How to find a profitable online business idea
You might have no ideas, you might have 1,000 ideas.
How do you know which is the right one to choose?
You don’t want to invest all that time and energy on an idea that MIGHT work, what is the best return on investment?
This article will show you some simple steps that will walk you through finding a profitable business idea by picking ONE idea (even if you don’t have any) and running it through a checklist.
Even if your idea isn’t necessarily a ‘business’ idea, like Jose —
What’s the first thing you notice about the email? Read between the lines.
He has plenty of experience to be able to make a profitable online business for himself, but he wants to do the one thing that he’s really passionate about — making music.
But I also see an invisible script that stops him from being able to see his music as business. I don’t blame him.
When you think about starting a band and making music, generally there aren’t many guidelines, strategies, or systems out there for building it, scaling it, and making it successful.
Passion is important, but it will not bring you success on it’s own.
Let’s do a simple mindset shift.
Instead of focusing on turning a band into some kind of profitable online business, what if we take the music making skill and brainstorm from there?
Keeping in mind people pay you to solve their problems, what could Jose create that allows him to do the thing he’s passionate about and at the same time become profitable?
Music teacher/instructor coaching
Online instrument/music courses for a more passive income
Treating his music as a business and following the strategies and outreaching systems that I will show you?
What if Jose made an e-book that solves a customer’s pain point about a music related problem?
He could be making passive income like my online business does,
from that one book to support his band and music making lifestyle, turning his passion into profit.
A day of passive revenue from my business
Would seeing this everyday excite you, not because of the money, but because of the money you made doing what you LOVE?
It’s important to create a business around something that you’e passionate about. But what separates success from everyone else is how you follow your business strategy and systems.
You can take almost any idea and test it against the market, before you’ve invested too much time and energy into it.
No matter how weird the business idea might be. If you can adapt your passion/skill to the market place and follow only the steps that matter, you will be successful.
But how do you test an idea? Will people even pay you? What if you’re not an expert? How would you do it in a non-icky, salesman-y way?
If you did find the right business idea, how would you get traffic to your content? How would you get sales, setup your sales funnels and set your business to autopilot?
Imagine what it would feel like to have your customers begging you, sending you emails, for your stuff, before they even KNOW WHAT IT IS?
I could make some quick money by opening the course for him, but I only want people who are ready. People who are willing to put in the work, and follow only the right steps to creating an online business.
I like to focus on small groups when I release a course, so I can work with them, get testimonies, case studies, results, and re-invest back into making the course 100x better before I release it publicly.
Because of that, the course only opens once every few months.
You can join the course waiting list for more detailed information, along with first access to the course when it’s open.
Okay, let’s get into it! I’ll show you how to pick one business idea (even if its as vague as starting a band), a quick checklist you can use to test the market, some psychology hacks — with my specific recommendation.
Before we get into ‘asking your friends what you do best’ – (what if you have no friends to ask, like me?) ,finding your passion and what your good at, let’s take a step back for a minute.
Take a deep breath.
I know this stuff can get extremely overwhelming and confusing. It’s caused me a loot of anxiety attacks in the past.
If you have ideas, I want you to just put them on hold for a minute.
If you have zero ideas, good.
Let’s look at the main ways to monetize your business on the web:
- 1-1 consulting
- pre-made courses/information
- affiliate sales
- selling ad space
- custom software
- physical products
All types of monetization can be summed up into these 6 categories.
I was thinking about adding ‘entertainment’, because there are MASSIVE you tubers making millions doing things that entertain people. Music, art, and more vague types of creativity would fall under this category.
I didn’t add entertainment because essentially entertainment is a tactic to build an audience.
We’ll get into those audience building tactics later on. What I want you to do now is to get creative.
Let me show you.
One of my passions is aliens, ancient egyptian technology, theories, shows like ancient aliens, and electromagnetics (yes I know I’m a nerd).
But could I turn this into a business? I want you to think how I could monetize this vague alien idea.
Got it? Okay, lets walk through it together. Remember we will do actual tests after we form our own hypothesis.
- Could I charge for consulting or help in this topic? My guess is no, unless you meet some complete weirdo who needs help planning his next abduction.
- Pre made information? This depends entirely on what you create, and this idea is pretty vague. We would need to do real immersion.
- Affiliate sales? Hell yea. If I could build an audience through podcasting, blogging, youtube channels, I could affiliate anything alien related. Books, items, even the Ancient Aliens dvd.
- Ad space? If you can find people who want to advertise their stuff to your audience, then you will make significantly more money than throwing up adsense. I would find people writing alien-fiction type books and charge them X to sponsor their books to my audience.
- Custom Software? Can’t think of anything here. Maybe an alien ship locator app (fake of course, but hey it might actually make sales. Just look at the fart app)
- Physical Products? You could write your own books, and you will have an audience to pitch to. T-shirts, dvds, even alien/futuristic props (which is a popular side business).
