Have you ever heard the saying: “paralysis by analysis”?
It’s basically when you spend so much time thinking about something that you never end up getting it done.
This is exactly why half the business ideas out there don’t even get off the ground.
People sometimes spend months on end trying to perfect all the ins and outs of their product-to-be when they really only need a few days or so to get things up and running.
If you’re someone who’s been sitting on a million dollar idea and can’t bring yourself to actually put it into motion, then I’m here to help.
If you’re willing to follow these 3 simple steps, you’ll soon find out that creating your own profitable business is much easier than you thought.
Step 1: Find your million dollar idea.
At the end of the day, your business concept needs to be something that people are willing to spend money on.
Maybe you already have one in mind…
If that’s the case, then go ahead and skip ahead to step 2.
But if you’re a little lost when it comes to sending customers your way then you can use the internet to narrow down what’s profitable and what’s not.
One of the most effective ways to do this is via Amazon.
Start by researching top sellers that already have a solid customer base and see if you can build something that’s complementary to their product.
Just look at the amount of business that thrive off of manufacturing smartphone cases.
You don’t have to create a $1,000 iPhone, selling 100 iPhone cases for $10 each will do just fine.
Why fight on the frontline when you can profit from the sidelines instead?
That’s not the only option you have for pinpointing a business idea either.
Feel free to checkout completed listings on eBay to get a good read on how certain products are selling.
Not only will this allow you to gauge the overall demand, but it’ll also open your eyes for what kind of sales prices you’re up against.
The gigs section on Craigslist is another useful tool that you have at your disposal.
If you notice similar requests popping up time and time again, it’s probably fair to say that there’s a market for that particular service or product.
However you want to get to the bottom of your million dollar idea is completely up to you, but if you’re searching for a bit of guidance along the way, any of these websites can help you out.
Once you’ve got a rough understanding of what you want to base your business off of, it’s time to move on to phase 2…
Step 2: Find $1,000,000 worth of customers.
Okay, so you have the perfect idea for a profitable business in mind… what’s next?
This idea alone won’t do you much good unless you have enough customers to back it.
You need to get out there and see for yourself who’s actually interested in coughing up cash for your product.
Thanks to the convenience of modern technology, you no longer have to go around knocking on doors or dialing endless phone calls just to see how many potential buyers are out there.
Facebook for example is a priceless way to reach customers.
Don’t hesitate to piggyback off websites that have a lot of traffic coming in and out.
Before Airbnb took off, the company used Craigslist to look at the demand for home listings and PayPal did the same with eBay once they recognized that shoppers needed a better way to pay on the platform.
Half the battle is coming to terms with what people want. If there’s not enough support for your idea then there’s no point in taking it to the next level.
It’s simple. NO CUSTOMERS = NO BUSINESS.
Step 3: Make $1,000,000.
With a business concept in mind and a customer base that’s going to keep the lights on, you can go ahead and get the ball rolling.
Arguably the best way to do this besides actually creating a product is to set up a webpage.
Services like WordPress and Squarespace make it easier than ever to get your very own website in the works.
After it’s live, you’ll be able to advertise your product or business and run ads on Google and Facebook to get even more traffic flowing your way.
This is essentially the home stretch…
From here on out, it’s all about validating your million dollar idea. Find an idea to structure your business around, acquire customers and set up shop.
Sure, it’s easier said than done, but in today’s day and age it’s easier than ever before.
The important thing to remember is to put forth the effort to make it happen. Don’t just sit on a business dream that you plan on launching one day. Do it NOW!
It’s unnecessary to obsess over every single detail any longer than you have to, especially when each of these steps can be accomplished in a single weekend if you’re serious about it.
Go ahead and add these tips to your business blueprints and see for yourself how they work out for your $1,000,000 business in the end.