Today I am talking about part two of my video training series, which is all around creating a business that will actually work with the lifestyle that you want and is designed to allow you to live the lifestyle that you want to achieve.
So in this part of the training program, we are talking about how to find a great business idea. This is something that’s really hyped up; it’s something that people get very stuck on; and it’s a little bit frustrating when they do. I’ve been there myself, and I held myself back for two years, thinking about all the ideas that I had and worried that they weren’t good enough, or that they were too complex, or that I wasn’t able to do them.
What is a Freedom Business?
Let’s just quickly recap on what a freedom business is. A freedom business is one which you can run online (so you can run it from anywhere in the world), and therefore it can allow you to travel or to do anything that you want to do, like working from home.
A freedom business is service-based, which means that you are using information that you already have, and you are transmitting that out into the world and helping people learn a specific area of life, or business, or education, or work, or whatever it might be. But it’s very much service and information-based.
And it is a premium product, and what that means is that it’s not commoditised. People come to you because you’re the person who can teach them that thing in exactly your way. Even though, for example, an accountant could definitely run a freedom business, it’s not just bog-standard accounting practices. It’s bringing your personality, bringing an extra, added benefit – even if that is intangible. So for example, it could be an accountant who is only focused on women entrepreneurs and really understands women entrepreneurs, or women who run freedom businesses and all the different bits and bobs that that entails.
Your idea doesn't have to be original
So this is how you can differentiate yourself in the market. But the actual business idea, as in the actual thing that you would offer, doesn’t have to be totally original. I’m going to repeat that: your business idea does not have to be original. It’s the execution that makes it unique to you.
So there are so many different areas where people need help: health is a huge, huge one. You could become a health coach; you could become a weight loss consultant; you could become a yoga teacher online. There are so many different elements of health, which are really important and very under-served from the standard Western medicine perspective.
Or helping people around the area of business: how to start a business, how to make more money, how to get a promotion in your job, how to create specific professional skills – there’s so many parts of that as well.
And then personal mastery: how to get past fear, how to be more confident, life coaching, how to find a man – any of these different areas, I bet you have some experience in one of these.
Who do you follow?
So to actually find a business idea, I have a few little hacks that I can share with you, one of which is just to scroll through your social media feeds. Who do you follow? What interests you? What have you actually liked on Facebook or followed on Instagram - which companies or potentially even Freedom Business owners? Do you follow that online yoga girl? Do you follow that clean eating guide? Do you follow that travel newsletter or whatever it might be, or that travel blogger? Are you a mother, maybe, and you have a lot of parenting tips and advice that you see online? What is it that you follow? What is it that interests you? That could be a very good way of actually finding out who’s around and what your interests are.
So have a look at that, and on the worksheet there, I’ve got a list of all the places that you can look and maybe you can find ten of each of these different people that you follow online. And once you’ve got that general idea, like “maybe I could actually, maybe I’m interested in health” – don’t even take yourself to the point of “oh, I could actually become this expert on something” – just find out what you’re interested in.
You don't need to be an expert
Then, I want you to drop this thought about being an expert. Obviously, if you want to become a doctor or a pilot or something, I would recommend that you get proper qualification, but you don’t need to be the world’s top expert in whatever field it is that you want to go into.
So let’s take a really basic example: if you want piano lessons, you’re not going to go and get them from Lang Lang, the international orchestra concert pianist. He’s played for the Nobel Prize and all the rest of it – you’re not going to go to him. You’re going to go to the lady down the road who teaches piano lessons.
So forget this idea that you need to be this massive expert, the best of the best. You just need to be a few steps ahead of your following, and you’re going to be of massive value to them. So once you’ve realised that you’ve got an area where you’ve either lived through an experience, or maybe you just love what it is – let’s say you’re into vegan cooking, you could help people create a lifestyle where they can actually fit vegan cooking into their day.
Solve a focused problem
For example, I have coeliac disease, so I can’t eat gluten. I had to learn how to live without gluten because I was working 80 hours as a week as an investment banker, and I was eating takeout all the time and you can’t do that because there is gluten contamination everywhere. So something as basic and simple as that can be something that I would have paid somebody to help me navigate through my eating habit changes.
And that is what I actually went on to do when I first started Living Rosy. It was all about clean eating at first, but then developed that into more stress management for women from a health coaching perspective. That was how I got Living Rosy going and then it naturally gravitated more into the business aspect.
So have a think about what you could help people with. The next step is niche problem solving. So rather than you being the world’s best expert at gluten sensitivity, or playing the piano – or whatever it is you want to do – find a smaller group of people who you know you can help, who you’ve already lived their story, and work out what it is that they need help with. In other words, think of ways to help them solve their problems.
A great example of this is if you’re a new mother, and you’ve always worked out a lot, you’ve always eaten healthily, and so when you had your baby and you went back to your old routine, you actually lost weight pretty quickly because you did a lot of Pilates. And all the mums at the play group could be saying “well, how did you get your body back so quickly, what have you done?” And that could actually be a little programme that you teach people, which enables them to create better habits while they’re obviously in this period of huge, huge transition, which will then enable them to get the body back – that’s the result that they want.
So you’re problem solving little problems people have, and you’re focusing on one specific niche, one specific group of people, helping them to do one thing. And that’s really key here. It is getting that focus in and just narrowing everything down.
The reason to do that is to do with marketing, which we’ll go into in the next of these training series. But for now just really focus on narrowing that niche down, and I’ll let you fill out that workbook. Do all the things that we did in the training today, and I will see you in the next video. Bye for now, guys!
YOUR NEXT STEP
Do you want some more help to find the right business idea for you? Then grab your copy of my e-book 8 Steps to Choose Your Freedom Business Idea - yours for free today!
In 8 Steps to Choose Your Freedom Business Idea, you’ll find out:
- How to know if your business idea is correct
- How you can use skills and talents you already have to start your business now
- What to focus on to ensure profitability
- How to price your services
- Plus 36 REAL Freedom Business examples!
Grab your copy for free here >>>