Everyday people ask me ideas on how to start a business.
I DEFINITELY know how some of you feel. The 9 – 5 race can be exhausting, you’re held back by incompetent bosses, the work can be soul-crushing and you just want to get more out of LIFE.
I’m writing this for my personal friends who wanna start a business, but may not be interested in what I do (internet marketing)
The top issue that comes up with is, “I don’t have an idea”
Here are some ways to help you brainstorm some ideas.
1. Bring an existing business idea into a new market.
It seems like every street has a frozen yogurt shop. Either Pinkberry or Red Mango innovated the concept.
You know who else made a lot of money? The guys who took the idea and brought it to new markets and new countries.
That’s why people who travel a lot tend to be great entrepreneurs – they are exposed to new business ideas constantly.
Here’s another concept. Some of the TOP iPhone games were actually RIP OFFS of popular flash games from 20 years ago. They just ported them to a NEW market.
2. Take an existing business MODEL and apply it to a new market.
Subscription boxes are all the rage. I saw them first in beauty.
You spend $20 a month, and they see you makeup samples in the mail each month.
Look at the rise of Dollar Shaves.
Then other people took the MODEL and expanded it into beef jerky, shaving, perfume, etc.
You don’t have to invent a business from stretch.
(Hint: It’s probably better not to).
3. Sell valuable information.
Are you an expert at anything? Package it up into an ebook, online course, workshop, etc. Don’t know how to do that? Let me help you!
Don’t think you have to be THE BEST at the field. You just have to be BETTER THAN the audience.
Example I’m interested in improving my posture more. I don’t need to learn from the world’s best posture instructor.
I could give money to a nerd who had the same issues as me, but solved it. Or a decent Chiropractor.
4. Solve your own Itch.
Keep a notebook and write down any problems you’re experiencing. If you have the problem, then people are willing to pay money for a solution.
James Altucher writes down 10 ideas everyday. 99% of them never see the light of day or don’t work. 1% work very well and makes him millions.
Generating ideas is a muscle like any other. Just do it.
5. Out-execute the Competition
Ever thought of a great idea, but then you discover someone else did it first? You think, “Oh well, guess I’m too late.”
Yahoo / Alta Vista existed for years before Google entered.
There were plenty of cell phones around before iPhone came.
There’s always a market for someone who can DO IT BETTER.
6. Have Idea Sex
Take two ideas. Get them drunk on Passion pop. Get them to make sweet love. Make an idea baby.
Remember the fun is the trying for a baby…
Sometimes you don’t have to be better, or cheaper or faster.
You just have to be different.
You can sub-niche to a crazy level.
T Shirts + Maths = Maths Nerd heaven
Tattoo + Accounting: Tax Minimisation strategies for bikies
Tacos + Construction sites = Taco Pop Up shop/ van specifically for workers
Horses + Retreats = A retreat for horses so they can get pampered
Poetry + Performance Art + Science = Science Slam Poetry Youtube videos (not no one understands)
You get the idea.
7. Be The Connector
If you’re the type of person who loves connecting with people and who’s connected you can make a lot of money.
Thats how most network marketers make their money.
Become the bridge between two people or people and a product. Thats what affiliate marketing is at its heart. A great place to start is Clickbank.
If you have high value clients you can also draft up proposals where if you introduce two clients that make money you get a cut.
It’s only fair right? Win/Win/WIn.
8. License/ Franchise Someone Else’s Business
This is probably one of the easiest routes to earning money. Use someone else proven system, and business for high ticket sales.
Or if you have a decent business why not go and franchise it. I know a guy who just works with businesses and creates the franchise systems to sell.
9. Serve the Under-Served Masses
This has become my mantra and it should be yours too.
Find the under served in any market: Who is only getting ok service or products? Who deserves more support or recognition?
[tweetthis]Find an underserved market, create a tribe around them and serve them. @samithpich[/tweetthis]
There are riches in almost every niche.
10. Business Arbitrage
One of my first businesses, fo’ realz, was simply connecting logo/ graphics people with people who wanted logo designed. I did the marketing between the two and pocketed the difference.
Many businesses are simply outsourcing their work to people overseas and adding a margin.
If you’re a worker your employee is simply buying you at wholesale and selling you at retail.
It’s a bit depressing if you know your worth…
When To Start A New Business
Starting a business is 90% mental.
One mistake I’ve seen people do is they wait. They wait for the perfect business idea, or they want to wait until everything’s in place.
The time is NEVER perfect.
When I started my business 5 years ago, I had every excuse in the world. I didn’t have money, I didn’t have the time, I didn’t have any connections, and I didn’t have any experience.
There’s a quote I love: [tweetthis]Entrepreneurs jump of a cliff, and build a parachute on the way down. @Samithpich[/tweetthis]
The best time to pursue your dreams is right now. If you wait, then real life gets in the way.
The longer you wait, the more the odds stack against you. You get the promotion that takes more time. You get married / have kids so now it’s HARDER for you to take risks. You have a nice car, a mortgage, so it’s harder to risk it all.
And what if you fail?
So what? No one cares. Seriously.
Everyone is too busy with their own lives and no one’s keeping count of your failures.
And finally, some of you may be thinking…”I don’t know what to do. It seems so intimidating to compete against everyone else”
Everyone starts somewhere. Don’t compare your chapter 1 to someone else’s chapter 20.
All I know is I DON’T want to be an old man and ask myself what if?
Some people only see their dreams when they sleep. I am thinking about my dreams 24 / 7. It bothers me when these visions are only mental, and I will do everything I can to make them a reality.
I don’t always achieve my goals, but I realized I become a better person for even trying.
You have that gift too.