When I talk to entrepreneurs and side hustlers, the same magic question always comes up: What type of business should I get into? What’s my niche?
I always tell them to start looking around them in their everyday life, searching for a problem that no one has found a solution for yet. Then find the solution.
After a little bit of research, you’ll be able to determine whether you’ve found a potential business idea.
At the same time, it’s important to ask yourself: “Am I passionate about this idea?” I believe that if you are going to start a business, you have to be passionate about it. Follow your passion. Many entrepreneurs nowadays go into a business for the money. And the money is great. But unless you also have a passion for what you’re doing, you’ll eventually lose your motivation. I like to call the first few months of a new business the honeymoon stage. You’re in love with your business. You’re psyched up and ready to go. You set up all the basics and go public. Soon you start making money.
But then, little by little, you start to figure out that this is not your passion. The honeymoon stage is over. The work you used to find fun becomes another task to get done. You have to record that dreaded podcast episode or write that dreaded blog post.
This is why the passion behind the idea is so critical. Write down a list of your passions and hobbies.
I always recommend that entrepreneurs to start online businesses because they’re cheaper and they’re easier to start than brick-and-mortar ones. With the level of technology now, you can have a website up and running in a matter of days. But if online businesses aren’t your thing, that’s fine. You can still use the Internet to help you promote a brick-and-mortar business. A website is instrumental in establishing your company. You can also have a presence on social media, a blog, and more.
No matter what business you start, you’ll be able to break free from the 9 to 5. That’s what I help entrepreneurs do every day. You’ll be able to quit that boring 9-to-5 desk job that you hate so much. When you wake up every Monday morning, I want you to be passionate about what you do. I want you to go to work and love it so much that it’s not even working anymore: its play.
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The question of the day is: Where is there a problem in your everyday life and can you find a solution?
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