5 keys to finding the best business ideas FOR 2021
Chris Michael Harris, Entrepreneur
In this episode, I talk about finding the best business ideas for 2021. Now I’m not talking about hot business trends or quick money schemes. I’m talking about ideas that will generate a sustainable revenue stream which you can scale to a 6 to 7-figure business.
Now, let’s get into it.
1. Find A Problem You Can Relate To
Go through your day and just take note of the problems that you experienced.
Start with scratching your own itch.
What are the problems that you have? What are the big inconveniences that you experience?
Oftentimes, not only is it going to be something that you find traction with but you’re also gonna have a deep passion for it because you’ve experienced that problem.
You really understand the problem to such a degree that maybe other people won’t have that same experience, right?
Stop trying to think of glamorous, world-changing ideas and start thinking about problems in your daily life. Your ideas don’t have to be mind-blowing, they just have to solve a problem.
2. Be specific with your ideas
Focus on a specific problem or niche instead of trying to solve all of the problems in the world.
Like I said, begin my examining your own itch, your own problems and think of ways on how you can solve that.
3. Evaluate the level of utility of your offered solution
Now I know I’m going to sound super contradicting in this next one but the next step of idea validation is to ask yourself whether your solution “solves a $10,000 problem”.
Let me rephrase.
If you were to scale it out, does it solve a $10,000 problem? So there are some things that no matter how many people you reach, there’s just not a lot of utility there.
Our moving company, for example, offers mid-to-high utility.
So people need to move. They have to move and in some cases, they can’t do it themselves. So there’s always going to be a market for that. There’s always gonna be people who are willing to pay for that.
4. Balance utility with frequency
So social media is a great example, of high frequency.
The average person checks their phone 120 times a day. Most people are spending 45 minutes, at least on social media every single day.
So the ideal business model is something that is high on utility and is able to attract a large number of people.
Uber, for example, offers both high frequency and high utility. It offers people who live in cities the convenience of booking a car or taxi and removes the stress of parking, etc.
5. Talk to potential customers
Sit down and have at least 10 conversations in-depth conversations with people that are potential customers for your product or service.
Give them a little bit of a clue as to what you’re going to ask about. Don’t reveal too much to say “I need feedback, I’m working on this new thing”.
Ask them specific questions like, what’s your biggest thing? What’s your single biggest challenge?