Passion and Profits Part 1
The next step after figuring out what type of business you want to build is figuring out what business you should be in. Even though very few people cover it, it’s important to take the steps outlined in that post, because you might find some businesses just don’t fit the mold you want. For example, on the next few posts you’ll see that I like to research my market first and see what the competitors are doing.
What if I have an idea for a business, but when I look in the top ten of the Google results (both free and paid) and notice every single one of them has a phone sales process? They collect leads and have people follow-up in a long series to make the sale. If I have a growth maven personality, that’s fine. I’ll build up my in house sales team and build that business.
But if I’m the lifestyle guru type, that means I’ll likely have to team up with an outside call center. More than likely I’d need to partner with a call center to go deeper in this project. If I don’t have a contact to help me set this up, this likely isn’t a business concept I’ll pursue on day one.
The business model needed in that market is important to what you choose. When you look at your competition (top ten in Google and then on the Adwords side), whatever you see is likely what you will have to build to be successful in this field. Of course you can innovate and bring in new ideas, but consider your future business by what you see today. It’s the most practical and honest way to look at what your future holds.
In addition, are you passionate about the subject? Notice I didn’t ask if you’re a premier expert on the subject.
You don’t have to be “the expert” today, because your expertise will grow in anything you focus on for years. And that’s the key, remember you will be dealing with this subject for years to come. This means more than anything else that you must have a native curiosity about the subject. You’re curious and want to keep digging.
Let’s say you want to create an information product in the subject (my favorite business model). You don’t have to be the expert to create the product. You could find a collection of experts and do an interview series.
I’ve done many products as interviews both in doing a group of different experts and also digging in deep with one expert. For example I did an 4 hour interview with Fred Gleeck on how to do interviews.
Was I the expert there? No. But I was very curious about the subject. I wanted to find out how to improve my interviewing skills, and he has done over 700 products based on interviews.
That means he is a premier expert on that subject. And I wanted to know more. So I took advantage of my curiosity for the subject and really dug in deep to find out every step in the process. Now I sell that as one of my products (he does also).
But doing a one off product and studying a subject for years are two different things. What subjects have ALREADY interested you for years or will you stay interested in the future? Make a list of work experience, hobbies, and interests.
Make a list of what you’d love to be able to study intensively for years…such as if you were going to college on the subject. Although your school is going to be the school of life here the commitment is very similar. What is it you want to “major in” for your business?
Unless you’ve already chosen your subject, make your list now. This report will be waiting for you until you get back. Pull out a blank sheet of paper and write all your ideas down. DON’T judge them yet. Nothing should be marked out at this point. Just let all the ideas flow using your work experience, hobbies, and interests as guides. Use the judge of curiosity as the road map. Do it now.
OK. You’re back now. Hopefully you did your first assignment and you have a list of possibilities (none of which have been marked off yet). Next you’ll ask yourself the question, “What value can I add to the world?”
Add Value to the World
“When I chased after money, I never had enough. When I got my life on purpose and focused on giving of myself and everything that arrived into my life, then I was prosperous.”
How can you best add value to the world? You’re a unique person. There is no one else just like you. You have skills and gifts no one else has. You have passion and energy that is unique to you. There are things that get you fired up that don’t excite others around you.
And you’re here for a purpose…not just to make money. Working night and day to build the momentum in your business won’t be worth it if it’s only about the money. It has to be about something deeper if you want to last. It has to be not just about what you can produce for yourself and your family, but also what you can do for your customers and clients.
What unique value can you offer the world? That’s what makes the internet so exciting. Your business isn’t limited just to your local area. It is a worldwide business you can run from your kitchen table. And there are people out there searching for the value you can provide.
Have you heard about all the “Google slaps?” People call it a Google slap when Google goes through and eliminates a group of advertisers by raising their bid prices to a ridiculous level like $10 per visitor. Usually when Google does this, they do it to a whole series of advertisers at once. For example, several times they seem to have targeted affiliates.
Was it all affiliates who were targeted? Nope. They targeted all those affiliates who Google feels were NOT adding value to the transaction. If the affiliate simply linked over to their merchant, they didn’t see that as adding value to the transaction. What did Google want? They wanted affiliates who added their own unique slants, content, and value before the click.
Their goal isn’t just to have advertisers. It’s to have advertisers who help their searchers find what they’re looking for. Google has a long-term view that we need to model in our own businesses. They could have continued taking those advertiser’s money and kept the bid prices higher.
Instead they canceled all those advertisers because in the long-term the best course of action is helping the end searcher find what they want. They’re looking for value. You’re the one to give it to them.
What knowledge in your life can you share with others? What curiosity can you build on to empower the world? What is that you’re passionate to talk about to all your friends? What value has been put into your life that is the key to your online business?
Here’s another exercise. Contact 5 to 20 of your friends/coworkers. Ask them what skills they see as coming naturally to you. Ask them what they rely on you for. You can send them over an email so it’s a little less scary to ask for this response. You’ll find that often other people are better at spotting your strengths than you are.
The majority of us are “too humble” to see our strengths. You’ll find as you start marketing whatever products and services you choose that one of the biggest motivators in almost every market is low self-esteem.
People buy products to feel good about themselves. The beauty product makes them feel beautiful again. The “make money online” manual gives them hope and confidence in themselves. Even the video game manual helps them pawn the noobs (win the game). I guess I could write it, “pwn da noobs.”
Your lack of self-esteem will get in the way here also. So ask your friends and co-workers. Let them describe to you what value you can provide the world. The likelihood is they won’t give you the complete solution, but they will give you some direction and a few clues to what you can follow.
In a few days I’ll post Part 2 of this article…but if you want to dig deeper on how to choose the right market for you, I highly recommend you check out the Monthly Mentor Club where the very first monthly lesson is all about how to choose the right market including a score sheet to look at all the options.Related Entries:
- Passion and Profits Part 2
- Truth About Internet Niche Marketing
- Passion and Profits Part 3
- 5 Ways to Find a Million Dollar Niche
- Simple Systems of Success