I’ve been getting daily e-mails about this article: 51 Online Business Ideas for Female Entrepreneurs. And almost every e-mail asks one of two following questions:
1. How did you come up with so many ideas, and how can I come up with my own?
2. How do I to get started with something like this?
So, by popular demand, I’m going to answer them over the next few articles I publish here. Oh, and now would be a good time to sign up for my free weekly business training here so you don’t miss a beat.
How to Come Up With the “Perfect” Online Business Idea
First, let me clarify by telling you that there is no such thing as a “perfect” online business idea. Despite what many people selling you stuff online would like you to believe, every business idea (online and offline) has its shortcomings and flaws. Your objective is to work through them.
And “work” would be a second thing I’d like to highlight.
Any business (online or offline) is a lot, and I mean A LOT, of work. If you’re looking to make a lot money without having to put in a lot of effort, then online business is not for you. But, if you’re aware and excited by the prospect of the challenges you’ll face as an online entrepreneur read on.
The first thing I do when I need an idea is turn to the source of all ideas – Our Creator. Now, I’m all about faith, business, and fun, so that is how I approach everything…faith first.
I believe that God is the source of all things. He’s the Master Creator. And thankfully, we are made in His likeness, which means we have an infinite ability to create and be creative. You just have to tap into the source – Him.
Once I’ve set my mind on receiving something creative from our Creator, I jump to practical application.
What is a “Perfect” Online Business Idea Really?
A business idea is really just a solution to a problem. It’s the meeting of a need. It’s the fulfillment of a desire. Just look at any profitable business in the marketplace, they all exist for one or more of those reasons.
If you’re going to come up with a great business idea, you need to indentify a problem, need, or desire going unmet (or not well met) by a significant number of people.
So, let’s break this down.
There are a lot of problems, needs, and desires us human’s have in the world, right? But that doesn’t mean we are willing to pay to have all of them met. To build a profitable online business, you’ve got to start by solving a profitable problem, need, or desire.
Thankfully we humans are rather predictable creatures, and the Google monster has data on every single thing we do on the Internet. As a result, it’s easier than ever before to find out what kind of problems, needs, or desires people are trying to solve and whether or not they are paying to do it.
Typically, these profitable problems, needs, or desires (I’m going to start calling them PNDs) fall into the following three blanket categories:
If you can identify a specific PND that falls into one of those blanket categories, you are on to something.
But notice that I said specific. That is really the key to your profitability. As counter-intuitive as it may sound, your ability to narrow down your PND to specific and identifiable target of prospects will make all the difference in your potential success.
For example, let’s say you’re interested in starting an online business about fitness.
Your goal should be to peel back the layers of the health market to target a subgroup within it. So maybe you can specialize in “easy” weight loss for moms ready to dump the baby weight, or rapid muscle gain for skinny guys, or fun exercise for people who hate exercise.
See how that works?
I recently held a workshop call Paving a Path to Profits where I talk about specific triggers that lead to profitable markets, plus a lot more. So, if you want to learn more about that, click here to purchase a recorded copy.
Ultimately, you need to do some online research to discover what kind of PNDs you might be able to resolve. Then you need to make sure that there are at least a few thousand people looking for a paid solution.
The fastest and easiest way to do this is through keyword research. And if you’re new to this, here’s a great free keyword research tutorial to get you started.
Once you’ve identified your profitable PND, it’s time to make sure it’s really “perfect.”
What Makes Your Online Business Idea “Perfect”?
I know I said there is no such thing as a “perfect” online business, but your idea can be “perfect” in the sense that it’s perfect for you. When you’ve paired an unresolved problem, need, or desire in the marketplace with your own skills, interests, and desires, you’ve found a business idea that is in what I call your “sweet spot.”
When you are thinking about what kind of business to start, you always want to build something that lends itself to your strengths and your experience. You can start a business that you have no experience in, but it’s never advised.
Instead, look for the places where your skills, interests, and desires intersect with your PND.
Building a business around the things that matter most to you, and that leverage the gifts God has given you, will enable you to serve others at your highest level.
When you build a business this way you will feel a sense of purpose. You will be more inclined to stick things out when the going gets tough. And, you’ll be glorifying God by putting the gifts He’s given you to good use!
Don’t ever start a business solely based on the profit potential. It’s a surefire way to limit your potential and end up resenting your business.
Matching Your Online Business Idea to an Offering
Now that you’ve got your profitable PND aligned with your sweet spot, you’ve got to figure out what you will offer to generate revenue. This is where things get really exciting. At this stage, you will need to determine what kind of business model is best for you and your customer.
For more on business models check out this post, or pick up a digital copy of my Paving a Path to Profits workshop. In that workshop I cover 6 primary business models used in the online world, and what you should know about each one.
Ultimately your goal is to decide what kind of business model (or combination of models) will help you serve your customers best while generating the most revenue.
Putting It All Together
Step 1 – Pray for guidance and creativity.
Step 2 – Identify a profitable problem, need, or desire currently unmet or not well met in the marketplace.
Step 3 – Match that profitable problem, need, or desire to your sweet spot.
Step 4 – Determine how you will deliver your sweet spot solution to your prospects by selecting a business model, or combo of models, that gives your prospects what they want (the way they want it) while also generating the most revenue.
By now you should have a solid business idea, and a clear understanding of how you can generate revenue. Next, you want to test your idea for viability. In this prior post I show you how, so check that out if your ready to see if you’ve got a foolproof idea. Then, you will be ready to get started. But how?
Stay tuned, and I’ll show you in the next post in this series.