"The 7 step process to come up with a $500K online business idea"
You are about to do you something that 90% of new business owners don’t do. You are going to take some time to get to know yourself a little better. The work that you do today will form the foundation for your profitable and sustainable business– and that’s a great start!
Getting Ready
Open a word document, insert a table with four columns and 5 rows. Give them headings as shown.
STEP 1
You are now going to spend 10 minutes making lists of your personal attributes and challenges.
Some examples are included, to help you…you guessed it they are mine !
|
| Self | Family & Home | Work | Hobbies & Travel |
| Natural Talents ( what you do well without effort) | Swimmer Cooking Analytical | Patience | Persistence Mentoring | |
| Achievements | 5 degrees Babies late in life | Raising two boys together with partner | Senior Roles in Government and Health Self Employed, 6 figures annually | Gorilla trekking in Uganda Lived overseas for 1 year |
| Problems faced and overcome | Fertility | Working at home Time flexibility to balance work with family | Finding work while living away from city Working where ever I am | Money to travel |
| Fears | Poor Health Dying Young Disability | Bushfire Car accident Drought | Not being able to work | Keeping family safe while travelling |
| Passions | Family Helping others to find a pathway to success Learning | Good kids Raising chickens, turkeys and ducks | Learning and taking action Doing work for others for free | Camping Gardening Working |
STEP 2
Describe your key attributes.
Completing the table from step one, you are ready to begin to focus about what special attributes or features you would bring to an online business.
Make a list as follows:
| WHO YOU ARE AND WHAT YOU HAVE | |
| Interests ( what excites you ) | |
| Abilities ( what you like and do easily) | |
| Skills ( what you have learnt) | |
| Key strengths (credibility ,reputation, publications, recognition etc) | |
| Memberships ( Professional, sporting, hobbies etc ) | |
| Community Networks | |
| Work Networks | |
STEP 3
What are the key tasks that you do and enjoy on a regular basis, think again of self, family, work and hobbies. The more you enjoy doing something the less it feels like a job and the more productive you are going to be.
| WHAT YOU DO AND ENJOY | |
| Self | |
| Family | |
| Work | |
| Hobbies | |
STEP 4
From your key interests, and what you enjoy. What problems could you help people to solve, or what could you teach to help them achieve their goals or help them to do. Remember, think self, family, work, hobbies.
| WHAT PROBLEMS COULD YOU HELP PEOPLE TO SOLVE |
| 1. |
| 2. |
| 3. |
| 4. |
STEP 5
Now it is time to think about who you could help ie your prospective customers.
| FOR EACH PROBLEM DESCRIBE YOUR PERFECT CUSTOMER AND HOW YOU COULD HELP |
| 1. |
| 2. |
| 3. |
| 4. |
Think about how you could solve a problem, save time, save money, increase convenience, provide value, reduce risk.
STEP 6
Now, think about the problem/s you are solving, your ideal customer/s describe the value you will provide each customer.
| WHAT BENEFITS WOULD PEOPLE GAIN FROM LEARNING WITH YOU, FROM BUYING THE PRODUCT OR SERVICE YOU OFFER? |
| 1. |
| 2. |
| 3. |
| 4. |
Now you should have a clear picture of your online business idea, the problems you can help people with as well as the type of customer you want to help ie your target audience.
WELL DONE , YOU HAVE A POSSIBLE NICHE.
STEP 7
START TO THINK ABOUT ALL OF THE ONLINE POSSIBILITIES OF HOW WILL PEOPLE GET TO KNOW YOU AND THE VALUE YOU OFFER
This is the step where the learning ahead of you emerges. There are many ways to promote you and your business online. This is a step to raise your awareness only of the different strategies and once again the strategies you choose will reflect your strengths and personality.
In the following table, is a list of different strategies you could use, and alongside specific attributes you may have or would like to strengthen and learn. If you want to use a strategy and you really think you lack the interest or skills, you can outsource ie ask someone skilled in the strategy to do the task for you.
| Online Strategy | Website | Email Marketing | Self Publishing | Blog | You Tube | Podcast |
| Personal Strengths Attributes Skills to learn | Content writing Website building | Understanding your customers Persuasive Writing Analysis | Research Writing | Research Writing | Speaking -scripted Presentation Showing audience “how to” | Speaking-unscripted Being interviewed Doing interviews |
| Online Strategy | Webinars | Infographics | Social Media ( Facebook, Twitter, Pinterest, Google+, Instagram) | Amazon / EBay |
| Personal Strengths Attributes Skills tolearn | Audience engagement Persuasive dialogue | Visual thinking Data visualisation Design | Knowing your audience very well Concise message writing Staying current on topics Visual presentation Humour Networking | Retail / Shopping Research and Analysis |
The next step we will look to see you your niche could be profitable or if it needs refining. For example you may be a nurse and decide that “ health” is your niche because you can help people with so many health problems.This is a good start however we will need to get more focused and there are ways to do this.
Recent Comments
2
This is very good I like this iam going to save it for later use thank you
Thank you , just refining some more feel encouraged thank you very much