What Is The Next Million Dollar Business Idea? (The Truth)
An interesting topic that I have seen being raised over and over in the entrepreneur community is how to get ideas for business and how to start a business if you don’t have an idea. In my 8 years of business I have seen that more people are being stopped by “not having an idea” than any other thing in business.
Why do people believe they need an idea first?
When you read off of sites like Entrepreneur.com and Forbes.com you are always reading about how an entrepreneur had an awesome idea, was able to get money or funding, and then over night the company turns into a billion-dollar company and people like Mark Zuckerberg get $70 billion and can do anything they want for the rest of his life. This is the story you hear in the media over and over as if these businesses are only started on having a good idea and what is what made the business successful.
In order to break these false beliefs you need to understand none of these ideas, like Facebook, are original ideas and other people had similar ideas earlier. What set apart these great companies was their execution. If you have seen videos about how to be an entrepreneur then you already know that it is all about the execution.
Use someone else’s idea
If you actually have no ideas, the easiest way to start is to find a business or company that is already offering services that are appealing to you, resonating with your personality, skill sets or talent.
For example, if you have a knack for technical stuff and a knack for talking to people, then you may want to get into selling digital services. This is common for people to start doing right now as there is a huge demand for digital services. If you have a knack for real estate, houses, properties, locations, and plots of land, you should get into real estate.
If you choose a general area without being too committed to it yet, it does not really matter too much, but is easier to get started if you have some affinity with it. If you choose offering services to companies, go look up companies who do that in Yellow Pages, Google, or wherever people are going to look. Companies with advertisements are most likely making good money in order to be spending money on their advertising.
Click on a company’s website and look around and look for answers to questions like, “What do digital agencies offer? Do they offer website design? What do they call website design? Do they offer some ads on Facebook or Google? What do they call these ads? What is the service called? Is it in a package?” All of these are listed on their website.
Go look to see if you can offer these services or team up with someone who can offer these services. Remember to only start paying outsourced salaries once you start getting sales first. Do not just start spending money upfront, but wait to get the sales and then hire people to help deliver. After hiring is handled your job in the company is to get sales.
Is this an original idea? Are you the first one to offer an agency service?
No – there are millions of agencies out there and some are making money, but most are not profitable. From being in this industry for a very long time, I can tell that most of these people are not actually competition. There is a very small percent that are actually worth even looking at because almost everyone does a terrible job.
Go look on UpWork.com and talk to some of these people who are offering marketing services or digital services like creating websites and creating design. They are not good at sales, they are not good at talking to you, they are not good at being on time, and if they do get the sale they are not good at delivery. If you can prove you can deliver any of these things, how much money do you think you could make?
These industries are huge with tens of billions of dollars, so if you are able to perform at the top 10% of an industry, you are able to build a 7-figure company relatively easily – even without a perfect, magical idea. Once you have cash flow coming in from your business you are able to come up with original ideas based on actually talking and dealing with clients every single day, based on real market data, and based on what people are paying money for.
Creating an original idea
Once you have this then you can come up with an original idea like starting a software as a service. You start the next AWeber, AnyMeeting, GoToWebinar, or any one of these, based on the market research you have, based on the actual information you have, and based on what people are willing to pay for right now.
This is one of the types of proof for an idea. Not just being creative or coming up with an idea, but being in the industry for a long time, being a hustler, and getting good at all these different skills and becoming top 10% of the industry, will give you the money, knowledge, and teams to build any kind of other related business you want.
If you want to go completely in a different direction from marketing and digital services to say, life sciences, like a lot of people are doing right now, then you can do that. Once you realize you can start a company, make it profitable, and you realize you are good at sales, marketing, delivering, dealing with customers, dealing with hiring people, building teams, building cultures and companies, you are able to create almost any kind of business you want.
The start of the hustle
The first few years you are hustling, grinding it out, taking someone else’s idea and making it work for yourself and becoming good at that. This is just a learning school that is for you to get to a level that those dangerous, high-risk ideas become worthwhile for you because you will be able to afford them and you will have the skillset to be able to actually make them into a reality. Even then the chances of success are low but the upside is high, too. In the beginning focus on the skills and a business model that really works.
What works really well for people I know and that I work with, is to get mentorship and to join masterminds like my Daily Business Hustle mastermind where we give people a working business model. This works really well because they get a working business model, we tell them exactly how to do everything, they implement, and they get results. These are highly focused on skills.
Focus on skills
This what you should be doing. Whether you are in a mastermind or by yourself, focus on skills and their development, and also your cash flow and assets so you can invest in your future passion projects or ideas. Even if it is to help save children in Africa or a non-profit organization, you can use these business skills and actually go and help people. Using these business skills is like having a magical instrument that you can use to achieve any goal you want in your life.
For example, if you have a health problem, and you have a business and have the money, you can solve a lot of this stuff. You can hire top-of-the-line experts and solve almost anything for anyone. This is what business is about: increasing the value of things, creating new things eventually, and contributing back to the world.