by Laura Bastion // May 15 // 0 Comments

Starting an online business is super exciting, especially when you have a lot of ideas. But how do you figure out which idea is the best one to make money for YOU?

Let’s walk through a straightforward plan to help you choose a great idea and turn it into a real business

Step 1: Know What You’re Good At

Begin by identifying your strengths and interests. Write down everything you excel at and what you love doing. Whether it's crafting engaging content, creating digital art, or coaching others, understanding your strengths lays the groundwork for a business that's both enjoyable and enduring.

Step 2: The Passion Meets Profit Test

For every idea you have, run it through two crucial questions:

  1. Does this idea excite me? Can I see myself still passionate about this a year from now?
  2. And importantly, is there a market demand for this idea? Who would pay for this product or service?

 The best business concept will sit right at the intersection of your passion and market demand, ensuring it’s something you love and that it’s profitable.

Step 3: Research, Research, Research

Once you’ve identified a few potential ideas that pass the Passion Meets Profit Test, dig deeper. Explore who else is doing something similar—what are their strengths, and where do they fall short? Understand your ideal customer intimately: what do they need, what do they desire, and what problems do they face? Also, look into market trends to gauge whether your chosen field is growing. Tools like Google Trends, social media insights, and competitor analysis are invaluable here.

This step helps make sure that your idea isn’t just cool, but something people will pay for.

Step 4: The Tiny Test Experiment

Now, take your most promising idea and create a minimal viable product (MVP)—this could be anything from a simple landing page to a basic service offering or a sample product. Introduce this MVP to a select audience and gauge the response. This low-risk experiment isn’t about making profits yet; it’s about learning if your idea has legs.

Step 5: Analyze and Refine (Or Pivot!)

After your test, take a hard look at the feedback. Did your audience engage with your product? Did they see its value? If yes, you’ve got the green light to refine your idea further and start scaling up. If the feedback is lukewarm, consider tweaking your offer or even pivoting to another idea. It's all part of the process.

Having a plethora of ideas is a great problem to have, and with the right strategy, you can streamline these into a single, profitable online business. Remember, building a business is a journey that involves continuous learning and adaptation. 

Stay focused, be flexible, and embrace the entrepreneurial adventure. 

Your perfect business idea is out there, just waiting for you to bring it to life!

Feel free to reach out if you need more help refining these steps or want to dive deeper into any part of the process. Let’s make your business dream a reality!

Virtually Yours,

author avatar
Laura Bastion
Laura Bastion started her online business in 2000 when she was bedridden with her 3rd daughter out of necessity to keep the lights on. She has since helped launched 6 and 7-figure businesses around the world. Laura is passionate about helping women build businesses online. She loves to help others bring their passions online by teaching them how to market and GROW their business to be successful with online marketing, so they can create a business they LOVE and IMPACT the world

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Laura Bastion started her online business in 2000 when she was bedridden with her 3rd daughter out of necessity to keep the lights on. She has since helped launched 6 and 7-figure businesses around the world.

Laura is passionate about helping women build businesses online. She loves to help others bring their passions online by teaching them how to market and GROW their business to be successful with online marketing, so they can create a business they LOVE and IMPACT the world

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