“I just want to do something, but I don’t know what to do!”
Sound familiar? Coming up with a great idea for a business, service, or product is something that many people struggle with. What are the four questions that you can ask to find a profitable side business niche?
Before I started my company I honestly had no idea what I would do. I was living in a foreign country where I couldn’t even speak the language so I thought my options were pretty limited.
You’ll find that at first when thinking of ideas for a business niche you may either have many different ideas in your head or maybe, like a lot of people, you don’t have any ideas at all.
Do you want to find a profitable & sustainable business idea? Then you should first ask yourself these four questions:
1. What are my skills, strengths, and interests?
What are you naturally good at or passionate about? What do people regularly ask you for help with? What types of books do you read and websites do you visit? Grab a pen and piece of paper and write a list of all the things that you’re good at during this moment – don’t include things that you wish you were good at.
This is going to be a great place to start with finding the type of business that you should have. By using the current skills that you already have right now, you are going to save a lot of time and money when building your business.
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2. What do I enjoy doing most?
Take your list of skills, strengths, & interests and rank them in the order of your most to least favorite. You may be able to eliminate some of them completely.
When you think of doing something that you have always loved doing, it gets you one step closer to having a business that you really enjoy because if you don’t enjoy the type of work that you’re going to be doing then you’re in for a long and miserable road ahead.
3. Is this something that people are actually going to pay me for?
Start off first with imagining that your friend came up to you with the idea that you have and asked if you would be willing to pay for this product or service. Is this something you would be willing to pay for and if so how much would you pay?
Next, write each of your ideas down and next to them write who you think would actually pay for this product or service. Your list may include things like job seekers, accountants, small business owners, parents, etc. Then ask yourself if these people actually have money to pay for what you’re providing and if you actually have the knowledge and skills necessary to provide the product or service to them.
4. Do people really need and want what I am going to provide?
Once you have found the idea for a business niche that you feel you’ll be good at and passionate about, you’ll need to validate your idea right now and find out if everything that you’ve been thinking is really accurate.
Contact several people who fit into the categories of people who will pay for your products or services from the last step and ask them directly if they would be interested and willing to pay for what you’ll be providing.
This is extremely important because you want to do everything possible to either validate or eliminate your idea now before you put so much time, effort, and money into something that will be potentially unprofitable.
If you do find out that people are interested and willing to pay for what you’re offering then you have a great chance of turning your idea into a successful business and also, as an added bonus, will now have a list of interested prospects who already said that they’d buy from you.
If you find out that they say that it’s an okay idea but something that they’d never pay for then first off, that’s going to be very demotivating and difficult to hear, but hang in there. If you hear them say that often enough for the same idea then you may want to start the process over and go back to your other ideas.
In the long run, you’ll be glad that you did this because it will have saved you so much time and effort then if you would have started a business with a product or service that nobody wants to pay for.
Questions: If you could have any type of business, what would it be? Comment below!