In Episode 1, we start things off with a bang by tackling one of the most essential yet frustrating topics in business: business models.
Before you think about all the tricky aspects of starting a company, you need to conjure up an idea.
What is the best possible business idea you can think of?
Well…there’s no such thing as a business idea that is the best of the best. You will not be able to find one particular idea that is a cut above the rest. Why? Because the secret to finding a good business idea lies in this one simple tip:
That's one of the key pieces of the Star Power Framework. Maybe you're a Linear Creative and starting a tax business might be a good fit. However, just because you're great at numbers doesn't mean you'll like the work of interfacing with people and the high-pressure environment of tax season.
Playing to your strengths means that you focus on the things you are good at while finding the right audience fit for what you have to offer. With that in mind, how can you conjure up a business idea around your strengths?
To start, you need to find what you are good at. Sit down, think about your interests and talents, then make a list of the things you believe you excel at. Honestly, this list can include anything and everything that comes to your mind. Perhaps you’re great at content creation, you have a passion for fitness, you love knitting - the possibilities are endless and they all depend on your strengths.
Next, you need to go through this list and look at all of your strengths. Choose each one and try to think of a business opportunity that revolves around it. For example, maybe you’re excellent at content creation and you love writing. You could start a business offering freelance content writing services to businesses of all shapes and sizes. Or, you can start a blog and turn that into a business through monetization.
Figure out which of your strengths are most likely to result in a good business idea. You may find that some of the things you love doing just won’t be viable businesses. Ask your network for input on what they'd buy - or if they know other people who might buy it. DON'T ask them if they like it. That's a cop-out question. Just because they like it doesn't mean it will sell well enough for you to make a career out of it.
After you’ve chosen your business idea, you need to start planning. Create a business plan that involves all the different steps you’ll pass through to go from the idea stage all the way to opening your business. Depending on the idea, this can take anywhere from a few hours to a few months/years.
Just like that, you have found the best business idea possible - for you. It’s an idea that plays to your strengths, meaning you feel more than competent going forwards. Clarity, confidence, and courage to act will help you go far. If you are confident and creating a business around a key strength of yours, you will have an easier time trying to stand out in your industry.
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