Coming up with the right business idea can be daunting.
It's one of the biggest reasons why a lot of people don't start a business.
They just don't know what sort of business to start.
Luckily, the barriers to entry today are lower than ever, with a plethora of businesses anyone can start.
That means that our options are not restricted in any way.
We can start eCommerce companies from the comfort of our own homes.
We can become consultants in fields where we know more than other people.
We can even become artists that make millions per year, simply from the power of NFTs.
It's no longer about who has the resources available to start a business and more about who has the right mindset to be successful.
Every time I make a business transition, I have an idea of what I'm going to be working on next.
I don't let the lack of 'good ideas' stop me from moving towards my summit, although it used to.
The truth is, every business has the potential to become an 8-figure or more business, it's all about its execution.
Today, we're going to be talking about coming up with business ideas.
We're going to be discussing 3 simple ways you can find an 8-figure business idea within the next 24 hours.
Within the next 24 hours, you're going to be on the road to building an 8-figure business.
Think about yourself
Businesses are just a vehicle for solving problems.
A lot of people think about businesses the wrong way.
I wrote an article a few days ago about starting a dropshipping business.
I mentioned how my first ever business, I was thinking of 'what to sell' rather than 'what problem should I solve.'
"People buy with emotions, then justify with logic."
Therefore, you're going to want to think of a problem that hits emotional pain points for people.
The easiest place to start is going to be for yourself.
Thinking of a problem that you experience which you haven't found a solution for yet is a great place to start.
Sit down, take a notepad and pen out, and start brainstorming the problems you face in your day-to-day life.
Whatever that problem might be, note it down.
For example, when I wake up, the first problem I face is snoozing my alarm.
(Here's an article about creating a powerful morning routine)
Note all the problems you face in the morning.
In the afternoon, a problem that my family and I face is what we're going to eat today.
Sometimes, we can't think of what dish to cook and so we end up eating slightly late.
Keep thinking of ideas that you experience on a daily basis.
Once you've written all the ideas you can think of, you're going to want to start narrowing down the list.
Narrow the list down into pressing problems, problems that really annoy you and you want to fix.
A lot of the time, we might have problems that we're okay living with.
Problems which only slightly affect your life.
It's the problems that you can't deal with that make the best business ideas.
Another great thing to do is keep the problems that occur frequently, daily, or even more than once a day.
When I started Hawk Prospecting, it was a daily pressing problem I faced with finding the right contact information on my prospects.
Once you've finished this list, you should have a few really solid problems that you can solve - there's your business idea!
Think about friends/family
Can't think of any problems worth solving for yourself?
Don't worry, there are still two more options left to go through.
Being around your family and friends, you've most likely heard the phrase, 'I wish that...'
Or maybe something like, 'Why is there nothing that does...'
There are many variations for this, however, this is essentially a cry for help.
It's a way of people saying that there's a problem they have which they can't find a solution to.
I wish that water is sold in steel bottles rather than plastic, for example.
Very ludicrous example, but just one to get the point across.
Try to think back to when you might have heard anyone in your close family or friends circle mention something like this.
Or simply just go ask them the question:
Have they mentioned a problem they wish there was a solution for?
"What problem do you struggle with frequently?"
Generally, you're going to want to do some more research on top of this.
In many cases, if someone hasn't found a solution to their problems, it's an indication of a few things:
There is no solution - could be a great thing for you
It's not such a pressing problem - not good for you
They haven't looked for a solution - it's a 'nice to have,' again, not good for you
So you'll want to do some research, speak to the family, friend, or connection who mentioned the issue, and ask them about it.
You'll want to figure out if it's really a pressing problem.
You'll want to know how often they deal with it and why they haven't found a solution.
Have they looked for one? Do the current solutions not match what they're looking for?
If you've got an idea, validating it is what comes next.
You can read my article on the 6 steps to a profitable business idea where we talk about what happens after you've found the business idea.
If your family, friends, or network suffers from a problem, there's a good chance that a lot of other people also suffer from the same problem.
Therefore, you're starting to build the foundations of an 8-figure business!
Think about the internet
The third way to come up with an 8-figure business idea in 24 hours is simply by using the biggest tool at our disposal.
The wider web.
Every day, there are 7.5 million new blog posts published.
Therefore, 100s of millions of pieces of content, in general, are published on the internet daily.
Google really did deliver on their promise - 'organizing the world's information.'
However, the internet and social media are a double-edged sword.
You can either use it to your advantage and monetize something through it.
Or, you could fall victim to it and spend endless hours, wasting your time on it.
The choice is very much yours.
To get a better understanding here, read my article on the 5 negative effects of social media on our lives.
There are a bunch of places one can go to find a business idea on the internet.
The first is simply by searching 'business ideas' on Google.
The issue here, however, is that everyone and their grandma are also doing this.
Everyone who is just starting entrepreneurship and have no clue about business is searching up 'business ideas.'
Therefore, you don't want to go where the sheep herd, you want to be the lion that stands out.
You want to be the one person who does everything the right way.
Don't get me wrong, you might be able to make your first dollar online doing what other people do, but today we're talking about finding an 8-figure business idea.
Next, you could even just read some of the articles I have on business/side hustle ideas.
However, we're simply going to apply the same or similar principles to what we did in the first two steps.
We're going to look for a problem that people are suffering from.
To do so, you first need to find a community to join.
Let's choose mountain hikers, for example.
Make sure the community is a community you somewhat enjoy or are interested in.
Now, you'll want to use a platform like Quora, Facebook, or Reddit, and find groups where this community resides.
Observe the people in the group, engage in the community, and learn all about them.
Ask questions, and talk to people.
Once again, you're going to want to figure out what problems people are suffering from.
So try to spot any trends and patterns in the problems that people talk about.
You can even throw a poll in there asking 'What are the top 1-3 problems you face as a hiker?'
You'll get lots of people commenting and engaging, with your posts.
Just keep digging into those problems and ask similar questions to the ones in the previous step.
Why have they not found a solution?
What have the current solutions fallen short on?
Is it really a pressing matter?
You might join a community and find that there are no problems to solve here.
Simply rinse and repeat with other communities.
Within 24 hours, you should have a sea of ideas ready for execution.
Pick one idea and run with it.
Like I mentioned at the start, any business has the potential to be an 8-figure business.
It's not about the idea as much, it's about the problem you're solving and your execution of the idea.
If you're still unsure, here are 5 fast and free business ideas to start from home.
Those were 3 ways to come up with an 8-figure business idea in 24 hours.
Are you going to give these 3 ways a try?
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Till next time,