030: How to find the right idea for your new business

030 - How to find the right idea for your new business

In this episode I’m going deep into a topic that I know is a big one for many of you… how to find the right idea for your new business. I know some of you have been hesitating to get started with a new business, perhaps because you feel you’ve not found the right idea… so this episode for you!!

Transcript:

There are three important qualities that an idea needs to have to be ‘right’ for your new business.

The first factor is perhaps the least obvious – it should be something you are passionate about.

If you build a successful business that you are not passionate about – it’ll be hard work. When you have a tough day, you’ll want to quit. When your market changes or competitors get on your heels, you won’t have the energy to speak to customers or the willingness to change your product.

I have a few friends who are in this situation – they have successful businesses that earn them income… but they find it hard to stay motivated now that the fun early days have passed. Unfortunately their businesses aren’t big enough to be worth selling, they haven’t got the energy to grow them, and they can’t just close the doors because that’s now their primary source of income.

The second factor that makes an idea ‘right’, is that customers should value the result it will give them.

Its obvious that at some point you will need paying customers.

However, many new entrepreneurs make the mistake of leaving this till later. They copy businesses like Twitter where they went for massive user growth, with no plan on how to make revenue. Twitter have been lucky so far…they managed to grow big enough and fast enough to get funding to stay alive. However, rivals are on their tail-feathers and Twitter may not survive.

Most businesses need revenue pretty quickly – and in my experience its better to start by delivering enough value early on that you can charge for your product or service. You can always create free products to help you grow later!!

The third factor is that you are able to deliver the solution profitably.

That’s because otherwise you’ll just end up with an expensive hobby, where the more successful your business is, the more stressed and overworked you are. Without decent profits, you won’t be able to afford the people and systems to help you grow the business.

So… you might be finding those three factors are pretty scary… and are feeling a bit of pressure – perhaps thinking that you need to come up with an amazing idea that meets these… and that you can’t start on a new business until you come up with this great idea…

This isn’t true – in reality the BEST ideas don’t come from a flash of genius while in the shower or a dream… they come from getting started – and finding their passion, getting feedback from their ideal customers, and finding a model that works profitably… after they get started.

But how should you get started? Well, its not by coming up with a name, registering a company or the 100 other things that you might think you need to do.

Its simply saying to yourself, “I’m going to give this a go for the next 12 months”.

That’s it. That’s all you need to do to get started. There are no forms to fill in, no launch parties to arrange, no agreements to draw up.

Just commit to yourself, right now, that you are going to start on a journey to discover what you are passionate about, who you can help, and what product or service you can deliver profitably. You won’t know the answer to any of those yet, but in time, you will.

Go on. If you are on your own right now, I want you to say out loud – “I’m going to give a new business a go for the next 12 months”.

If you are around other people right now, I want you to think it REALLY LOUDLY!

Done it?

I hope you did, because what I’m trying to get you to do here is get you to stop worrying about what the business might be and just get started.

Over the last 6 months I’ve spoken to many people who have told me they have wanted to start a business for ages… and when I ask how long I have been shocked to hear the answers of 2 years, 5 years, in one case even 15 years!!!

Don’t delay any longer. You don’t need lots of time, money, ideas or anything else.

OK… congratulations! You’ve started your business!

Don’t be daunted by this… I’m going to help you for the first few steps.

Go to parentpreneur.com/start to get a free startup pack for getting started with your new business.

In your startup pack, you’ll get:

  • A guide on the first steps you need to take to find the right idea for your business
  • You’ll get some great resources including my top tips on how to get more focused time on your business whilst getting quality time with your family
  • You’ll get discounts and special offers from the tools and services you’ll need in the early days
  • You’ll also be the first to be invited to a free webinar in which I’ll coach you live on the call to help you identify what your goals and next steps need to be to help you get the results you want much faster.

So in summary…

Starting a business is easy. You just need to get moving. However, building a successful business is hard. It’s easy to waste a lot of time and money, and so you should get help from someone with experience.

Start now, by going to parentpreneur.com/start to get a free startup pack to help you identify what you need to do next.

That’s parentpreneur.com/start

Start now 🙂

 

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About The Author

Alexis Kingsbury

Alexis is founder of the Parentpreneur Accelerator and Making Greatness Ltd. He is a serial entrepreneur, with experience creating start-ups in a variety of areas, particularly in SaaS and EdTech. He is also a lucky husband and proud dad, and now helps other 'parentpreneurs' like him to achieve their dreams of having successful businesses, making a difference in the world, and spending time with the people they love.

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