5 Steps to Identify if You Have a 5K idea

if You Have a 5K idea(2)

Millions of people struggle to get started to launch a business or if they do to make a consistent income.

Some have to take part time work because they are unable to pay bills others give up on their dreams and go back to the corporate world.

Have you ever said I would love to someday start a business or launch a new product offering, but…

I just don’t have the “right idea”?

The reality is that there are millions of elements that will affect whether or not a new business will survive. I’m not crazy about calling the “right idea” because that means that you have had to invent something new and… I don’t think that is a requirement for a new business.

The reality is most ideas can generate income for you but it’s all about the developing your sales DNA and learn how to attract, convert and retrain clients.

Or have you used the excuse I would love to start a business or launch a new offering but it’s not the “right time”?

I have noticed that the reason why most businesses fails not because the lack of idea, time, capital, it’s really because they have a lack of knowledge.

People procrastinate because instead of finding the right knowledge, so instead they spend time in dramaville afraid of whether they will fail or succeed.

But it’s that lack of knowledge of what a business is and more importantly how to run your business that is an important weapon you can have.

This lack of knowledge determines whether your business will succeed and which one fail.

And I don’t want you to suffer, focusing your energy, wasting thousands registering your business, hiring a logo designer, printing name cards, or overthinking about the color of a website.

  •    How would you like to learn how to determine if your idea will be able to make 5k month each and every month?
  •    How would you like to discover the secret that new business that double in growth do?

Now before we dive in, one of biggest mistakes I see aspiring entrepreneurs make is going into business based on what they think people should buy, rather than what people really want or actually do buy.

So grab a paper and pen and let’s dive in..

This 5 Step process will help you identify if you can make from 5K:

Step 1: What problem will I solve?

Now this questions seems very simple, but a lot of times we are distracted by all the shiny object syndrome because of the endless opportunities out there.

Or worse off you go off solving a problem that nobody wants solved.

Here is the deal.. to me a business exist to solve a problem and provides a solution for a specific type of customer. Not for everyone but someone in specific.

For example one of my client’s Nadia, Founder of 4oweeks has a business that helps solve the problem of parents who overwhelm when expecting a baby.

She does this by helping her clients who are struggling with all the information of what they have to do, how to prepare to be confident in parenthood through her program.

She doesn’t help all parents, she just helps the one who are overwhelmed and want the right kind of support. And she does this because she cares about this problem.

Its important to note here that the term “problem” is being used in a very general sense.  For the purposes of this exercise not being able to find a cool bandana for your dog to wear, is just as legitimate a problem as not having food to eat.

Also, don’t worry about whether or not you think you can solve the problem, we’ll get to that in the next step.

So when it comes to you, What problem do you care enough to solve?

It helps if you pick a problem you have direct or indirectly been solving with your current job/activities/hobbies. (This is not a requirement but if you want to make money faster, this will help you save time).

Why should you want to care to solve it, because to generate income consistently monthly it takes a lot of drive and persistence and it will take time. That’s why if you don’t care about the problem, you will probably give up when you hit your first hurdle.

Start making lists of problems that you want to solve?

Once you have made this list…

Step 2: Start to think about does anyone want this solved?

Identify how much they need the idea (aka will they give you cash)

When you are doing this, think about the audience who can afford your services, because not everyone will want to give you money for solving this problem.

Once you are clear on who will buy this? Because you can’t make sales if there’s no one there to buy. Sometimes it starts off because you are scratching your own itch and you want a solution to problem.

Just like what Nadia found, when she was pregnant she was overwhelmed with that information, and when she asked around, she realized that many other people struggle to.

Also for validation, its great to research to see if there are other people who are solving this same problem for the same type of person (aka competition).

Step 3: Come up with lists of solutions to those problems.

You should now have plenty of problems listed, so the next step is to start going through the list with the ideal client in mind and coming up with solutions to those problems.

The number one factor in a killer value proposition is whether or not a product will make the business your client more money or save them money. Saving them time is a close second, because time can often be equated to money.

This is a great time to collaborate with some of your ideal client and brainstorm the various solutions.Don’t let the problems you can’t think of a solution to slow you down, when you hit a wall with a particular problem just move on to the next.

Also when your brainstorming remember there are no bad ideas just throw everything you think of out and then filter out the good ones later.

In the end, there is no success formula although people are always looking for one. The best indicators are a proven market with potential to grow, and people willing to pay for something that helps them make their lives better, easier, happier in some way.

Your solution will just be an unusual, unique or different way that gets new customers and keep them coming back for more.

A great example if Zappos, online shopping for shoes was not new, but Tony Hseih phenomenal customer services, free return policy which was made them unique. Maybe for you, your helping solve this problem faster, easier to purchase, hassle free, whatever.

Step 4: Package your solution so its ready to get sold.

Now that you picked your solution you will test, package your solution and go out and sell it.

Start off by telling people that you know that you solve this problem. Start practicing “I solve this (problem) for these people”.

If no one is responding refine how you communicate your value proposition. Be simple and clear and focus on benefits, problems, and solutions not on the features or the details of how it will be done. Tell your clients how you will help them save money, time and energy.

Then start to deliver your service manually, get in front of your audience manually or at least for a short while before building out anything complicated. Start off by offering lower priced offerings to test your solution with a client.

While doing the lower price solution get feedback and get better each time. As you get better, build case studies and stats so you can start to increase your price.

By doing this, you can prove and validate the problem, price point, and solution quickly.

Step 5. How will people know about me?

Now that you have tested and got a few clients under your belt. Think about how will you be in front of more of you’re ideal audience.

Because even though the market is there, are you sure it’s not out of your reach, given your current circumstances?

Is there a place offline or online where they hang out?

examples: Popular forums, targeted content sites, niche social networks and groups, conferences.

Are they searching for specific terms and is there a high volume?
If they don’t know they have the problem, they probably aren’t searching for solutions to it.

If you were to cold-email prospects, how hard would it be to build a high quality list?

The more specifically you can describe your market, the more targeted you can be when contacting them.

Start your list of contacts. For most businesses, your contacts database often becomes the most valuable asset you own. Today’s contacts may be tomorrow’s customers. More importantly, they have access to entire networks of people who may want or need your product or service.

Now I would love you to share, if you are already in business what problem do you solve and who do you solve it for and if you’re not yet, what problem do you want to solve and who do you want to solve it for.

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