By running my idea quickly through that checklist, I can already tell that its an idea that can replace a job. I know of plenty youtubers, blogs, books etc that are extremely popular, and if I could interview some guys from Ancient Aliens on my podcast, that would draw their audience to my stuff. I know their audience is huge.
But! I also know that it won’t be as profitable as a consulting/course business could be. Why?
You could make a business out of just about anything today. The information age is just filled with consumers on just about any topic you can imagine.
But the key to building a REALLY profitable business, is solving peoples PAIN POINTS.
The juicer, more painful somebody problem, the more they will pay for it. It’s really as simple as that, and it’s been that way since forever.
The fly-by-night, snake oil con men back in the days raked in the dough, because they targeted people’s most burning pains.
Claiming to cure deathly illness and cripples. If you were on your death bead and the only thing that would heal you was this snake oil, how much would you pay?
Yes it was a hoax, but let’s look at the psychology behind it.
Because the burning pain was so hot, any solution’s price point would be justified. Price at that point is a mere triviality. It’s not $1000 dollars for oil, it’s $1000 dollars to live again. (important psychological persuasion tactic)
A consulting business aims to walk with somebody side by side, while you help them solve a pain point. With consulting, you have the option to (almost) charge whatever you want, especially with high end clients, extremely hot pain points, and your ability to deliver results.
However, with consulting, you will always be directly trading your time for money in a singular transaction.
This isn’t a bad thing, but ultimately anything that can be created once and scaled to thousands has the potential to make significantly more than the previous models we’ve mentioned.
But what can I create that people would pay for? I’m not an expert..
This is where a lot of people’s invisible fears and scripts will start to play with their minds. “Who would listen to me, I’m not [insert excuse]”
Or; “I don’t have a website”, “I’m not sure what I’m good at”
Look at these weird courses, if you were to think of them on your own, would you have thought they would be wildly successful?
You have the knowledge and abilities within you to teach somebody else. The internal voice that says you don’t is a major illusion, and is something that I’ve personally dealt with along my entire journey.
Because I think something and I believe it, I assume that its obvious information and that everybody else knows about it.
It wasn’t until I started writing about excruciatingly obvious (to me) topics and people started commenting, “Wow, that really opens up my point of view.”, “I never thought of it that way, thank you!”,”This helps me reframe my mindset in ways I’ve never dreamed!”
Here are some wildly successful courses. Tell me, would they seem successful when being planned out on a piece of paper, before ever touching the market?
- •Toilet Trained Cat: Train cats to use the toilet.
- •Life After College: Tips and strategies for recent college graduates.
- •Bird Tricks: How to train your parrot!
Now, instead of asking you what you’re good at and follow your passions, blah blah blah, I’m going to cut straight through the bullshit.
While it’s good to do something your passionate about, and this is the traditional advice you hear everywhere, let me tell you how I’ve created multiple successful businesses (it wasn’t blindly following my passions).
And I’ll get to why following your passions doesn’t work.
Target a problem in a market (field) that requires the skills your good at — and work backwards into a profitable idea.
I call this reverse engineering, and this mindset shift alone has not only led me to successful, profitable, ideas every time, but it’s allowed me to LOVE what I do.
Notice how we are already jumping way ahead:
- “But what if I don’t know what I’m good at?”
- “Why would people pay ME (compared to more qualified people and competition)”
- “I don’t even have a website. I don’t have any connections.”
Let me explain how it works.
I already knew that I LOVED programming. I would spend literally days programming video games and forget to eat I was so absorbed. (It’s kind of an addiction)
I wanted to do something with it and make money. So I targeted a problem I saw painfully evident in the game programming field.
There were no real, meaty, explanations of how to do certain things that were essential for 2D games.
I created my business around this small niche, and created top quality resources. I was essentially the only person in this niche who covered these topics — and extremely well.
It was insanely successful.
Yet I knew there were other programmers with way more skill than me.
I wasn’t an ‘expert’, but I got people results.
This is a combination of really understanding your market, niching down, reverse engineering, and expanding a previously unexplored field using your unique skills and passions to match.
Armed with this information alone, you’re already one step ahead of everybody else who just picks the first idea they THINK they want to do, investing thousands of hours and money, only to bring it into the real world and have it flop.
Don’t let this happen to you!
When we follow the strategy, we focus on ONE step at a time, step-by-step, in a relaxed, calm, and centered manner.
I’ve developed these strategies that show you how to reverse engineer your market…using what you’re already good at and passionate about to be profitable.
I won’t teach you that now. You can join my course when it re-opens, but I only tell my exclusive list when it opens (which you can join for free below).
Right now, I want you to know that YES! — your passions and skills CAN be extremely profitable without having to be the world’s expert on your topic.
Let’s take a step back and relax. You’re already a step ahead of everybody else.
What I want you to do TODAY
It should be simple for you to learn how to create a profitable business that already targets your skills and passions. I’m revealing some of the strategies, numbers, and results from my business — along with other premium material — to my exclusive priority list (sign up below).