Create A Profitable Business Faster: Choose A Great Business Idea This Way
Welcome to your business idea assessment. These 6 simple questions can help you decide on your next best business idea. An ideal that is going to set you up for the best success. Because a lot of the women that I talked with are multi-passionate like myself and we have sooo many things that we want to do am I right?
And it's difficult to figure out which one is the best use of our time. That's not only a gift but it's a curse too. Being an entrepreneur is great and comes with a lot of rewards.
However, it also comes with limiting beliefs, self doubt, inner critic, and a lot of hard freaking work. Baby in tow. So being multi-passionate and having all that mind drama swirling around, the best way to find yourself on the road of least resistance is to choose a business idea that sets you up for success and not a hot mess.
Even if you already have your business started, going through these questions may help you think differently of certain areas of your business and potentially make them better.
Think about it... A lot of self employed and businesses had to shift their business sometimes drastically due to the pandemic.
So the first question...
1. Are you passionate about what you are doing?
I want you to use your passion to create a profitable business that is also inline with your vision. Which could be to wake up whenever you want to do whatever you want, to spend time with your family, take a sporadic trip somewhere, just take your child to the zoo one day, just because it's a nice day.
That's the type of business that I'm really focused on helping my clients create. Creating that financial freedom and freedom in general to give my married mamas and my single mamas more choices, more options while creating making an impact in this world.
It’s okay to create a business in something you competent in but not passionate about; however, business is hard work.
There's going to be days you don't feel like writing that blog, or have those meetings with your VA, or book those strategy calls. Plus it'll be easier for you to produce content and you will never run out of things to say.
You will have so much more motivation to act and less procrastination choosing a market and niche that you really, really enjoy. You enjoy it so much you would do it for free. But you're not.
On to question two...
2. Are you saving them from an urgent pain?
Are you solving an urgent problem/pain that you know a lot about because you solved it for yourself or others?
You need these two ingredients to be successful at closing sales.
- The pain has to be urgent to your prospective customer or client
- You have the ability to solve that urgent problem/pain
Now if you are really good at sales and really good at closing and could sell fire to the devil you may feel you don't need to know this but it's still good to know because we are trying to help people here. Not sell them things they don't need but have to ability to buy.
But I know that there's so many of us that selling would be so much easier when the person has a pressing urgent problem and you possess the solution, your blue ocean solution which just means its unique to you.
I go deeper into explaining pain points my new webinar I'm hosting later this year because so many people are getting this wrong. And I explain why and what you need to do instead. So be on the look out for that and hopefully I don't go on a pain point rant. Because you're leaving money on the table not understanding this to the fullest.
It also helps if you were your own ideal client. This will make things in your business so much easier because you have been where your customers are now.
You understand and have a good idea how to get them to where they are now to where they want to be. And you can help move them along. Trust – this particularly helps with writing copy and content for your blog and social media content.
3. How can you model someone else?
Has someone else already created the business you want to create now?
If so, this is great! Why reinvent the wheel. Watch and observe to see what’s working. Read testimonials and reviews to discover what was missing. Make sure to research as many businesses as you feel comfortable with understanding what you need to do and not do in your business.
NOTE: This is not to copy. Do not copy. This is only research to learn what is working in the niche you are interested in doing yourself.
But My Industry Is Very Saturated
Sometimes when I talk to my audience, they are worried about the coaching field being overly saturated. Saturation is great because that's your red ocean. Which all that means is that there is demand, a lot of demand because coaching is a 2 billion dollar business, for the business that you want to create. So that's a great thing.
You know, I use the example, like a fast food restaurant. There's McDonald's, there's Burger King, there's Wendy's and Hardeez, Rallies, and you know, mom and pop burger joints. I mean, there's like a ton of burger joints. And so burger restaurants is the red ocean. However, Burger King has their own special grilled recipe that makes their establishment a blue ocean. White Castle is a blue ocean in the red ocean of burger restaurants. Those tiny burgers.
