Self-made millionaires know the best way to get rich is to start a business. Because you not only control your time, you have no limit on your income!
Most people don’t realize this, but coming up with hot new business ideas is an actual skill, a learnable skill, and a rare and lucrative skill that you can use over and over and over again.
Once you learn how to generate these ideas on demand, the biggest problem won’t be finding huge money-makers but choosing between all the incredible ones staring you right in the face.
And to help show you how to generate these ideas on demand, T. Harv Eker has created 6 tips for generating effective million dollar business ideas that you can begin using today!
Read on to discover what they are!6 tips for generating effective million dollar business ideas that you can begin using today. Click To Tweet
Tip #1 — Choose a business field you are passionate about
To narrow down all the business opportunities, start by choosing a field you love. It’s got to be the right business for you!
If you don’t like the business or product, are you going to be very passionate and enthusiastic about it? Probably not.
That’s why having passion is so important when it comes to your business. Passion is your energy!
And what are people buying?
They’re buying the energy, and if you’re not excited and passionate about what you’ve got, there’s no way you can market or sell it to consumers.
It’s like how I finally built a successful business after years and years of trying. I have a passion for health and fitness. When I moved back to my parents’ house in Canada, it was impossible to run outside in winter, so I started looking for home gym equipment — which at the time, was hard to find.
Soon, I decided to start a home fitness retail store. I was focused on my love for exercise, not on making a profit, but in large part because of my passion for the field, the business did end up making me rich — finally!
However, it’s not always clear what we’re passionate about. If you’re not sure, try asking yourself these questions:
- What are you curious and excited about?
- What do you do in your spare time (or what do you want to do in your spare time)?
- What could you learn and talk about for hours?
- What are your natural talents?
This is an absolutely crucial step if you want to become extremely successful.
Tip #2 — Consider consumers’ two primary motivators
Pleasure and pain drive the decisions we make. Which do you think is stronger? If you said avoiding pain, you are correct!
If there’s a problem, people want it solved.
So, that’s where we get the definition of an entrepreneur:
A person who solves problems at a profit!
Let’s say someone has $5,000 dollars. Their interior designer friend wants them to use it to redo their family room. Their doctor friend says they should put it towards surgery on their aching knee. Chances are they’d go with the surgery because the doctor’s suggestion solves a bigger pain point — literally.
The good news is that step one — reducing or avoiding pain — naturally leads to step two — bringing pleasure. When your product or service has solved a person’s problems, they’ll feel good.
The better the experience, the more likely they are to be repeat customers and to tell others about you, too. Getting these two steps down is key to a thriving business.
There’s a related aspect to consider. Not only do you want to solve problems and take away your customers’ pain, you want to do it better than anyone else out there.
Regardless of your business, it’s imperative that you always strive to be the best.
And I’m not talking just natural talent, although that’s important.
There are ways to become the best, and I go over them in detail on my free “Zero to MultiMillionaire” web class.
Tip #3 — Improve an idea that already exists
You don’t always have to start from scratch to come up with million dollar business ideas.
Another way to find good business ideas is to improve something.
Nothing is perfect. That means every single thing can be improved in one way or another!
All of the millions or billions or trillions of products and services that already exist can be made better. You just have to find the way!
One example of this is the Sleep Number bed, which improved on the idea of a basic mattress. Not only that, it actually kills two birds with one stone — helping people get a better night’s sleep and no more arguing about the mattress.
And then there’s Domino’s, which didn’t do anything revolutionary with pizza itself — they just improved the speed of delivery. The “30 minutes or Free” set them apart and made them a big player in the industry.
Keep in mind that improving a product or a concept can be more lucrative than starting from scratch.
It’s already a proven entity with a proven market.
You don’t have to spend a fortune educating anyone. They’re already buying it.
There’s a good chance that if you make it better, they’ll buy it from you. You’ll have the money left over to expand while the first guys spent all their money educating. In this case, it’s better to be second than first!
Tip #4 — Model a proven winner but add your unique touch
Modeling a proven winner is an easy way to make a fortune.
