Avoid This Dangerous Trap When Choosing A Business Idea
Let's talk about how to choose a business idea that will generate income for you not only a year from now but many years into the future.
We're also going to look at how to avoid a trap that a lot of people fall into that leaves them with a weak business that doesn't last.
Missing Guidelines
I'd be willing to bet that if you've spent any time trying to come up with a good business idea, you've found that solid guidelines on how to go through this process are very difficult, if not impossible, to find.
So, I'm going to show you the wrong way and the right way to go through this business idea generation and selection process. And I'm going to share with you a really important guiding principle that most people actually miss as they go through this process.
The Wrong Way
So, here's how most people go about this process the wrong way. Let's say you've decided you want some sort of online work at home business. So, you start trying to come up with ideas. You get on the internet and search around.
You watch YouTube videos, you read articles, you click on links that take you to business opportunity promotions, etc. You also ask friends, co-workers and even family members for their opinions.
But after pondering all that, you find that you have gone from being inspired and excited about the prospect of having your own online home business to being confused and doubtful with a growing sense of urgency to come up an idea. Sound familiar?
What's Wrong Here
So here's a question for you. What do the words inspired, excited, confused, doubtful and urgency all have in common? Well, they are all words that describe emotions.
Unfortunately, the result is as people are trying to come up with a good idea they allow their decision making processes to become emotionally based, when, in fact, they need to do the exact opposite, which is to operate from a logical and unemotional perspective.
Here's another reason why you want to discipline yourself to remain unemotional and use logic when exploring business ideas. If you are exposed to various business ideas, you are often asked to watch a video.
And what does that video do? It tries to get you all fired up about the income potential and the products that sell themselves, right? So, why does this happen? Well, because it's not an informational video. It's a marketing video!
One of my favorites is seeking advice on business ideas from your friends, family and co-workers. You end up being even more confused than ever. Why? Because they all have strong opinions, yet they've never been in business for themselves.
The Right Way
So, let's now look at the right way to go about this process of coming up with a solid business idea that will actually work. When it comes to business idea generation and selection, what's the first correct step? Well, it involves thinking and making decisions like Commander Spock from the Star Trek TV and movie series. Spock is from the planet Vulcan where they have removed all emotion from their lives.
What's interesting about Spock is that he is half human, and humans are emotionally driven. But Spock has disciplined himself to control his emotions and think and act logically. And this is what you want to do when it comes to selecting an online home business.
The Guiding Principle
And this refers to the guiding principle that I said I was going to share with you. The guiding principle is:Â "all that matters is what the market wants, not what you think they may want."Â So, here's a really easy way to remember this principle. "Don't fall in love with your own idea."
A Real Life Example
We know a woman who had a successful candy business. She manufactured her products in a building behind her house and then sold her baskets of goods to businesses, wineries and consumers. But her dream was to have a retail storefront where people could watch her making candy in her front window.
She decided to pursue this endeavor, mortgaging her house to pay for a retail lease and to retrofit the space to meet her needs. She dealt with the headaches of complicated health regulations and permits, but finally she had her business up and running.
But even though she was a savvy marketer, she couldn't make enough money to cover her costs and still earn a profit. She went out of business in a few years and was left with a pile of debt. We were so sad for her because we had tried to discourage her from "falling in love with her own idea."
What's In Demand
So, now that we know how to go through this business idea generation and selection process the right way, let's look at what the research shows that people want right now and, most importantly, what they are going to want 5 to 10 years from now.
Right now on the internet, the markets where there is the most demand for solutions to people's problems… and as a result… where most of the money is being made are the following:
1. Health, fitness and beauty
This has to do with several factors. One is that the aging Baby Boomers can't stand getting old and will pay a lot of money not to. The next is that looking good and feeling good is very much part of our culture these days.
2. How to make money and financial education
Making money pertains to having your own business and/or making money from home. Financial education is what to do with the money that you make.
3. Dating and relationships
The internet lends itself very well to this area because it allows people to put a profile of themselves online and expose themselves to other single people who share their interests and who are the same age, all from the security of one's home before taking further steps towards meeting someone in person.
Long-term Trends
Now I'd like to provide you with some broader, long-term trends to help you come up with a business idea that will still be creating an income for you not just next year but well out into the future. Here are some areas that research has shown will continue to have strong demand 10-20 years from now.
- Internet based business
- Elderly care and services
- Animals and pet care
- Information technology
- Business and personal coaching (this is a big one)
Final Words Of Advice
So, remember not to fall in love with your own ideas! Because it doesn't matter what you think. All that matters is what the market wants and what it is demanding. If you follow this simple guideline and do your research, you'll have a much better chance of choosing a business idea that will last long-term.
