Starting Strength Online Coaching
Who: Fitness newbies who want to get strong β but donβt know how.
What: Starting Strength Online Coaching shows amateur weightlifters how to apply Mark Rippetoeβs famous strength building program to their workout routine.
How: Online coaching (duh).
Where: StartingStrengthOnlineCoaching.com
Marketing for Hippies
Who: Green and βholisticβ small business owners looking to up their marketing game.
What: Tad Hargrave shows holistic business owners (i.e., hippie business owners) how to market themselves and their services. This is especially helpful since the same business owners he markets to donβt typically view marketing as the most exciting thing in the world.
How: Hargrave offers coaching and consulting packages.
Where: MarketingForHippies.com
Love Your Journey
Who: Recently divorced or separated women who want to cope with their struggle.
What: Annie Huang helps divorced women learn to love who they are and find a new direction in their life after separation.
How: Huang offers 1:1 coaching as well as workshop sessions.
Where:Β Annie Huang
How to find a profitable service business idea β with the Demand Matrix
Finding a good service business idea can be simple β¦ but itβs not going to be as simple as doing what other people are doing.
Too often, wannabe entrepreneurs get caught up in fads and think thatβs where the money is.
- βA lot of people are becoming social media consultants, that means I should be one too!β
- βWhoa, all these people are starting successful drop-shipping businesses. Iβm going to start one.β
- βMy friend just talked to me about crypto in a single breathless hour-long rant β¦ I guess thatβs where the money is at?β
When in reality, a good business idea isnβt about whatβs good for other people β itβs about whatβs good for you.
That means finding the intersection of:
- Profit. Youβre trying to make money after all.
- Passion. Youβre going to love doing it.
Thatβs why I want to show you a system thatβll help you find service business ideas that intersect with both those frameworks. When weβre finished, Iβll give you access to our profitability checklist so you can be 100% sure your business will make money.
Step 1: Ask yourself the 3 big questions
Below are the three questions you should ask yourself if youβre looking for a profitable service business idea.
For each question, I want you to write down three to five business ideas. By the end, youβll have a solid list of 9 β 15 service business ideas that you can run with. That might sound daunting at first but youβre going to quickly find how easy this process is.
The goal here is to tap into your current well of passions, knowledge, and expertise thatβll allow you to create a business idea.
Question #1: βWhat skills do I have?βLike Liam Neeson intimidating his daughterβs kidnapper, you have a very particular set of skills that can be very profitable to you (and deadly depending on your expertise β¦).
Think about the knowledge you know and have already acquired. Some examples:
- College degrees
- Languages (e.g., Spanish, French, American Sign Language)
- Fitness (e.g., yoga, weightlifting, CrossFit)
- Instruments (e.g., guitar, piano, singing)
- Skills classes (e.g., improv, writing, dance)
- Mechanical / trade skills (e.g., plumbing, woodwork, car repair)
Any and all knowledge youβve received is a potential business since there are people out there willing to pay you to teach it to them.
Of course, itβs easy to think that since youβre not the best at something, it means that you canβt teach it β but thatβs not true.
Good example: Legendary boxing trainer Freddie Roach.
Roach began his boxing career in the late β70s, and while he wasnβt a bad boxer, he certainly wasnβt the best. Physical deterioration forced him to retire at the age of 26.
After retiring, though, he began his career in training and teaching. Heβs since gone on to train some of the greatest boxers who have ever lived, including Manny Pacquiao and Oscar De La Hoya.
Oh, and he has a net worth of more than $20 million to show for it.
So here was a guy with deep knowledge in a specific skill. He could have just stopped boxing and found a job elsewhere, but instead he used his knowledge and built a profitable business from it.
You can do the same too with your skills.
Question #2: βWhat do I do on Saturday mornings?βWe all have things we like to do on our mornings off work that have nothing to do with making money β and everything to do with things weβre passionate about.
These are things that you can actually leverage for your service business.
For example:
- Researching your genealogy and ancestry while building out a family tree. This is something plenty of people struggle with and would pay you good money for.
- Weightlifting for both strength and size. This is the ultimate fitness goal for millions of guys out there β guys who would pay you to teach them how.
- Painting or working on an art project. This is an impressive skill many unartistic and burgeoning Rembrandts would pay you handsomely for.
So what is it you like to do in your free time β and how can you turn that into a business?
Question #3: βWhat challenges have I overcome?βSometimes all it takes to come up with a good service business idea is immense physical and emotional trauma.
Seriously. Your most painful and tumultuous moments can be very impactful. Theyβre also likely not very novel, meaning there are others out there who have experienced the same thing.
You can help those people β and theyβll even pay you money for it.
Two examples:
- RockstarWomenWithMS.com. Lisa Cohen has MS β but that doesnβt stop her from kicking ass. She helps other women cope with the disease and get past the mental barriers it can put up through coaching services.
- CrohnsColitisLifestyle.com. Dave Johnson uses his knowledge and experience from having Crohnβs disease to help others with it reach their fullest potential in the realm of fitness.
All of these entrepreneurs struggled (and still do) with the cards life dealt them. The difference here is that they were able to turn their trauma into an opportunity to make money while helping others.
If thereβs a better way to make money, I donβt see it.
So ask yourself: What pain or challenges have I gone through β or am currently going through? How can I use my experience to help others?
Once you have your 9 β 15 service business ideas, itβs time to plop them into the Demand Matrix.
