To create a million-dollar business, you need a million-dollar idea. But not just one idea. That would be foolish.
To ensure the best success for your new business, you need multiple ideas, weighed against each other, to establish which one will be the most successful. No one likes to build a product that no one will buy.
Follow these steps to build a healthy list of potential business ideas, which may just make you one million dollars – you can thank me later.
Step 1A: Check out Reddit
Reddit is a melting pot of various discussions, people and ideas. To find great ideas, start by visiting the subreddits of exciting topics, filter by top posts, and then check out some of the things people are talking about. Then, from these discussions, start generating ideas. For example, is there a software, service or product idea that could help with any pains or annoyances within this specific niche?
Step 1B: Check out reddit.com/r/diy
Check out the DIY subreddit once you have generated a few ideas from a specific interest. Here you will find many creative people making a bunch of cool stuff, with an audience putting their hand up saying ‘I am interested in this product’. Of these items generating an interest, ask yourself if there are ways you can productise to product and scale.
Step 2: Go to where the buyers are
Visit popular sites like Facebook Marketplace, Amazon, Etsy, Airbnb and Hipcamp – basically, anywhere people are willing to spend money – and see what they are buying. Is there a product you could develop that may complement the products sold on any of these sites? Could you sell a better version of what’s currently advertised?
Step 3: Go to the Amazon Best Sellers
Go to the Amazon best sellers page and ask yourself, can you do anything complementary or compete with some of these best-sellers? For example, what books are the best sellers right now? Is there a product idea that could complement these best-sellers?
Step 4: Think of things that you love or things that give you pain
Is there anything in your life right now that is giving you pain? If there is, it is most likely causing others pain too. What about things you love? Is there a gap in the market for a product idea around something you love? For me, I love guitar, but I’ve yet to find an excellent guitar education app that could rival the likes of Duolingo for language or Team Treehouse for code.
Step 5: Ask friends about their to-do list
This is a straightforward one; ask a friend what is on their to-do list that’s been there for about a week and say you’ll do it for them (for a fee, of course!)
Hopefully, by completing all the steps listed above, you’ll develop a reasonable amount of business ideas to start testing in the marketplace. But, remember, to build a successful business, you need not just an idea, but a good idea, precisely one that people will want to buy!