Identify the Best Side Business to Start

Welcome to this week’s “Turning Ideas to Income” Thursday where we move to Step Four to identify the best side business to start.

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Step four of Money Grows On Trees

As this is a side “gig”, keep in mind the following,

  • How fast can the side business be carried out and does it take a lot of time to run it?
  • Passion and motivation to see it through
  • Profit potential (check last week’s quick calculator)
  • Is the model straight-forward, simple and doesn’t need have a lot of convincing to close a sale?

Goodbye 9to5 - 4 - Side Business

Once you have decided on the idea to pursue, you can start small, especially it is something that has never been done before.  Test out the market before a full launch of your side business.

Small opportunities are often the beginning of great achievements. Click To Tweet

Research for improvement

If the idea is something that has been done, do your research on how your competitors are doing and how you can improve it, making it more convenient and adding more value to your customers.

Find out what others are not doing or lacking and you step in to make it better.

Start small, target a specific group of customers you want to serve.  You know, there is a saying, “If you want to help everyone, you end up helping no one.”

Find your target audience for your side business

So, define your specific target audience and start “communicating” and “engaging” them by adopting the 4 Elements of Engagement.

Offer & Sales Copy

Provide an offer that your target audience is looking for, can’t resist and engage them as if you are talking to them in person.

This is where the skills of good copywriting is important.

I highly recommend this book by Sam Horn as it covers the key elements of a good sales copy that INTRIGUE (the secret lies in the word INTRIGUE)!

For basic copywriting, some key points,

  • Crisp, straight-forward headline to catch the attention.  Engaging headline includes an opening question which puts you in a position of knowledge.  Eg. Did you know…many people are making extra income from their home doing things they love?
  • Establish trust, clear on what you are delivering or offering.
  • Sense of urgency, an offer than can solve their problem NOW.  Get their action quickly.

Subscribe to the weekly guide so you won’t miss any of the steps to help you identify the best idea and you can have all the steps in your inbox for reference.

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Additional Resource

4 Elements of Engagement – Learn how to find your target audience through this 4 elements of engagement method.

Got Your Attention book by Sam Horn

Hypnotic Writing: How to Seduce and Persuade Customers with Only Your Words by Joe Vitale

 

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