You know you want to be a solopreneur and work from home full-time… but what you DON’T know is the type of business you want to have! Never fear—in today’s article, we’re going over a handy three-step process you can use for how to discover your perfect, profitable small business idea.
(Pssst… I strongly recommend you get started with choosing your small business idea and starting to offer services BEFORE you quit your 9 to 5 job. More on that next week!)
First things first: get the free workbook so you can jot down notes for choosing your perfect, profitable small business idea.
Step #1 for how to discover your perfect, profitable small business idea: identify what your passion is.
What do you love to do? What do you enjoy doing in your spare time? If you didn’t have to work for a living and could do absolutely anything you wanted to do with your life, what would it be?
I want you to really stop and think about this for a moment.
Forget about adult responsibilities.
Don’t think about how this thing you love isn’t going to make you any money.
Now is not the time to worry about that!
Right now, you are just focusing on what you love doing.
If you’re still stumped, you might want to consider things like what are the activities or tasks you like working on that don’t feel like a chore? Which things can you do for hours without getting bored? If you could do anything, be anything, spend all your day immersed in any one activity… what would it be?
Try to identify just one main thing as your core passion. If you have several hobbies or things that you love to do, what are their commonalities? How would you rank them or prioritize them, based purely on your enjoyment of those activities?
Write these down in your workbook before we move along to step #2.
Step #2 for how to discover your perfect, profitable small business idea: think outside the box and get creative!
This is when we start looking at what you can actually do to make what you love doing a profitable business venture. What are some ideas that could enable you to turn this idea of yours, or this hobby, into something that you can make a living at?
For example, if you love drawing, maybe you could make a living as a graphic designer, or creating cover art for books.
Or, another example, if you love watching television, could you become a film critic, or write film reviews, or even write screenplays, and sell these to the appropriate mediums? Could you start a professional blog analyzing the relationships among characters and the plot in your favorite TV shows and make money through blog advertisements?
You might feel like what you love to do is silly, or useless, or it’s not a “real” job. But there is value in everything! The trick is to think outside the box, to get creative, and brainstorm ideas for how can you turn that small business idea into a profitable venture.
Jot your ideas down inside your workbook now.
Step #3 for how to discover your perfect, profitable small business idea: connect the dots between what you love to do, and what steps you need to take to actually work your way up into turning this passion into your career.
Think of this in terms of professional development, certifications or diplomas, and continuing education: what skills do you need to develop or hone to turn this thing you enjoy doing into a profitable venture?
Another way to look at this is, what is preventing you from taking your dream small business idea and running with it?
You can make a list in your workbook of every obstacle that is preventing you from doing what you love. These could include things like your own fears of failure or success, your financial situation, your skillset, negative people in your life, and so on.
After putting together a list of every obstacle you can think of, write down in your workbook one to three ideas about each obstacle, for what you could do to overcome those obstacles.
For example, if you are lacking in skills, your ideas for overcoming that obstacle could include to do research on the industry this week, find a mentor next week, and start an online training course to cultivate your skills in week three.
Or, in another example, if you are afraid of how people will react when you tell them of your plans and voice your dream out loud to them, can you create a tangible, practical business strategy to show that you have what it takes to make this work?
In this step, you are identifying the problems, or the obstacles in your path, AND coming up with solutions to those problems.
It’s not enough to just identify problems in your biz: you also need to come up with solutions!
What’s next, once you’ve identified your perfect, profitable small business idea?
So! Now that you’ve come up with your super awesome dream business idea, where do you go from here?
Well, the next step is to put together a plan of action for starting your home-based business and transitioning out of your 9 to 5 job.
After brainstorming and planning, the final stage is to put together a solid plan to actually make the leap. You need to implement your ideas and strategies now!
What I recommend doing is setting yourself a specific timeline—usually a 3-month or 6-month model is a perfect timeframe, depending on how much experience you already have in your field and with managing a business—and then creating weekly goals with daily tasks leading up to those goals.
And that’s where the Goodbye 9 to 5 masterclass comes into play.
The Goodbye 9 to 5 masterclass provides all the tips, tools, and resources you need to effectively create your very own customized plan of action to smoothly, seamlessly quit your day job and successfully get your home-based business up and running… all within the space of just 3 months.
In the meantime, don’t forget to grab and complete today’s workbook!
Once you have your profitable small business idea, you can move onto the next stage of this entire process of quitting your day job and starting to work from home full-time. That next stage is all about determining whether or not you are ready to make the transition.
A good place to identify that? By taking the QUIZ to see if you’re ready to quit your 9 to 5 job!