I usually get the question: “What’s a good business nowadays?”
Then my usual reply is: “What are you good at?”
There are many businesses out there, everyday a new business idea is born. Juan may franchise left and right, start his own food business, render services, person-to-person selling, networking, digital marketing, online selling, buy and sell, distributorship, crowdfunding, build an app etc. But at the end of the day, not every Juan is honed and raised to be a businessman or entrepreneur. And not all businesses are suitable for any Juan. So back to the question,
What are you good at? I ask myself this question every day, looking for new business ideas to try. To add to my passive income streams.
I recently shared below image with our various social media. This is an excerpt from Bo Sanchez’s Truly Rich Club invitation:
What’s a good business idea? You might want to ask yourself, what are you good at? What’s your gift? What’s your passion?
What is it that you want to do right now, something you will not get bored doing, an alternative reality compared to being employed and stuck in the office 8am-5pm (plus dreading Mondays)? What’s your gift that you can share with the world? Don’t say you don’t have a talent or gift because we all do. You just have to be more observant and attuned with yourself.
Side comment: I’m still holding on to my ideal day of visiting my resto / shop / farm while trading in the stock market.
YOUR PASSION, YOUR GIFT
Yes, the money to start a business is part of the equation, part of the 3Ps to start a business (puhunan) but so is your passion, your gift (a.k.a your product). It is important that you enter a business you’re passionate about because being in business is not easy. Therefore you’ll need the stick-to-it-tiveness and perseverance. If you don’t like what you’re doing, then what are the chances that you’ll work doubly hard to make the business succeed? And if something is your passion, chances are you have an above average knowledge about it, or you are very much open and excited to learn new things about it. Possibly you spent 10,000 hours or more with it therefore making you an expert and outlier in that specific field.
In the banking industry (or maybe in others too), after employees resign / retire from their companies, they put up businesses related to what they have been doing as employees. They put up agencies, service providers, consultancy etc. and sometimes they even end up as business partners (no longer an employee) to their former employers. That’s passion, gift and know-how turned into a business. Francis Kong and Bo Sanchez love to talk and share wisdom and that’s mainly their line of business.
WHAT THE WORLD NEEDS
After soul searching what your passion and gift is, connect it with what the world needs. How can people benefit from what you have to offer? How can people derive value from your gifts and skills? Then you monetize your gift, skill or passion as you deliver it to the people who will find it valuable. Sometimes it’s a matter of finding your niche. You don’t have to serve the totality of humanity, you just have to find a sustainable segment to offer your business to.
I like how a cellphone brand is penetrating its niche, focused on being a “selfie expert.”. It’s not locking horns and colliding head on with the giants Apple and Samsung, it’s focused on its niche. It doesn’t boast of processors, cool features etc, just that a selfie expert camera and I hear it has a very good camera indeed (perfect for selfies). They’re focused on targeting those who are fond of taking selfies. Focus on what you do best, highlight it as your value proposition, as your differentiating factor.
PEOPLE HAVE MONEY
Make no mistake. People have money, even here in the Philippines. As long as they find your product or service worth the price, they will buy it. Steve Jobs used to say that people don’t know what they want until you show it to them. We are now at the age of Facebook, Uber, Spotify, NetFlix, Amazon, AirBnB, etc. Before people were skeptic, unconvinced if there is a market for car-owners who would want to share their vehicles or their private homes with total strangers. Or whether there are people who were willing to pay for music and video streaming on demand. Before we used to just watch them on TV, play on our music players (or download them illegally) but now, people are actually paying for such services. Convenience. On the go. Service on demand. People look for value, for benefit, and are willing to pay for it. If you truly believe in your concept, go for it. Improve it, nurture it, offer it to the world.
Look within you, ask yourself what you have to offer, find a way to monetize it, create a value proposition, offer it to the world. Be a social enterprise — do good while doing well. Rinse and repeat. Goodluck!
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Truly Rich Club is Bo Sanchez’s way of sharing his gifts to the people, doing good while doing well. Who knows, you might find inspiration in his business model?
May we all have richer lives!
Photos from Pixabay.