A Three-Step-Path to Unlimited Business Ideas
The rat race.
The corporate treadmill.
The hamster wheel.
Nobody likes to be on it, but where’s the exit ramp? How do you break the cycle? One possible exit strategy is to start a company.
Hi, I’m Zwigs, and that’s the path I’ve elected to try. I had a business idea. I quit my 9-5 job and I’m currently trying to figure it out! You can read more about that here, but how do you even come up with business ideas? That “URRG *facepalm* WHY DIDN’T I THINK OF THAT” feeling was happening to me at least three times a week.
~Until~
I discovered this three-step-path to generating unlimited business ideas that were hiding right under my very nose!
The three-step path will teach you:
to focus in on a target market
use insider knowledge to spot problems
generate unlimited business ideas
I also included a worksheet to further train your mind to spot these sneaky business ideas. Check out my YouTube Video about business ideas below!
Where do Business Ideas Start?
Most business ideas revolve around solving a problem. That is good advice, but it is not where you should start. Don’t focus on the idea or solution to a problem either. So many people make this mistake that it has a name: a solution in search of a problem. Tim Ferris in his best selling book the 4-Hour-Workweek masterfully explains the proper way to generate business ideas.
Tim’s method:
First start with the target market, otherwise known as the niche.
Second, find a problem that particular people in that niche have.
Lastly, find a way to solve that problem with a product or service!
NICHE
A niche is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large.
Step 1: Pick a niche (actually pick a few) that you personally belong to. Why? Because you have insider knowledge about those niches.
Insider knowledge can encompass a wide array of industry-specific insights. It’s only obtained by being in that specific industry. If you are a bug collector, you probably know what type of pin to use when hanging up your new butterfly carcass. You know what techniques to use to find these little critters You know a thousand other things that only a bug collector would know about, because you’re a bug collector!
There are MILLIONS of niches out there, because BILLIONS of people exist and some tend to get involved in the same sort of things. Here are some examples of categories of niches.
Work Experience
Examples: Sales Professionals, Teachers, Construction Workers, Farmers
Sports
Examples: Soccer Players, Crossfit Athletes, Power Walkers, Rock Climbers
Hobbies
Board Games, Musical Instruments, Coin Collectors
Characteristics
Couples, Parents, Blind People, Ethnicity
ANY group that you belong to, gives you insider knowledge about that group! Insider knowledge can always be used to your advantage. Those who are not in the group will be ignorant to such insider information simply because they have not engrossed themselves within that niche’s world.
Problem
Step 2: Look for different problems, using your insider knowledge, within a niche.
Maybe ice climbers are displeased with the type of socks that are available for them. Maybe moms that go on power walks really want a device that measures how long each individual stride is. Maybe Bigfoot hunters want a robot that can search for Bigfoot while they sleep. There are millions of problems facing billions of people. Here are some of the more popular “problem types” that consumers typically face.
Functional Problems- This task is challenging/annoying and I want it to be easier
Example: digging a hole with your hands isn’t very efficient, if only there were a device that made it easier. (Hint: it starts with SHOV)
Social Problems- I want to connect or standout more to my friends
Examples: my [literally anything] is too boring, I want something that looks better!
Money Problems- I want to save or earn more money!
Example: This product solves a problem that I have… but its too expensive for me!
Health and Safety Problems- I want to be healthier or safer!
Example: I want to start exercising, but I don’t know where to start!
There are other problem types that consumers face, so keep your eyes peeled and get creative when encountering anything frustrating within a niche!
Solution
Step 3: Solution is where you think about the product or service that fixes the problem!
Maybe you have found a problem that nobody has solved yet, or maybe you have found a way to “make a better mousetrap” and improve a product or service that is already out there! Here’s a couple categories of improved solutions!
New Features
Example: Apple’s iPod held more songs than other competitors MP3 players
More User-Friendly
Netflix originally mailed CDs right to your house which was more user-friendly than having to physically go into a movie store like Blockbuster
Cost-Effective
IKEA furniture kits are far more affordable than buying furniture from other retailers.
Better Looking
a Hydro Flask water bottle looks more fashionable than a Thermos, despite containing the same water insulation properties.
Now What?
That’s the process, now you just gotta do the work! Start with a niche, then find a problem within that niche, and ONLY THEN look for solutions.
Here’s an example:
Background: As I am writing this, I have just gotten my wisdom teeth removed. My cheeks look as if I have enough acorns in them to last the three winters. I’m also in quite a bit of pain…
Niche: People that just got there wisdom teeth out.
Problem: Swelled up cheeks!
Solution: A helmet designed to rest ice packs on your cheeks.
Is this a good idea? Not really (if you wanna steal it, go right ahead), but that’s not the point. Thinking of a niche, finding a problem in that niche, and brainstorming a solution is exercising a creative thinking process. The more you do it, the better you’ll get at it!
These idea’s won’t jump out at you right away so keep your eyes open! Look in multiple niches. Brainstorm multiple ways to solve the same problem!
Here’s a worksheet to help you practice! Follow the directions and you’ll be cranking out business ideas in no time.
Checkout my YouTube channel for more here