CLASSROOM: Four Ways to Identify Moneymaking Ideas

Notes from Chris

Episode 1108

Let’s talk about finding ideas. We’re going to go on an idea treasure hunt. Get your idea butterfly net... this is like Pokemon Go but for ideas.

If you’re following in real-time, that’s great because each CLASSROOM episode will have an assignment. I want you to work hard, but I don’t want you to work too quickly. Everything we do will build as we go along. And if you’re listening later, you can just go back-to-back.

Let’s start with this important question: Where do moneymaking ideas come from?

Consider a few of the stories we featured just last month (there are hundreds of other examples; I’m just highlighting a very small selection):

• Ep. 1066: Electrical Engineer Rides Demand to Dog Collar Empire
• Ep. 1070: Friends Turn Gift Boxes into Prosperous Project
• Ep. 1080: Musicians Tune Up Classical Concerts For Families
• Ep. 1087: Software Engineer Scavenges For Profits

More often than not, these projects come about because someone noticed something and then decided to explore it.

Also note: in these examples, two of them are products and two are services. We’ll look at the differences next week.

None of these ideas had total proof of concept or validation in the beginning. Mark Cuban didn’t say, here’s $100,000, go have fun. Again, they noticed something and then decided to explore it.

By looking around every day, throughout your daily life, you too will spot opportunities. You won’t be able to take action on all of them, but that’s okay. Merely developing this skill can serve you well throughout life.

Four Ways to Identify Moneymaking Ideas

• Observation: paying attention to the world around you, perhaps noticing something that could be improved
• Problem solving: making lists of problems and brainstorming solutions in the form of products and services
• Asking questions: looking for the reasons, stated or subtle, for why people spend money (and deciphering what else they might buy)
• Experimentation: just trying out whatever comes to mind

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Community Examples:

Example 1 - A blog to help engaged couples with Southern weddings [revenue model: affiliate income and advertising]

Example 2 - Handmade bracelets that contain different clues for a scavenger hunt

Example 3 - A service to Skype with your dog when you aren’t at home

For your ideas, is there a clear way to make money? If not, discard the idea.

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TODAY’S ASSIGNMENT:

Let’s bring this back to you. How can you pay attention and ask questions? What can you observe today in your work, your errands, your internet surfing?

If you already have an idea, explore that idea a bit more. Ask yourself if you know exactly who it’s for and what need your idea is serving. For example, the Skype-your-dog service isn’t really about dogs, it’s about dog owners and making them feel better. The bracelet scavenger hunt is about a shared family experience … maybe not everyone in the family would be thrilled about it, but they’d do it for mom or dad or whoever bought them.

Make a list of 3-5 possibilities. Just like last week, it doesn’t mean you’re doing to do all of them, I know you’re busy—but do begin to develop this process of active brainstorming.

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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,