Do you know what is so cool about having your own business? For me, more than the feeling that I am an entrepreneur, it’s the thought that others are receptive of my idea. What’s even better is that I get paid for my own idea as well.

Coming up with a cool, or trendy idea isn’t going to make you rich. That’s the fact. The coolest idea you have may be the best thing that mankind ever had. However, if you are into business and want to make a living from it, how good is it to be just cool and not make any money?

There is no magic formula for coming up with a business idea. It’s usually common sense mixed with a bit of research.

Sure, there are some crazy ideas that made a lot of money for the person who came up with it. One example is the million dollar home page. When I heard about it the first time, I thought, ”how in the world is he going to make any money from that”. But it seems that the guy (Alex) proved me wrong. It generated over a million dollars.

The sad thing is, such things happen very rarely. No matter how good your idea is, if it has no potential for making money, then it’s not really a business. It’s a hobby or a fun or whatever else you can call it.

“So isn’t there any formula that will help me come up with a profitable business idea?”

I hear you. For those looking for a formula or proven method for coming up with a profitable idea for your business, here is the magic formula.

Profitable business = Research+ Idea (May or may not be unique) + Timing+ Commitment+ Self Confidence

Ok. I know you aren’t that impressed with the formula. So what? There isn’t a better formula that this.

5 Ingredients for Brainstorming an Awesome Business Idea

Let me breakdown the ingredients for a profitable business for you.

Ingredient #1: Research

Companies spend billions of dollars on research because they know that it is necessary. Without proper research, no product is going to be a success.

You have to study the market well. See what the people want that you can provide.

Products are not sold. Solutions are!!!

So do a bit of research on what solution you can give to people facing problems. I’ll give you my personal approach.

I have been doing online business for 5 years now. I figured out that starting an online business is very difficult if there is no one to guide you properly.

I learnt many things by doing things. I know what it takes to start an online business. So I figured out I can help others too.

I did a lot of research online and found that many people want to start online business. However, they are not doing it because they don’t have a clue where to begin.

So, I know there is a market out there who is interested in what I have to offer. Although I may not charge for sharing the knowledge, I may at some point provide services to people looking for a strong online presence.

Ingredient #2: Idea

In India, there is a mobile company named Idea cellular with the USP,  An idea can change your life. That’s very true. A small idea can indeed change your life.

What many people believe is that they need to have a very unique idea to succeed online. And some others believe that copying a successful online idea is going to make them successful as well.

Honestly, both are true to a certain extend.

While having a unique business idea is good, it’s not entirely necessary.

Twitter had a unique Idea. But they aren’t generating any real profits as yet. There are many such examples which are unique ideas. However, most of them are yet to make money.

Then there are people who copy others to be successful. Can you even imagine how many Facebook clones or craigslist clones are out there?

Too many, I’d say.

And do they make money? NO. Do they achieve popularity? No. Yet they believe it is a business and continue for a while, until the parent company sues them or they run out of money or enthusiasm.

Do you know how many web design companies are out there? None of them are unique. Some companies try to differentiate themselves by concentrating on a particular area like blog design or Joomla design. But then it’s not being different. It’s focusing on a small piece of the pie rather than going for the whole market.

Yet, those companies make money. They are not unique. They don’t have the most brilliant concepts or the most intelligent rocket scientists working for them. Yet they manage to make profits. What does that tell you?

Making money is possible as long as someone is willing to pay for what you have to offer, irrespective of the idea. Period

So, don’t get caught up with the idea of coming up with a unique concept. Find one that you are happy with and works for you. Then tweak it.

Ingredient #3: Timing

Timing isn’t a very crucial factor when it comes to starting your online business.

We all know that our single biggest problem is inability to take action. All of us are waiting for the right moment. I am sorry to tell you that if you are waiting for everything to be perfect, that day will never come.

I mean, you can start your business any time. There is no season to start or end your business. If you look at the offline world, some industries are seasonal. You can’t expect to sell lots of ice creams during the winter.

However, timing does come into play in certain situations. If you plan to sell Olympics merchandise, it’s better to open your online store a few months before the Olympics actually starts. It gives enough time for people to decide and buy. Once the event is over, people would hardly buy anything.

In general cases, timing isn’t that important.

Ingredient #4: Commitment

One of the things that set apart successful people from living failures is commitment.

If you are really committed to achieving something, it’s not that hard to achieve.

There is a story about a boy who went to see Socrates to learn the secret about his success. He was told to meet Socrates by a river side. Once the boy came to the river side, Socrates invited the boy to walk with him towards the river. When it was deep enough, Socrates dunked the other person under water.

Before it was too late, Socrates pulled him out.

He asked the boy, ”What did you want the most when you were under water”. The boy replied ”I wanted to breathe”. Socrates replied, ”That my boy is the secret of success. If you want to get something so desperate, and you are really committed, then you shall get it.”

Your commitment to your business almost decides the fate of your business before you even launch it. Have a positive attitude, commit yourself to it.

“Thou shall find success.”

Ingredient #5: Self-Confidence

Of all the ingredients, I’d very confidently say that self-confidence is the single most important part of your business success.

If you believe you can’t, they you probably can’t. If you believe you can, then you definitely can.

See if you can identify the person below.

• At the age of 21, he failed at the business he had
• When he was 22, he was defeated in the legislative race
• Failed for the second time in business when he was 24
• At the age of 26, lost the one he loved
• Was affected by nervous breakdown at the age of 27
• Lost the congressional race when he was 34
• Failed again when he was 47 years old when he tried for a senatorial role
• Failed yet again to become vice president at the age of 47
• If that wasn’t enough, he failed yet again when he was 49. Couldn’t become a senator
• At the age of 52, finally he was selected as the president of the United States of America

The person was none other than, Abraham Lincoln. Do you think he would have succeeded at the age of 52 if he did not have the self-confidence? How many of us take the pain to move ahead in spite of so many failures?

If you are not confident in yourself or your business, how will others trust you?

About

Adarsh Thampy is an entrepreneur and loves inbound marketing. His blog conversionchamp.com covers topics such as content marketing, search marketing and conversion optimization. Add conversionchamp to Google Plus circle.

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