Find A Problem That Affects You or Your Community
One of the biggest questions I hear all the time is how to come up with a business idea. I am a firm believer in building a foundation when it comes to having a side-hustle or business.
The best way to have a strong business foundation is locating a problem in your day-to-day life or in your community. Figure out what gaps are annoying or bothering you or your community. Ask yourself if there is anything in your life that can be improved.
Develop A Solution To That Problem
Once you have identified a problem, figure out if you can build a solution.
What is most critical in ensuring the solution is viable is to make sure you ask yourself questions on if the solution can work multiple times and if it’s a good solution.
If you’re able to find a solution to the problem, whether it is providing a service to make lives easier or create and manufacturing a product that will help make life easier – that’s great!
If you’re able to develop a solution to the problem, that is a wonderful start – but it does not just end there.
Build A Business Strategy/Plan That Will Create Revenue
Having a solution is great, but the goal is for you to make money. How can you ensure that this solution you are providing is going to make you money?
I am a firm believer in building a business strategy so you can keep yourself accountable and keep track if your business idea is viable.
Creating a business plan is a great start and ultimately should be something that every business owner has. The business strategy should help you execute your plan. Your business plan should be answering the WHAT, while the strategy should be answer HOW.
If it works better for you that both of these are in the same document, that works as well! This document should be something you own and continuously reviewed.
Execute Strategy & Keep At It!
Once you have your plan and your strategy of execution, the most important next step is taking that next step.
Take a look at your goals and identify what you want to achieve. Envision yourself in the life you want.
A tactic I always recommend is reverse engineering. Take a big goal you have and let’s reverse engineer. Ask yourself what smaller steps do you need to take in order for you to get there.
Measure yourself and keep going. Know that running a business is not an easy journey and it will sometimes be incredibly lonely. You don’t have to be alone in your journey – reach out to people or find a coach that can support you. Ultimately, you’ll need to keep going and you’ll need to find a way to push yourself.