5 Steps to the Perfect Online Business Idea

I talk to people, quit often, who want to start an online business but don’t have an idea for a business related to what they’re passionate about. If that’s you, it’s your lucky day.

I came up with a process for developing your perfect online business idea. Just follow the steps below and you’re on your way.

Step 1

Ask yourself these 3 qualifying questions:

1. What do I love to do?
2. What am I already good at?
3. How can I fulfill a need or solve a problem?

Step 2

Consider what I call the 3 Purpose Plays or ways you can monetize your passion:

• Sell It — Create a product related to your passion and sell it online.
• Lease It — Become a consultant for people or businesses related to your passion.
• Teach It — Teach other people how to do what you’re passionate about.

Step 3

Brainstorm ideas:

• Take 10 to 15 minutes to write down every idea that comes to mind.
• Keep your answers from Steps 1 and 2 in mind while you brainstorm.
• Right down every idea. Don’t rule anything out yet.

Choose one purpose play for now.

Step 4

Research your ideas:

• Get online and search sites like Google and Reddit for keywords related to your business ideas.
• Evaluate each idea as you research it.
• If you can’t find very much information online related to an idea, chances are, there’s not much demand for it. Mark it off your list and move to the next idea.
• If there are lots of people talking about your business idea, that means there’s demand for it.

Step 5

Move forward with the idea you feel the most inspired to pursue that has verified demand.

And there you have it. After going through this process, you should have a viable online business idea related to your passion. If you go through this process to come up with your perfect online business idea, find me on Facebook or Instagram and let me know.

Enroll in my Knowledge on Fire! Masterclass and learn how to create eLearning Products that allow you to teach others how to do what you're passionate about.