And why do we even have a Burger King or Hardeez or Steak N Shake? Because people have proven that they love burgers. And where is Burger King in reference to McDonald's? Typically right down the street. Why? Because Burger King isn't intimidated with how popular McDonald's is. Burger King is hoping that maybe someone heading to McDonalds will smell their strong grilled hamburger patties and change their minds and want grilled burgers instead.
Burger King or whoever isn't complaining that the burger industry is saturated... Krogers and Wal-mart aren't worried that their packaged hamburger meat won't sell because already prepare burger restaurants are everywhere. No. You better model.
On to question 4...
4. Is your business idea scalable?
There are many articles out there of business owners leaving a 40 hour/week job just to work 60-80 hours/week in their business. An entrepreneur has learned to create a business model that will allow their business to grow without them needing a hand into everything.
When deciding on your business idea it is imperative to have a growth mindset in the very beginning.
There's this Chinese restaurant in my community that I love. I've been there different times throughout the day over the years. And as it seems, it's the same people from 10:30 AM to 11:00 PM Monday through Saturday. I always wondered when do they just rest. I don't go daily so maybe it just seems like the owner and his wife are there all the time. So if your vision is to travel. You probably don't want to go into the restaurant industry.
I do believe in the beginning that it's likely you will be devoted 60-80 hours to your business to set up the systems and processes needed to scale. I can hear Dave Ramsey. Live like no one else so you can live like no one else. But make sure you're in alignment with your vision.
In other words, you want a business that can generate income even though you are on vacation or sleeping. And coaching is right there with the type of business you can only make money as you are actually working with someone (billable hours).
Can this business grow to 6,7 or even 8 figures? Can you create systems, repeatable processes and build collaborations that will allow your business to grow.
Think of it this way, if you can only work with 10 clients per year then that’s the most you will ever be able to make per year. It doesn’t have to be the entire business if you really enjoy 1-on-1, but scaling your business by creating by-products like eBooks, online courses, and tutorials are a good way to hit 6 or 7 figures without the business needing your every beck and call.
This is why I love working with coaches and consultants in particular because I love shifting their business model into something that is more leverage and scalable.
Let's move on to the next question...
5. How can you automate your business idea?
Can you set it and forget it?
There's a fine line between set it and forget it and being present for your people. Not everything can be automated and building real connections will go a long way. However, there's a time when you need to show up and be presence and then there are times you want to create systems that ensure the ball isn't dropped in your business.
Once you have products that you can use to create residual income using systems like MeetEdgar or Convertkit, to get the word out for your blog and getting things out automation and Facebook ads. So you're not constantly trying to get the word out on your product.
This goes along with #4 about creating by-products that can be systematized and set on marketing autopilot so that you can make money even if you are not thinking about it. Recorded webinars and e-courses are great at this.
As a matter of fact, you can check out this article here on 4 ideas to repurpose your webinar to grow your email list. People will buy the same thing packaged in a different way.
But What About Personal Connection?
Aprille, but what about personal connection? You just can't set it and forget it your business. It becomes cold and untouch. And sends a message of take my money and run marketing. Can you really personalize and humanize your brand while still implementing automation so I can spend time with my baby?
Bonjoro. I love Bonjoro because Using Zapier and linking it to Convertkit, every time someone signs up to my email list I get a notification from Bonjoro to send a personalized video message. The linking of Bonjoro, Zapier and Convertkit is the automation but it's personalized because I manually send video messages thanking my new subscribers.
So let's look at the last question...
6. Can you sell to repeat customers?
It costs more time and money to attract a new customer. New customers from a cold audience have to be educated more on new services, convinced that they need a product and service, and then convinced that they need to purchase that product and service from you.
It will cost you more marketing dollars to obtain a new customer for the reasons above.
Selling products and services to past customers increase the life-time value of your customers and your profitability. Your past customers already trust you so even though you still need to market to existing customers, it still will be easier because of the know, like and trust factor.
Existing customers already know that your products and services are good and are ready to purchase the next thing you deliver. And for an introvert who doesn’t like selling, this is gold!
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