If you are searching things like “I want to start a business but I have no ideas,” “list of business ideas” or “small business ideas,” I have something to tell you.
You aren’t going to like it.
But here goes.
Almost every business that begins with the business IDEA fails.
That’s right. If you are searching for the IDEA, more likely that not, you will not succeed.
Successful businesses do not start with the idea, the service, or the product. Successful businesses start with other, very important details.
Take Russell Brunson, for example…
For example, Russell Brunson, a millionaire SAAS (software as a service) entrepreneur, chooses his product or service last. In his best-selling book DotCom Secrets, he revealed that he has a four-step formula for getting a successful started, in the form of answering four questions.
Question #1: Who is my dream client?
Who do I actually want to work with? Most of us start with a product idea, never thinking about who we want as clients, customers, vendors, and associates. But these are the people you will be interacting with day in and day out….Really spend time thinking about who you want to work with. Write out their characteristics…It’s amazing how your perspective changes when you have a picture of your ideal customer–instead of a hazy, half-formed image in your head.
Question #2: Where can I find my dream clients?
Question #2 is why question #1 is so important. If you don’t know who you want to serve, you won’t know where to find them. You won’t know what they read, what websites they visit, what sports they watch, what they like to do, or eat, or buy. If you know your customer, and you know where to find them, it is much, much easier to sell them something.
Question #3: What bait will I use to attract my dream clients?
Now that you know who your customer is and where they are, it will be relatively easy to come up with something that they want. You may not have a product yet, but you should know what your customer wants and needs. Knowing their wants and needs is how you will come up with your business/product ideas.
Question #4: What result do you want to give them?
Once you’ve hooked your dream customers with the perfect bait, the last question is what result do you want to give them? I’m not talking about what product or service you want to sell them. A business is not about products or services. A business is about what result you can get for your clients. Once you (and they) understand that concept, then price is no longer a barrier.
You must answer these questions BEFORE you choose a product.
If you skip these questions, here is what usually happens. The budding entrepreneur, excited about life and starting a business, selects an awesome looking product that he is really excited about. The product is amazing, and he loves it.
Then he tries to sell it. He discovers that other people are not as excited about it. And that the product is hard to sell, or that the market is full of people who also love the product and want to sell it. He spends a ton of money on ads to convert a few sales here and there. But eventually, he throws in the towel and stops, because he is not making any money on this awesome product.
It is happening every day on Shopify.
Do yourself a favor. Get Brunson’s book and learn the right way to start a business. Invest a handful of dollars on a book and save yourself thousands of dollars on advertising, domains, hosting, shipping products across the sea, copywriting, etc, etc.
Are you stuck trying to make your first dollar online? Earning that first dollar can be surprisingly hard. Sometimes it helps to make SOMETHING….anything, to help you build confidence and momentum. Want to learn how I made my first dollar? CLICK HERE to see how I did it (and it’s not how you think).
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***Disclosure: Some of the links in this post are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click-through and make a purchase.