07 Mar How To Find Your Killer Idea
How To Find Your Killer Idea
Growing up we are groomed to be cattle. To work a regular 9 to 5. We are given pocket money every week or month in exchange for chores around the house. This trains us to work and expect a paycheck at the end of the month. We are told to Study hard, get good grades, go to college, build a resume, get a job and work our way up the corporate ladder. That is all bullshit. Why live your life working for someone else to create their dream life and make them rich? Yes in some cases it is a great opportunity to learn new skills, but in the long run, it doesn’t make sense to us and shouldn’t make sense to you either.
Don’t rely on someone else to create your dream life… you will just be miserable. Take a chance on a winner. Take a chance on yourself… put your own future in your hands. It won’t be easy… no one knows what they are doing when they first start out, but don’t stress… you learn as you go. Hopefully hearing from others experiences will help you avoid some of the normal mistakes, but failure is the best teacher. So your first task:
Take a piece of paper and write down 7 passions, 7 fears and 7 problems. From this list ask yourself, are any of these things I might be able to solve one way or another? That is your first step to financial freedom.
Why is that relevant? We are firm believers that in order to get repeat business or customers, whatever you do must solve something. Think about your habits. When you are online, you only visit web pages that solve a problem for you, be it providing you with specific information, or helping you pass the time. In real life this still applies. You only go to the places that entertain you. The 7 passions, fears and problems is a way of coming up with potential areas that can fall into this category.
Our passions of course are things that we care dearly about, and that we enjoy. If your work is your passion you have hit the jackpot, and it won’t feel like work anymore. Plus you will be able to pour a lot more of yourself into it, and put out your best work. Being able to do business around things people are passionate about will ensure a high level of engagement. Also, passion jobs tend to command higher margins and can be a great way of profiting off the discretionary income of others.
If you work on a fear or helping people get over a specific fear, you are solving a problem, which is more niche, but could be very profitable. A lot of the time, people have fears that they aren’t ready to discuss with their friends, family, co-workers, etc. I might not want to discuss having an STD with my co-workers, but a business or website that gives me answers and the reassurance I need, that I can research in privacy without fear of judgment, that I might probably pay for. The great thing is that everyone has fears and wants to get over them.
If you solve a problem, and it’s a big enough problem, then my friend you are golden. This section of the list can be tricky. Make sure the problem is one people know they already have, or you will end up having to spend a lot of time educating and creating a market to sell to. Also, make sure it’s a real problem and something that you yourself would pay money to have solved.
Once you have your list of 21 things, objectively go through it and narrow it down to about 10. Now the research starts. Go out and talk to people about your idea.
This part is how you validate the idea. This part can be quite fun, and it is something that can be done without spending money and anywhere. Start having conversations with people about the different ideas. Do it casually though but through asking some leading questions you will learn whether your idea is viable or not, how to package it, and what price point to sell it at. So a conversation could be:
- So what do you think about [insert idea topic]? (just a brief introduction. It will tell you whether to continue the conversation or abort)
- If there was a solution to [insert topic idea], is that something you might be interested in? (if you get the green light, this question will tell you how big of an idea you have. If the response is hell yes you know you have found a potential big idea. If it’s I guess so you might have to dig deeper and do more research)
- Well, what would something like that look like to you? (This question allows you to extract from them exactly what they want in a product. The beauty here is that instead of you going out and putting together what you think they want, in talking to them, they will tell you exactly what they want in a solution and you can then give them that)
- That is very interesting. So if that existed today, is that something you would pay for? (This tests the profitability of the idea. If it’s not something they would pay for, then it is not a big problem area for them. Be careful at this stage and be sure to ask a lot of people. Don’t get discouraged if the first person you ask says no. If they say no just politely ask why not, after all they just described to you what it would look like.)
- How much would you pay for something like that? (The big money question. Pricing is one of the most difficult things to get right. Price too high, you lose customers, too low, you are selling yourself cheap. What better way to price than to get your customers to tell you exactly how much they want to pay for a product that they just designed themselves.
After having these conversations, you should have maybe one or two ideas that you already know people will pay for, as well as how much they are willing to pay for it. If not, start the process again and repeat until you find an idea that gets validation. What are you waiting for?