Episode 35 – What’s The Best Business Idea This Year?
This is one of my favourite topics, although I do feel like I say that that a lot and actually I already did a blog on this in 2015, but no one THIS YEAR cares about something written in 2015. Right?
So what is the best business idea this year?
The real title is what’s the best business idea for this year or any year for that matter.
The easy answer to that question is:
The best business to start this year (or next year) is the one that’s right for you
Does that sound flippant?
I don’t mean to be.
But a business is essentially you solving a problem for someone else in exchange for money — and that is never going to change.
People need help with their problems year in and year out.
With an online business, you’re essentially dealing with a niche.
You’re choosing one specific set of problems, and one particular type of person who needs that problem solved.
And unless you are thinking of solving a problem that is really hot right now – say teaching business owners how to do video, or helping mums feed their families the latest food trend, what’s “hot” right now is largely irrelevant.
Businesses based on what’s hot right now have a downside — They won’t necessarily be hot forever!
You can ride the wave for only so long before that particular trend goes the way of MySpace and 80’s hair.
That’s not to say you SHOULDN’T ever start a business based on what’s hot right now.
It means you need to be ready and willing to pivot your strategy if and when the trend starts to die off.
A better strategy might be to look at the underlying problem you’re solving that will never go away and build your business around that.
The business you start has to appeal to YOU
But most important of all, the business you start has to appeal to YOU:
Your interests, your goals, your lifestyle and your personality.
Look at the problems you’re good at solving for people:
The problems you’re passionate about solving and the ones people will pay to have someone help them solve — the intersection of those two elements is your golden business opportunity.
If you’d like to work through that exercise for yourself I have it laid out in my Business Idea Starter Kit.
If you want more help understanding how your personality, essentially how you show up in the world, can be aligned with either the business you are starting or the one you are already running get your Entrepreneurial Design Profile at https://myentrepreneurialdesign.com
So, to recap:
1. A business is just you solving a problem for someone else, and that’s timeless.
2. If your business is built around something that’s hot or trendy right now, be sure you understand the underlying problem you’re solving, and be ready to change course if the trend starts to die.
3. The best business idea for you will be the one that is something you’re good at, passionate about, and that people will pay to have you help them solve.
It’s that simple.