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Brainstorming Project Ideas

August 7, 2008

The August Monthly Mentor Club print newsletter is being sent out on August 11th at 9 AM Eastern. If you want to get this issue, you have to be subscribed before then…

This month I’m covering the 5 ways to do in depth research on your market. The person who knows their market the best wins. Find out how you can become that person…

Here’s a quick excerpt from the newsletter:

If you’re like most beginners, you agonize over your first project for months…afraid to make a mistake.

Cut it out!

Just get started. It isn’t a life or death situation on choosing the right market from day one.

Lets say you choose poor market that only produces a few sales per month. That’s OK. This is your first project, not the only project you’ll ever have.

This is where I get mad at many of the biz opp people. They’ve given their customers the idea that success should be instant and easy. If they don’t make a million dollars from their first project, they
failed.

That’s WRONG thinking. Your first project isn’t there to produce profits. It’s there to get experience and on the job training. You may make a profit, but it doesn’t matter if you do or don’t on that first
project. You will end with experience.

People go to college for 8 years to become a doctor. That same salary online is much easier to hit, but it won’t happen in 2 weeks. What if it takes you a year, two years, or even three years? It still would mean this opportunity is BETTER than medical school.

Ok, I’m done ranting now.

Where do you start for your first product?

The first thing I’d do is write down a list of your skills and talents. What have you accomplished in your life that others would be willing to pay for?

A lot of people’s first response to that question is nothing…but that’s highly unlikely.

For example, have you ever lost weight?
Have you finished a marathon?
Are you a good golfer?
Do you have dates every other night?
Did you figure out how to raise your children well?
Did you find a unique way to pay for college?
Are you a gardening freak?
Maybe you’re the master at a specific video game?

Look at your previous experiences for product ideas:

Previous Job and Employment Skills – Did you have any training (sales person, teaching, medical, legal, etc.) that others would find valuable?

Relationships – Have you achieved anything others would want (like fixing a failing marriage, finding dates, marrying a model, etc.)?

Health, Fitness, and Beauty – Have you lost weight, gained muscle, found secrets to looking beautiful, eat raw foods, etc.?

Hobbies – Are you a master at video games? Do people come to you for fishing advice?

How will I know for sure I have the right subject?

For your research in this report, but remember this project won’t be your only project you’ll ever do. It is just the beginning.

Here are few of the rule of thumb questions I use to pick the right market:

Do I have a high level of interest in the subject to study and talk about it?

Is there an easy to target market (forums, keywords people search for, large sites with advertising available)?

Are there other products successfully selling in the marketplace? Don’t look for empty markets where there isn’t money. Look for competition.

Is it difficult to find really good information in the first 10 results on Google? It’s much easier to sell an info product if quality info is harder to find.

Do people spend money regularly on the subject? For example, golf or horses are expensive hobbies so I would trend towards them over bowling.

Let’s say you go through all your skills and you can’t pick anything. Are you out of luck? No. The next step is to look at your family members and friend’s skills for ideas.

Maybe your spouse or your children have a subject that is perfect for a product? Or maybe one of your buddies or coworkers has an idea? Look through your circle of influence for possibilities.

Finally you could start a product on a subject you don’t know anything about as long as you’re excited to learn about it.

This would require you to do an interview with an expert. There are experts in every field who would be willing to share your knowledge for the exposure and backend opportunities you would provide them with.

Now you’ve chosen your first market - or you’re actively working in a market. Either way, it’s time to get into the research system.

To get into the research system, make sure you’re subscribed to the Monthly Mentor Club print newsletter before August 11th at 9 AM EST. Click here now to join…

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Comments

5 Responses to “Brainstorming Project Ideas”

  1. Carole on August 7th, 2008 2:02 pm

    Terry, It seems your information is timely as I have been stalling working on my first product. I receive your monthly mentor newsletter and July’s was filled with so much good information it got me excited just thinking about what I needed to do. Thanks for the inspiration and the nudge you send just by writing your blog posts.

  2. Tal Fighel on August 7th, 2008 2:14 pm

    Hi Terry,

    You said: “People go to college for 8 years to become a doctor. That same salary online is much easier to hit, but it won’t happen in 2 weeks. What if it takes you a year, two years, or even three years? It still would mean this opportunity is BETTER than medical school.”

    I can say that I know a lot of people who make more then what their doctor makes in one year and they only work maybe 2 hours per day online.

    The one thing that a person needs to know that even if it takes you a year or two to figure out how these super webmasters make the amounts that they make, it is all worth it in the end.

    Terry, you continue to inspire me in many ways.

    Thank you so much for the article and looking foward to more.

    Tal

  3. Semmy on August 7th, 2008 4:32 pm

    Hi Carole, Terry always over delivered! he is such a generous guy. It’s rarely find a guy on the Internet like Terry. Even in his blog he always give something, and he didn’t keep the secrets

    Semmy
    http://www.myminisitegraphic.com

  4. Ken on August 8th, 2008 6:54 am

    Terry,

    I know this stuff isn’t rocket science or that we need a doctorate degree to build an online business. I think the problem hinges around lack of focus and discipline.

    Thanks for the nudge as Carol calls it. I call it a virtual “kick in the ass” because that’s exactly what I need to hear and feel in order to get my first project going. And you’re right, there are a lot of abilities and experiences that I have that can become a marketing product, I just haven’t discovered them yet.

    Please continue to pull us through with your blog. I love it.

    Ken

  5. josh-internet business on August 11th, 2008 7:20 am

    Thank you Terry for giving this stuff website regarding the internet business. Really i am inspired at your site.

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