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How To Find Profitable Idea Around Your Skills.

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Find a profitable idea around your skills and talent then turn it into a profitable business! One major reason why most people are not profiting from their gifts, experiences, expertise, and knowledge is that they are yet to get serious with their passions; they are yet to see it as a profitable business.

What is a business?

I love the way the Merriam-Webster dictionary defines it; “A business is an activity of making, buying, or selling goods or providing services in exchange for money.”

Another dictionary defines business as: “A person’s regular occupation, profession or trade. You are already in business and you need to treat your skill as such.

Alright, so you slept and woke up with an idea right? You feel it’s a fantastic idea.

You’ve juggled it back and forth in your mind and you can see the possibilities. But how do you know this idea of yours will sell when it eventually hits the ground and won’t be another waste of your precious time?

This idea could be a unique service you’d like to render or a product you’d love to package around your skill.

Remember, businesses are started every day all over the world, unfortunately, half of those businesses go under before they even turn 5 years.

So, this recent concept of yours, how can you succeed at it and get so many people queuing to buy it?

I’ll share with you some tricks and turns you can use to immediately generate tons of ideas from your SKILL & TALENT that people will gladly pay you for.

I need to state this clearly.

Finding an idea is different from finding a profitable idea. The former is simply a thought, while the latter is a validated thought.

The former just bounce around in your head, while the latter is beaten back and forth to ensure it gets a good validation grade.

Finding a profitable idea is as crucial and important as the millions that idea is pregnant with.

I just love the way Paul Graham puts it, “Instead of asking ‘What problem should I solve?’ ask ‘what problems do I wish someone could solve for me?”

BOLD what is a profitable idea?

Simply put, a profitable idea is a solution to a problem or pain experienced by someone or people ready to pay you all of their earnings if possible, just to fix that pain that they feel.

A profitable idea meets a demand, solves a problem, and makes the lives of people easy. If packaged properly, this idea could get you heard and paid according to your terms.

Let me give you the difference between a SKILL & a PROFITABLE IDEA.

Let’s say you are a SKILLED GRAPHICS DESIGNER… your profitable idea could be to help top-rated YouTubers create YouTube Thumbnail & Video Cover designs for their videos.

Another profitable idea could be to help aspiring authors package their manuscripts into attention-grabbing books.

I hope you understand the difference now between a SKILL OR TALENT & a PROFITABLE IDEA.

SKILL is not enough, you must be able to come up with a PROFITABLE IDEA around your skill.

I know that you are asking, “BOLD, how do I generate a profitable idea around my skill?

1 . Validate your idea

First, you must determine if your market even exists. Are there people that want what you are about to create?

One way I do this is by informing people about the idea I have in my head as if it’s already in existence. I listen to their feedback and boom if I receive positive feedback, I know I have a good thing going. So I launch and sell the idea.

2. Look for the pain

Concentrate on the area your target market is struggling in and craft a killer solution that helps. This will require you to identify a painful problem, document it, and define it.

Once you have done this, your mind will start flooding with ideas for you to solve their problems.

3. FIND the gap

Here, you need to ask yourself “What is missing?” What are people wishing for and why aren’t they having it? Try putting yourself in their shoes to experience what they experience daily.

To find a profitable idea, you need to understand the USER; YOU’RE USER. Your opportunity lies in filling the gap and building the right solutions.

Bottom-line is to find out if you can get someone to pay you a minimum of ₦30,000 for your idea or solution.

Step 3 – Move from “generalist” to the specialist

If you want to succeed in any business, you need to choose the right market and the right niche to focus on. Specialists are usually paid way higher than generalists. Coach Bold, what does it mean to Niche down?

To explain that, I need to explain first what a “market” is. A market is a group of people who make purchases. For example, the female market consists of females who make purchases. The male market consists of males who buy things.

Generally, those are the two broad markets available. Now niches are segments or sub-groups of people within a market. For example, let’s say your business is to sell baby food. Who should you sell it to?

The male market or the female market? If you chose the female market, you’re correct, it is women who usually care about baby food.

But does this mean that you should start marketing your baby food to any woman you see? Absolutely not and here’s why. Not all women care about baby food.

Some are unmarried, some have no kids, and others may not care about having any.

Some are married but don’t care about baby food either because their children are all grown up and don’t need it.

The only women who care about baby food are married women who have children who are below three years old. See how better this is?

Now instead of trying to convince all women in Nigeria that your baby food is the best thing since SMA Infant Formula Milk, you can concentrate on only finding mothers whose children are three years old and below and talk only to them.

This makes marketing cheaper, saves time, and gets you to sell more because you’re talking only to the people who want what you have.

So the lesson for you here is whatever your SKILL or TALENT is, it must cater to a segment of a larger market. Therefore, clarity is very important.

If you don’t know the group of people you will be selling to within your target market, then you will fail. If you don’t have or aren’t in the right business niche, it is almost impossible to make money and succeed.

You want to make sure that your business, which revolves around your SKILL & TALENT, is set up to sell something that people already want to buy! But how do you know how to identify niches within a broad market?

Here are three questions you must ask yourself before you decide to enter and sell your services to a particular market niche.

Are the people in my target niche market motivated by pain and urgency or irrational passion? If they are not already motivated, then it’s probably not a good niche to pursue.

Is my prospect or target client proactively looking for a solution?

Why do we need them to proactively look for a solution? Because if they are not looking for a solution, we would need to convince them to want to buy what we are selling.

And that is tough and frustrating. It’s not the kind of thing you want to do. It’s not the sort of thing successful business people do.

The key here is to look for customers who are looking for you and what you have to offer. Don’t look for clients who you will need to talk into buying what you’re selling.

Now to the third and most important question. Does my target prospect have few or no perceived options?

If your prospective client has lots of options, then you’re playing the competition game. You’re competing on price.

You’ll be caught saying, “My service is cheaper than theirs. Trust me this is not a good place to be. No business, especially not a new one, can win a price war.

You don’t want to be one of the 1000 options your target client can go with. You want to be the only one or one of the few options available.

This will enable you to clearly define your uniqueness and demonstrate why you should be chosen by your target client.

Also, you can justify charging a high price for your product or service! Higher prices mean you get to make more money!

Your main goal should be looking for a niche within your skill zone that has clients who are motivated by pain and urgency or irrational passion, are proactively looking for a solution, and have few or no perceived options.

Find out what makes you unique from others and leverage it.

I hope you are getting value.

So far I have shared 3 practical steps with you, that you can take to start making big money with your skill or talent.

Read Six Foundation Steps to Making Money!

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