Many people believe it is hard to find a 6-figure business idea. They want to start a business that rakes in tons of profit but don’t know the first step to take. If you’re like most aspiring entrepreneurs, you probably have wondered about how to get started too. Here are some steps to follow if you want to find and validate your six-figure business idea.
Change your perspective
If you have never come up with an idea, it’s probably because you’ve been viewing your environment from just one perspective. You need to learn to take a closer look at not-so-obvious features to see what others don’t usually look at. You can widen your perspective by reading more books, articles, and magazines beyond your scope of expertise, watching TED talks, and holding conversations with people. Doing these things can help you build a mindset that’s fertile enough to grow entrepreneurial ideas.
Research and find the right inspiration
The next step is to carry out research so you can gather insights into the niche you want to find an idea about. To do this, you have to scour the internet, especially social media and forums, to see what people are complaining about. People are usually willing to pay to solve their problems, so coming up with a solution is a great business idea. Also, you can look at the most commonly searched phrases on Google and Amazon to know what people are looking for. Alternatively, you can ask yourself what service you wish existed but doesn’t.
Look for it
Think you’ve come up with a six-figure business idea? Before you get wrapped in the euphoria, you might want to validate the business idea by confirming that it does not exist. Just pull out your smartphone and search for your business idea on Google, and you should be able to know in minutes if there’s an existing product or service that embodies your idea. If you find such a product or service, don’t give up on your idea hastily, as you can look for ways to improve on the existing product. But if your idea scales this stage, move to the next step.
Get feedback on your idea
Now that you have confirmed that your business idea does exist, it’s crucial to talk to others about your idea on possible ways you can make your idea better. Most entrepreneurs tend to get stuck at the idea stage and are unable to develop their winning idea. You need people to assess your idea and provide valuable contributions that can make it better. However, make sure those you talk to are people you can trust as you don’t want a case of intellectual theft.
Build a minimum viable product
If your idea has been assessed and improved, the next thing to do is to develop a minimum viable product so you can confirm that it is a product that you and others can actually use. A minimum viable product is a product with just enough features to satisfy early customers and provide feedback for future development. If it turns out to be a product that you and your friend will never use, scrap the idea; otherwise, you can proceed to the next stage.
Build your identity
If the prototype you develop is something that you and others can use, you need to start building a brand around it immediately. If your idea is a winning one, there’s a good chance that it has been conceived by someone else, and it’s a case of who goes public about the product first. Today’s business environment is dynamic, and you need to seize the moment to build a brand around your idea. Be sure to choose a great name, secure a website domain, create a great landing page, and secure your business name with every social media site, you know.
Create a customer acquisition plan
Finally, you need to come up with a plan that answers the question, “How do I get my first customers?” You may have developed a fantastic product, but your business is nothing without customers.
If you have always wanted to start your own 6-figure business but find it hard to because you have no idea what to do, these tips above can help you come up with a winning idea. If you follow the tips, you can be sure to find an idea that generates enough consumer interest to warrant starting a business around it.