It was a Saturday morning late October 2011, I was sitting in a hotel conference room with thirty other women waiting for an event to start. I remember this moment like it was yesterday because it was on this day that I finally figured out what I wanted out of life. I was actually attending a Get the Guy event. I turned up to this event because I wanted a better love life. I was tired of not being able to attract the guys I liked. You know that same old story. The guys you like never like you and the one’s you don’t practically stalk you for a date. On his website, Get the Guy, Matthew Hussey promised to deliver the result I desired, and the event tickets only cost me £20. What did I have to lose. The event started and a 25-year-old Matthew Hussey stood at the front of the room and asked a profound yet simple question; how many new guys do you meet every week? As he continued on speaking about how to find the love of your life. I had an unexpected ah-ha moment. I realised this was what I wanted to do. It ticked all of the boxes, coaching was a way for me to add value by making a difference in the lives of others. In this moment, I was being modelled not only a career but a profitable business idea centred on providing a solution for customers needs. I spent the next 12 months, looking into coaching and personal development, I felt overwhelmed and was fearful until the end of 2012, I started my blog, The Single Girl, and in March 2013, I started out as a Dating and Relationship Coach. I went on to experiment in different types of coaching before choosing to work with women who dream of quitting their 9 to 5 to live life as an entrepreneur. Not everyone will have an ah-ha moment like mine, and even if you do, you will still have to go through the process of creating a business idea. How do you create a profitable business idea? How will you know if it will fail or succeed?
A profitable online business is more than just an idea, but an idea is the first step along the journey. The majority of entrepreneurs create a business idea by one or a combination of four methods, luck, timing, science, and art. Throughout the process of developing a business idea, remember to keep a notebook and pen with you so you can write down the ideas as they come to you. It’s important to treat every idea at this stage as a good idea. As you go through the process of developing the idea and conducting market research you will go through the process of elimination. My business idea was generating using timing which I had no control over and science. While I cannot walk you through the process of leveraging timing, luck, or how to have an epiphany, I can talk to you about the ‘science’ of creating a profitable online business idea.
The key to creating a profitable business idea is to look at where you passions, strengths, and customer needs intersect and create a business based on the intersection.
What do you love? What are you always reading and learning about? What do you lose yourself in? Write these moments down. Passionate people engross themselves in a topic and tend to know more about it than anyone else, and chances are if you are passionate about something you will display these qualities. If you are having trouble identifying what you are passionate about, pay attention to those moments when you feel jealous of someone else’s success. Write these moments down in a journal. I know I go on and on about journaling and recording your thoughts but writing it down makes it easier to see a pattern and make a decision based on something tangible. It shows that you’ve thought things through. When are you the happiest or when have you been the happiest? What were you doing? Who were you with? Why were you doing it? Happiness means different things to different people. For instance, I am happy or have the most joy when I am writing, the time just slips away, I could write all day and night, and not be exhausted, however, I’ve met people who hate writing, the thought of blogging, writing content, or fiction, makes them sick, they put it off. I’m not talking about a bouncing up and down type of happiness but an inner joy or peace. Reflect upon the moments when you felt the happiest. Now, look closely at your list, and ask yourself; what does each of these experiences have in common? These common elements provide you with an indicator of what brings you joy and therefore, is an indication of your passion.
Strengths + Experience
What are you good at? What do others say that you are good at? Do you have a qualification in a particular area? Write these down in a journal. If you don’t have a qualification in a particular area then you probably feel stuck. The key to highlighting your strengths and expertise that could crossover into a profitable business is closer than you think. Consider the skills and experiences from you career and life. Reflect over these skills and experiences and consider the ones that you could use to create a profitable business. Write them down in a journal. Don’t just limit yourself to the more obvious skills like a marketing degree, or a Human Resources related degree. The point of this exercise is to highlight your transferable skills, so include them all no matter how insignificant they may seem. For instance, have you lost a significant amount of weight and kept it off for a long period of time, do you love to cook and create your own recipes, do people turn to you first for advice. Now that you have a sizeable list, go through and highlight the skills that you are most passionate about or love to do, or even wish you could do more of.
Passion + Strength Intersect
Look over the list of passions and strengths you just created in the previous two steps. Which passions and strengths excite you the most? Which one of these passions and strengths are you drawn to the most? Take the time to consider the answer to this question, and do not go on to the final step before you identify this step. By now the answer will be obvious, ignore and push past any feeling of fear you may be experiencing. At this stage, you are just creating an idea so you can do market research. You can come back and create another idea if you realise the idea isn’t profitable. It’s important to create a profitable business idea you are passionate about and adds a sense of purpose to your life. Passion and purpose are huge motivators. Starting a business is hard and creating one around your passion that gives you a sense of purpose will motivate you when things get hard. The next step is to highlight customer needs based on your passions and strengths.
Focus on Providing a Solution to a Problem
Now that you have chosen an idea based on your passions and strengths, it’s time to consider the problems people are facing in this area. Are you tired or frustrated with a product or service in the market? Have you thought of a better alternative? Think about the frustrations your friends and family face. What solutions are they looking for? Take some time to think about what you wish for, or that frustrates you, and that will be the beginning of your new idea. Write these down in a journal. As you go through your week talk about your business idea with as many people as you can. Listen to their thoughts and reactions. Ask them about the problems they are facing in relation to this area and what solutions they are looking for. For instance, when I was creating a new coaching programme, I asked women who wanted to create their own business, what challenges they were currently facing which lead me to create Zero to Unstuck and Zero to Business. Write the answers to these questions down in a journal. Ask yourself, which one of these problems do you already know a solution for based on your strengths or experience? What need or problems are you most passionate about creating a solution for? Write these answers down in a journal.
By this stage you have created an idea based on your passion and strengths, and have highlighted problems experienced by real people. Look over these three exercises and consider where they all overlap. This overlap is your profitable business idea. In the next blog post, we will discuss, how to create your ideal client avatar or profile and why knowing this will help your business become more profitable. Below is a sort recap of the actionable steps you need to do complete before going on to read the next blog post, and create a profitable business idea.
Actionable Step: Over the next seven days go through and complete the following tasks. You don’t have to do them all at once, I recommend doing a little bit each day. Make sure you complete these tasks before going on to the next blog post.
- Reflect over the moments in your life where you felt the happiest or had inner joy, felt jealous of the success of others. Think about what you love, what you love reading and learning about, and what you loose yourself in. Create a list of these moments in a journal or notebook.
- Create a list of your strengths and experience or expertise and highlight the ones that you love to do or are passionate about.
- Talk about your idea with as many people as possible. Take note of their responses and thoughts.
If you haven’t already, join my VIP and download the Zero to Business Questionnaire, and let me know what action you plan on taking toady, to help you become unstuck and create a business and lifestyle of your dreams. I’d love to hear from you so leave your answers in the comments box below.
I help multi-passionate women just like you to package, brand and market your passions so that you can create your dream business and life, find clarity, confidence, and clients, and make a difference in your world.
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