Finding Your Online Business Idea In 2 Simple Steps
Issue #3: Bi-weekly insights for mothers interested in entrepreneurship
One question I get asked a lot is: “How do I come up with an idea for an online business?” so I wanted to offer up a simple exercise to help answer this question.
Firstly, let me take some of the pressure off by sharing a little insight—your idea is not going to be perfect. So, when working through this it’s important you give yourself permission to not overthink (I promise it will make the process more effective and more fun too.)
The chances are, as you begin working on your initial business, your direction will change and your ideas will expand anyway. I’ve found this to be true in my own experience, and so do many other business owners.
runs several 7/8 figure businesses and says about his loose approach to planning:We don’t really know where we’re going for certain, but I know that when we “do the next thing” it’ll show us the direction we should try next, without having to pre-plan everything.
If he can take this approach, so can you.
Letting go of the need for feeling ready is even more important when you have young children; you will drive yourself into the ground if you’re tirelessly trying to be ready enough and predict every outcome.
(That is the pressure which often prevents people ever getting started so please hear me when I say: it’s better to get started, even if it’s seriously messy, than not at all.)
In order to help find your online business idea I’m breaking it down into two simple steps, brainstorming and researching.
If you’re juggling kids you might have to do this as a quick mental exercise, or if you’ve got a little more time to dedicate then you may decide to set a timer for 30 mins with a pen and paper in hand to note down your thoughts. Either way, it’s good enough.
Step #1: BRAINSTORMING
A little self-reflection is a good place to start on your road to business. I’m all about choosing the path of least resistance and that’s considering what your preexisting passions, experiences and skills are.
Passions: Ask yourself what is it that truly ignites your spirit. What are you genuinely passionate about? Which hobbies bring you pure joy? Don't hold back; jot them all down, even if they seem unrelated to business. The goal here is to get your creative juices flowing.
Experiences: Consider milestones and moments that have shaped your journey. What experiences have left a lasting impact on you? Perhaps you've faced challenges head-on and emerged stronger on the other side. What lessons did you learn during those transformative times that could benefit others? By the way, it's not just about grand moments; even seemingly small experiences can hold significant value.
Skills: What are you naturally good at? Reflect on your skill set. This could encompass playing a musical instrument, your academic achievements, specialised knowledge from your education or job, or even skills honed during your personal pursuits.
The goal here is to get your creative juices flowing so permit yourself to let your thoughts wander and see where they lead you.
Step #2: RESEARCHING
Once you've mulled over your passions, experiences and skills and started to form a rough idea for a business, it's time to dive into some research.
A good place to start is by unearthing individuals who are already making waves in the field you’re interested in. You can:
Search Google with keywords related to your niche and figure out what type of offerings are showing
Search social media channels to see which ones are most relevant to your niche and review who is doing what and how.
Search online course marketplaces like Udemy, Coursera, or Skillshare, to see what type of content people are offering
As you peruse their work, ask yourself:
What resonates with me about their approach? What aspects do I find less appealing? Where might I carve out my own niche?
Next, break down your potential offerings and consider how you could deliver them:
What will you offer? Could it be a tangible product, a digital creation, a specialised service, or perhaps a community-based offering?
Where will you offer it? Will you utilise a dedicated course platform, set up shop on your own website, or establish an online storefront? Explore the pros and cons of each option, considering factors such as ease of use, cost, and audience reach.
How will you monetise your offerings? Will you sell courses, dive into e-commerce, offer membership subscriptions, or provide bespoke services?
There is no right or wrong answer to any of these, it’s simply an exercise to get you thinking about what you could viably do in the online world.
A word of caution: Resist the urge to fall into the comparison trap.
While you may encounter others who have already ventured into similar territories, remember that each journey is unique.
Instead of feeling overwhelmed or deflated by the success of others, view the examples instead as sources of inspiration and validation of market demand. Embrace the opportunity to learn from their experiences while forging your own distinct path forward.
How I Chose My First Business Idea
I’d love to lead you through some really interesting “why” and “how” story but the truth is I got sick of working in relatively low-paid, soul-sucking, dead-end jobs and decided I wanted to give online business a try.
The realisation that I didn’t want to be an employee anymore, coupled with a decision to head off backpacking, meant that I was thrown into the deep end and had to generate an income as a nomad.
Here’s how I reached made the decision on what business I would start, using the same exercise as above:
✅ Passions: Reading and writing
✅ Experience: General administration
✅ Skills: Fairly efficient writer, good at customer service
💡 Idea: Freelance writing
🔎 Research: I noticed there were many freelance writers offering services to businesses. I delved into the types of writing people offered and found blogging to be the best fit for me. I considered niches that a) I would enjoy and b) had a demand—this lead me to real estate. I took a course to learn how to connect with potential clients and I set up a website to display my services and began working within weeks.
This is the simplified version of my journey into online business but a demonstration of the process I followed to take the first steps.
Over the years my offering and business model has morphed but by making the decision to just get started proved to be a very good one.
There Are Endless Opportunities
From photoshop experts who specialise in restoring old photographs, to closet organisers who offer online courses, to people selling digital planners; there is truly an endless list of people running very successful online businesses—with your unique experience and perspective, there is absolutely no reason you can’t do the same.
There are close to 5 billion people online so the odds are in your favour that there are people who would pay for what you have to offer.
I’ll leave you with that for now.
If you’d like to learn more:
Feel free to DM me if you’d like to brainstorm some ideas.
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Your suggestions are so helpful, and that's almost exactly how I discovered my own online business idea!