How To Come Up With A Profitable Home-based Business Ideas

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Dec 22, 2017
Why do you want to know some profitable home-based business ideas?

Is it because you want to quit your job and work from home?

I ask because there are much quicker ways to work from home besides building a business. Building a business takes a long time the first try—even years!

Instead, freelancing could be something you might be interested in, which you could also do from home.

But if you are in fact just looking for a list of ideas, I’m going to show you how you can come up with ideas for creating an online business, instead of just telling you.

Here are 5 methods you can use to come up with business ideas.

1. What are things that your friends or family identify you with?

For me, I was flown out to a video game tournament where I competed for college scholarship money. It was a huge event--ESPN was airing it live. When I told that story at a job interview, my future boss always thought of me as a pro gamer. When I was excited about SEO optimization she would say things like "It's like a game isn't it?" because in her mind I was a gamer.

What do your friends, family members, or acquaintances think of you as? Do they introduce you by saying you’re especially funny, or that you dress well? These are indicators that you are good at something--potentially good enough at something that you can start a business doing that thing.

2. What do you spend your free time doing?

On your days off when you have nothing else to do, what do you end up spending your time doing? This is a great way to uncover what your passions are. Maybe you love to read, or sew. These are potential business ideas. You could teach how to read faster, or how to sew.

For me, I spent a lot of time consuming content online. Blogs, courses, YouTube videos, and podcasts. I loved the information. So it was natural for me to create those for myself, because I spent so much time on them I understood how they operated, and I could teach others how to do it.

3. What challenges have you overcome?

When I was in middle school and high school, I was overweight, obese even. I dreaded gym class and struggled with low self-esteem. But I eventually overcame that challenge and got fit. I lost over 70 pounds and got into the best shape of my life.

Whatever challenge you overcame, you can show others who are going through that same struggle how to overcome that same challenge. Maybe you struggled with loneliness before you found the love of your life, or you found your dream job after you worked a job you hated. Whatever your challenge might be, showing that you went through it and overcame it can resonate with your customers as you teach them how they can defeat their challenge as well.

4. Get ideas from already existing businesses.

Like in my last example, I saw what other businesses were already doing, and I decided I wanted to do something similar. Creativity is in part innovating on what already exists. If you take a look at where you spend the majority of your money, you can get ideas of which businesses you like buying from. And, if possible, you should consider creating a business just like that one.

An added benefit of this approach is that you know what motivated you to buy. You can look back and see exactly what it was that got you interested and use that to get your customers interested as well.

5. Go straight to consumers.

If you still can't come up with any ideas yourself, ask around. When I was frustrated that nobody was interested in my business, I decided to start over and just focus on helping people. It wasn't about me anymore. Surprisingly, I had much more success when I focused on identifying other people's problems, and working to help them. Once I did that, the business idea was simply fixing the common problems that those people had.

Go online and find people who are looking for help. Help them, and keep in touch with them so that you can continue to help them with more of your products and services.

Like building up the strength or endurance of a muscle, you need to practice the movement in order to get better at it.

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