Million Dollar business ideas are really just problems that need solutions.
If you’re paying attention, there are problems ready to be exploited all over the place.
You just need to be tuned in and listening to the right words and phrases around you. When you tune in and pay attention, you realize there are 1000s of million dollar business ideas all around you.
Most big million dollar ideas today are not breakthrough inventions.
Yes, this is what we hear about most in the media but in reality, most million dollar businesses have taken existing ideas or products and made them better or just different.
Here are some examples of billion-dollar businesses that jumped in and executed on an existing idea.
- Facebook was not the 1st social network
- Google was not the 1st search engine
- Telsa was not the 1st electric car
- Netflix was not the 1st movie rental company
- 1-800 got junk was not the 1st garbage disposal company
You get the idea. You don’t need to invent something brand new to start and build a million dollar business, you just need to take an idea and execute on it better or just different than others.
The hard truth is that it really all comes down to modeling & execution. If you can you execute better than the existing competition and market and distribute it better, you win.
If you do proper competitive analysis, you can learn how they are winning and model their business and processes and make them better.
There are plenty of ideas out there for products that can make you millions of dollars.
Where to find the good ideas for products and businesses
Some people have a problem with too many ideas. They call this the “too many ideas syndrome“.
Others have the other problem of not enough ideas or just not the right one.
If you’re trying to find an idea for a business, the best place to start is with other people’s problems and complaints. Find a problem that many people are experiencing and then create something that solves it for them.
Here are 4 types of complaints to listen and look for.
- Complaints of change
- Complaints of expectations
- Complaints of fraud
- Complaints of boredom
Complaints are problems looking for solutions. Listen to people, read the news and blogs and you will see problems everywhere.
Pay attention to these terms:
- I hate…
- I wish…
- This sucks…
- I wish there was…
- It would be great if there was…
- I wish there was an app for…
- I wish there was a product that…
There are many others you can use but these are things people talk about all the time in life and online.
You can find these terms and what comes after the … on Google, on Facebook, on review websites, on Twitter and basically anywhere people leave feedback or comments.
You can automate this process so that new ideas land you inbox using Google Alerts. Google Alerts can monitor the web for new content around your terms so you get notified when new content shows up on Google.
Twitter Advanced Search is another treasure trove of data for finding million dollar business ideas.
Enter the terms above into the advanced search and find a whole bunch of problems that need solutions to.
Automate your idea search
There’s also a simple way to automate these searches using If This Then That.
You can set up an IFTTT recipe that sends these tweets to a spreadsheet.
So, when somebody tweets “I hate that I can’t find good babysitters”, the tweet lands in your spreadsheet and then you can review your spreadsheet periodically for the good ideas or problems that need a better solution.
Another great tool that I use to research idea keywords is Semrush. Once you find the tail end of that sentence after I hate… take those keywords and enter them into Semrush and see what kind of traffic the keywords get. This helps to give you an idea of the size of the market how many people are searching.
The more people looking for a solution to that problem, you might just have a niche market on your hands.
Model products that are selling
This is another proven way to find a million dollar business idea.
I got this tip from Russell Brunson, founder of ClickFunnels and author of the book Dot Com Secrets. One of the ways he researches products is by using the ClickBank marketplace to find the top-selling products in a niche. ClickBank is a marketplace of info products in every niche possible. Get an account at Click Bank and find products in the niche you are interested in. For example, browse to the Health and Fitness niche, sort the products by popularity and see what is at the top.
These products are popular because they are selling. Affiliates are making money and so is the product owner. Model what they are doing and you build your own business with a similar product.
Ideas are plentiful. There is opportunity everywhere as long as you’re looking, you will see them and find them.
The key to turning that million dollar idea into actually a million dollars all comes down to execution.
It’s how you take that idea, develop it into a product and build distribution channels to get it out to the masses.
I hope this helps you come up with some ideas or at least look at the world in a different way and be open to the opportunities around you.
Any questions or comments please feel free to leave one down below.