Your Business Idea Doesn’t Need to Be The New Facebook
You don’t need to be the next Facebook, Twitter, Google or any other household name company that readily comes to mind.
I often hear people say they don’t know what to do because it seems like everything has been done. Or they came up with an idea, but someone else is already doing something similar.
Here’s the deal. If someone else is making money doing something similar, then guess what? That means that you can make money doing something similar. There is money to made offering that solution (your product and/or service).
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New entrepreneurs often think they need a never seen before, high technology, world altering, new product or service. This is simply not true. It’s not true at all.
If you’re starting up a side hustle or business, what you need is a sound idea, drive, ambition, vision, and a great work ethic. Notice I said sound idea not a brand new never heard of idea. You can even take a well known idea and concept and offer it to a new population. Boom. It becomes new.
Assess the viability of your idea with these factors.
1) Make sure it suits your desired lifestyle.
Build a business that allows you to live the way you want. If you want to be location independent, then take a hard look at ecommerce. Don’t start up something such as a storefront that will require you to be physically present in that location.
2) The topic holds your interest.
Don’t chase the money. In other words, don’t start a side hustle just because it’s a hot new trend and you see people bragging about making money in it. Pick an area or topic that you’ll still find interesting several years from now, something that keeps you excited so that you naturally stay awake to work on it. It doesn’t necessary needs to be a passion, but it should excite you.
3) Enough people want to and can buy it.
Once you’ve decided on your idea, do the research to determine your potential customer population. Who is your target audience? Do they have the need for your offer? Do they have the means to purchase it? Do they need to be in your geographic area?
4) You have or can get the resources to build it.
Start with a revenue stream where you have the resources to get it off the ground or it’s a topic that would allow for investor funding. I’ve had too many people tell me, they want to start a business and then explain an idea that requires a lot of start up cash (I’m talking hundreds of thousands or potentially millions) and potentially a few years operation before they break even, never mind turn a profit. Don’t do that to yourself. Have that be a later revenue stream, not the first.
Remember if there is a similar product out on the market that is doing well, that does not mean there is no room for your product or service. What it means is that there is money to be made offering that solution. This is a good sign. Your business needs to make money as it helps people solve a problem.
