entrepreneurship, online marketing

How to Find Your Hot Business Idea

Use your skills and expertise to find your next profitable business idea and online concept:

  • You know you want to start a business online, but not sure what would work best for you yet
  • Stop chasing every idea and get into action with confidence
  • Discover how to how to decide what your product or service should be about

Don’t keep chasing every business idea, get deep into one thing. This goes for your next business concept, your course idea, or your next digital product.

The first thing to do is not look at the whole ocean but just find that first wave. Entrepreneurial minds like to think of lots of different things which can be a good problem, but not in deciding what to do first and meeting your audience in a valuable way. You should start small with one thing – not small as in little, but small as in very specific — the niche concept in marketing. You are looking for one digital product/service for one type of person to solve only one small problem. Overall you see a big problem to solve in your own special way, and can identify the very first step for them, that small initial problem. That’s your first hot business idea!

You are looking for a problem that people you know well know they already have. If they are self-aware, they’ll be closer to being ready to buy from you. If they don’t know they have the problem yet, then they won’t be as interested in hearing from you.

For example, if you are a great pizza maker, and you know everyone loves pizza, that idea should be pretty hot, right? But this is not true. That concept is really just too general and much more difficult to distinguish yourself from any other pizza maker. A much hotter idea would be to watch the trends of pizza buyers – like cauliflower crust pizza. You could even get more specific if you are focusing on health reasons or allergy reasons – two very different audience targets.

Instead of a digital product explaining your special take on weight loss, a hotter idea would be a product helping them with changing to a new diet – like, “Your 1st Week of Keto”.

Remember also that this is not all about YOU, but about serving people and using your areas of expertise to help others.

An even better test is with the 3 circles concept. Take your best ideas that you have been kicking around, or brainstorming about and put them in priority order. Then follow this logic:

Capabilities

Talents, skillset, best at, known for, proficiency, competencies

Foreign language only if fluent in business vocabulary – or does not count

Cause

Passion, interest, groove, jam, calling, makes your heart sing

Love to sing but not good at it – does not count

Cash

Profit, cash, value, pay off

Big enough problem, big enough audience

You must have all 3, the only sweet spot is where they all intersect. Capabilities and cause but no cash = hobby. Capabilities and cash but no cause  = boredom or burnout, and won’t last long.

For example, if you are a specialty organ repairer, then you are very capable at a very specific thing which is good, and you love it with every passion so that is good. But, unless there are enough organs to fix, and they break often enough for you to make any money at it, then you have a hobby and not a long-term business opportunity.

The last unofficial “C” is Commitment. The hot idea must be something for you to stay in action longer term. This cannot be a cool, fleeting idea, but rather something you can really get behind.

The last, but very, very important step is to use research to validate. You need to find real evidence of what your audience will buy.

Make sure you choose a hot idea that is easy enough for you to get going. Get momentum and then grow out from there. If it takes too much investment or money to start, you won’t do it.

So now think you are onto something and maybe have your Hot business idea?  Put your work down, paper down, close laptop or phone. See what you think about. Are you still thinking about the problem the next day?

Get feedback, encouragement from a safe place. Go into our Powered Up Life Skills group and post about your big idea.

If you want to get serious about your digital business, you will need mentorship. Find someone to work with. Get a coach. You can reach out to me anytime, if you think I’m a good fit for you.

Also, send me your email address for the worksheet download for the 3 circles’ brainstorming work.


Can’t wait to hear what you’ll be working on!

Want to watch instead? You are only 12 min away from your next hot idea:

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