086: How to Find a Good Business Idea [Podcast]

The dream of many across the world is to own their own business. Everyday many industrious people all over the world are exploring business ideas. I want to help you in your explore to find ideas that  fit your personality AND also will make you money.

“Creative Commons” by Josefa Holland-Merten is licensed under CC BY 2.0[/featured-image]

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Coaching

I have recently started working with new coaching clients. If you are in need of a career change or are working a business venture that needs some help, check out my coaching page for ways we can work together.

How to Find a Good Business Idea

Do’s 

• Start thinking through your calling. (If you have not already done so, download my free ebook – See below). These are things you love to do and things that already interest you. The advantages here are that you have expertise and you will not have to fake your interest.
• Think about your reasons. Is it more time with kids? More freedom of time? Freedom to travel. Too many have started a business to get more time, only to open a storefront that causes them to work weekends and nights. They end up losing their freedom instead of gaining it.
• Do informational interviews – lots of them.
• Start small. I know, you need to go all in and go big. But face it, you will make mistakes along the way. Make them with fewer customers and a smaller investment of time and money. It’s OK to grow quickly, but only when you learn quickly.
• Do an opportunity analysis to determine the market size. I will cover this in episode 87.

“When starting a business, get very clear on your why.”]

Don’ts 

• Chase a business idea just because you think you can make a lot of money. How many real estate agents are there who got a Real Estate License to make quick money? And, how many have chased ideas that seemed good at the time – but later became nightmares.
• Borrow money to start. This will kill your business from day one. Find a way to start with what you have. If the idea proves itself out, then think about more funding.
• Wait. Once you have done the research then do not wait, jump in a give it a try.

Actions to Take Now

• Download the finding your calling. (BELOW) If you have done it already, dust it off. Get a few ideas in writing.
• Think through your business with the following questions.
  • What will you do? Describe it in detail.
  • Who will be your customers?  Get specific in describing them. Who are they and what do they care about? What do they read? Where do they go? What are their values?

Dale’s Rule of Thumb:   “A business that you love and are passionate about is the first key to success. “]

Course Video

Here is the video from the Awaken Your Entrepreneur course.

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To find your calling, download this free ebook!

 

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