How to start a profitable bizz on the side
For the last four years, we’ve started a new internet business every six months. The ones that didn’t work we killed and the ones that worked we kept. These series of posts are about how we do this and what we’ve learned. Let’s go on a journey together!
Most people will tell you to research the market thoroughly before starting anything. This is only partly true. We’ve started companies that were perfectly aligned to what the market needed just to find out our passion for these companies ran out faster than a teenager’s gas-tank.
If your passion runs out before your company is at a profitable level, honestly, all you’ve done is waste a bunch of time impacting nobody’s life. Money comes and goes, but time doesn’t. For us personally, the most important thing to do with our lives is impact other people’s lives by creating what they need and making their lives easier.
So should we not research the market? Sure, we do have to. But here’s what’s to check up on first: your real passions. Only a long-term passion will work when going through the stress (read: fun) of setting up an internet business.
And trust me, finding out your passions is way cooler than staring at market numbers and population demographics!
STEP 1 – Write down your long-term passions
Take a minute to brainstorm what you’ve been pumped about for a long time already (think years). Try to think of them in terms of a job role. For example, if you like to ‘explain things’, write down ‘teaching’ (Because that’s a job… and explaining things isn’t).
Here’s our list:
If you put more than four down it means you’re probably a very busy person. Don’t hold back though, write them all out. It helps asking other people about what your long term passions are. Don’t tell them the ideas you have, just ask them what comes to mind when they think of you and get their honest opinion about what they think you like doing.
Why write these down in the first place? Well, in our next post we’re going to look at some other factors that we need which leads up to a simple formula that you can put these results into. This formula becomes your business.
Notice that there’s a couple things that we’re not doing at this stage:
- As said, we’re NOT looking at market statistics. We do that later.
- We’re NOT starting with product ideas (like ‘an iPhone App’). We do that later.
- We’re NOT looking at a need or brilliant idea. Plenty of time for that later.
See you tomorrow!
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