Start Power Coaching online
WHO: Fitness beginners who want to get stronger — but don’t know how.
What: Staring Strength Online Coaching shows novice weightlifters how to apply Mark Rippetoe’s popular strength building system to their training routine.
How: Online training (duh).
Where: StartingStrengthOnlineCoaching.com
Marketing Hippies
WHO: Green and “perfect” small business owners who want to up their marketing game.
What: Tad Hargrave shows perfect business owners (ie, hippie business owners) how to market themselves and their services. This is especially helpful since business owners who sell their products often don’t think of marketing as the most exciting thing in the world.
How: Hargrave offers training and consulting packages.
Where: MarketingForHippies.com
Love Your Journey
WHO: Newly divorced or separated women who want to deal with their struggles.
What: Annie Huang helps divorced women learn to love who they are and find a new direction in their lives after a breakup.
How: Huang offers 1:1 coaching and tutoring sessions.
Where: Annie Huang
How to find a profitable service business idea — with the Demand Matrix
Finding a good business idea can be easy… but it won’t be as easy as doing what other people are doing.
Oftentimes, wannabe entrepreneurs get into a fad and think that’s where the money is.
- “Many people become social media consultants, that means I should be one too!”
- “Wow, all these people started successful businesses in lowering ships. I will start one.”
- “A friend of mine just talked to me about crypto for one hour that never ends… I guess that’s where the money is?”
When really, a good business idea isn’t about what’s good for other people — it’s about what’s good for you you.
That means finding an intersection:
- Profit. You are trying to make money after all.
- Enthusiasm. You will love to do it.
That’s why I want to show you a system that will help you find service business ideas that cross both of those frameworks. Once we’re done, I’ll give you access to our profitability checklist so you can be 100% sure your business will make money.
Step 1: Ask yourself 3 big questions
Below are three questions to ask yourself if you are looking for a profitable service business idea.
For each question, I want you to write down three to five business ideas. In the end, you will have a solid list of 9 – 15 service business ideas to start with. That may sound difficult at first but you will quickly discover how easy this process is.
The goal here is to tap into your current source of passions, knowledge, and expertise that will allow you to create a business idea.
Question #1: “What skills do I have?”Like Liam Neeson terrorizing his daughter’s kidnapper, he has a certain set of skills that can be very beneficial to you (and deadly depending on your skills…).
Think about the information you know and have already received. Some examples:
- A college degree
- Languages (eg, Spanish, French, American Sign Language)
- Fitness (eg, yoga, weightlifting, CrossFit)
- Instruments (eg, guitar, piano, singing)
- Skill categories (eg, improvisation, writing, dancing)
- Mechanical / trade skills (eg, plumbing, woodworking, car repair)
Any information you have found can be a business as there are people willing to pay you to teach them.
Yes, it’s easy to think that just because you’re not the best at something, it means you can’t teach it — but that’s not true.
A good example: Famous boxing trainer Freddie Roach.
Roach began his boxing career in the late 1970s, and while he wasn’t a bad boxer, he certainly wasn’t the best. Physical deterioration forced him to retire at the age of 26.
However, after his retirement, he began his coaching and teaching career. He went on to train legendary boxers, including Manny Pacquiao and Oscar De La Hoya.
Oh, and he has a net worth of over $20 million to show for it.
So here is a young man with deep knowledge of a particular skill. He could have just quit boxing and found a job elsewhere, but instead he used his knowledge to build a profitable business for himself.
You can do the same with your skills.
Question #2: “What do I do on Saturday morning?”We all have things we like to do in the mornings when we’re not working that have nothing to do with making money – and everything to do with our hobbies.
These are things you can use in your service business.
For example:
- Researching your ancestry and ancestry while building a family tree. This is something that many people struggle with and can pay good money for.
- Weightlifting for both strength and size. This is the ultimate fitness goal for millions of guys out there – guys who would pay you to teach them how.
- Drawing or working on an art project. This is an impressive skill that many budding Rembrandts can afford.
So what do you like to do in your spare time – and how can you turn that into a business?
Question #3: “What challenges have I overcome?”Sometimes all it takes to come up with a great service business idea is a lot of physical and emotional stress.
Seriously. Your painful and turbulent times can have a big impact. It is also possible that they are not very novel, which means that there are others out there who have experienced the same thing.
You can help those people – and they will pay you for it.
Two examples:
- RockstarWomenWithMS.com. Lisa Cohen has MS – but that doesn’t stop her from kicking ass. She helps other women deal with this disease and overcome the mental barriers it can’t put through coaching services.
- CrohnsColitisLifestyle.com. Dave Johnson uses his experience and knowledge from living with Crohn’s disease to help others with it reach their full potential in the area of fitness.
All these entrepreneurs were struggling (and still struggling) with the life of the cards that were facing them. The difference here is that they were able to turn their trauma into an opportunity to make money while helping others.
If there is a better way to make money, I don’t see it.
So ask yourself: What pain or challenges have I been through – or am I currently facing? How can I use my knowledge to help others?
Once you have your 9 – 15 service business ideas, it’s time to analyze them in the Demand Matrix.