There’s never an excuse not to copy someone who’s already making a fortune now.
The word “copy” is often frowned upon because in school we learned we shouldn’t copy, but like most things we learn in school, this thought process keeps people broke.
Here in the U.S., we do this a fair amount with our TV shows. “The Office,” “American Idol,” and “Three’s Company” were first hit shows from the U.K. “The Good Doctor” was originally a program in South Korea. “Iron Chef America” was “Iron Chef” in Japan.
This tip applies to even the simplest products. I have a friend who made $12 million selling shoelaces that were sparkly and had wild patterns.
Of course, people do this all the time with services, too. For example, I’m certainly not the only person who teaches about business, money, and personal success. But I add my special Harv spin on what I teach, and my particular approach clearly resonates, since I’ve taught thousands and thousands of students over the years.
You definitely want to be unique, but do you need to be original? Heck no! There really isn’t that much new under the sun, and if there is, let somebody else deal with unveiling it. It’ll cost them way more than it will cost you.
Following this tip gives you a great foundation to start with, then lets you build on it while being as creative as you want.
And since it’s your business, you’re in charge, which means no office politics or red tape to get your product and service out there.
Not only that, there won’t be any limits on the income you can bring in — sounds great, right?
Tip #5 — Network and affiliate with other companies
Copying not your M.O. or forté?
Instead of copying…
Look for a hot product or service in a field you love and piggyback, or affiliate, with them.
Why would you affiliate with them versus doing it on your own?
They might already be in the market, they might have an exclusive or a great product, their operation size is already established, and they might have major distribution, a major database, or expensive equipment or technology.
In other words, they may already have a lot of the headache kind of stuff worked out. Then, you won’t have to build it or expense it yourself. You’re simply there to fill a gap that is mutually beneficial.
Some well-known companies with affiliate programs include Amazon, eBay, and Target. There are also direct sales companies like The Pampered Chef and WineShop at Home and franchises for tons of retail stores and restaurants.
With a little research, chances are you’ll find something reputable that appeals to you. Just don’t forget tip #1 — it has to be a field you’re passionate about!
Tip #6 — Change the niche and the market
This next one is so very simple.
Change the niche of an already existing product or service. (By the way, some people pronounce it ‘nitch’ and some people call it ‘niche’, yes? I choose ‘nitch’ because it rhymes with rich.)
Take something that was for the public, and then say “I am going to make it for women” or “for men only” or “for seniors only” or “for golfers only.”
Simply, change the market!
Product niche is something special, or the biggest, or includes the word “only” of some sort, like the above-mentioned examples.
Think about a store that only sells something that everybody uses, like towels. Moving into a new home? Buying a house-warming gift? Where are you going to go to get towels? Towels Only!
Product pitches equal your riches!
Hopefully, you’ve learned that million dollar business ideas are not as hard to come by as people make them out to be. With a little focus, knowledge, awareness, and insight, anyone can create multiple million dollar business ideas!
Coming up with a brilliant business idea is just the first step, though.
With a little focus, knowledge, awareness, and insight, anyone can create multiple million dollar business ideas!
If you want to build a business that makes you rich, I highly recommend that you check out my free web class airing December 6-12th called,
Zero to MultiMillionaire
“The Ultimate Business Success Formula.”
Everything I address in this class has not only been part of my personal journey to wealth, but it’s also helped thousands upon thousands of my students create wealth, too.
On this class you’ll also discover:
- What unique character traits most self-made millionaires have in common.
- One important rule when it comes to creating wealth… without it there’s a chance that you’ll have a limit on your income forever.
- Specific strategies that can actually produce real wealth in your life.
- How the term “multiple streams of income” is hurting you vs. helping you.
- And much more!
It’s inspirational, educational, and a lot of fun, too, so if you’re ready to make more money — a lot more money — don’t delay another second and grab your spot on one of my upcoming classes now.
Click here to register or select a date and time below that works best for you. See you there!
Did you enjoy reading the article above? Will you use any of these tips in your everyday life? Please share in the comments section below!
For Your Freedom,