitable business idea.
Before you jump into SEO, blogging, content generation or even building your first product you want to have a sense for what your business value is to the market…
In other words, what problem or desire are you targeting, what is your unique value, who is your target market and what interest, passion or strength can you bring to this business?
Specifically – let’s take a look at the 3 main principles of finding your hot business idea.
1. Massive Desire In The Marketplace
All successful businesses target massive desire. That desire can be based on avoiding pain (low self confidence, health issue, emotional pain, financial debt, etc…) OR based on helping someone achieve highly desired pleasure (get hot date, raise confident kids, have the best trained dog or pet, improve your physical or emotional shape, etc…)
Now, desire in a marketplace can be blatantly obvious (such as the desire to lose weight) or it can be quite hidden or suppressed (Ex, the need for more convenience we may not have even realized yet)
To find pockets of desire, seek out frustration, wishes to improve or have something that is not yet achieved, questions, or even inefficiencies that you see are involved in accomplishing things
2. Perceived Unique Value
This one confuses many people. What you MUST do when you identify a challenge or desire within a marketplace is at least one key differentiator that MATTERS to someone you target within that niche market.
The unique differentiator may be that you deliver what they want in a simpler, more efficient, more complete, quicker or more credible way. That may be achieved by how you position the product, how you construct and/or deliver the product or how much you help in that decision up-front to take confusion or to help in the decision process.
It does not always mean that you have something that is actually more complicated or is ACTUALLY any better – the “better” in this case is purely in relation to how your target customer perceives the value of your offer
3. Your Strengths – Alignment
While some of you may disagree, I would argue that my decades of business experience has proven (without a shadow of a doubt) that the most successful businesses are built by those who align their passion and strengths with the growth of their business.
Does this always mean that entrepreneur’s are passionate about their product right off the bat?
Not always, but mostly YES.
The exceptions are where the entrepreneur is passionate about some other aspect of that business…for example they may not be passionate about their product, but they may be passionate about selling, driving new market adoption, writing, or some other aspect of their business and they fill in the passion for the product in other ways (either they become passionate over time or they seek out a partner who is)
So, has this helped you find your idea business idea?
Have you got your idea and are ready to move forward, or are you one of the many who perhaps has been putting the cart before the horse in marketing on top of a foundation that just isn’t completely there yet?
