I know that starting a new business can be very fun and exciting, especially in the beginning. Within a few months and with a lot of determination, you can take one of your million ideas and launch a business to an engaged audience, while making a lot of money doing what you love. One of the keys to your success will be making sure that you find an idea that will make you the most money while solving a problem for your audience.
Of course, it would be awesome if you launched a new business and immediately saw your bank account racking up $1,000s of dollars overnight.
Show me the dolla’ dolla’ bills yall.
Yes, dreaming big and having high expectations are requirements of being a successful entrepreneur, but knowing how to identify profitable ideas will DEFINITELY help you see the greatest reward for your efforts.
One of my business coaches always asks,” What can you do right now that will make you the most money and you will be the happiest while doing it?”
I believe the key to answering this question is being able to identify your low hanging fruit.
What Is A Low Hanging Fruit?
I know you’re probably thinking, “What in the world is a low hanging fruit?”
Webster defines a low hanging fruit as the “obvious or easy thing that can be most readily done or dealt with in achieving success or making progress toward an objective.
This idea originated in the 17th century with orchard workers who appreciated how easy it was to pick the lowest fruit instead of having to reach to the other side of the tree. I always tell my clients to think about three things when deciding which idea to launch first.
3 Ways To Identify Your Low Hanging Fruit
There are three ways to identify your low hanging fruit. Always remember that it will be something that you can do quickly, make a lot of money, and enjoy.
1. What can you do very well?
2. What problem can you solve?
3. What do you enjoy doing the most?
What Can You Do Very Well?
Ask yourself, “What can I do really well?” “What skills do I get the most compliments from?”
No matter your career or educational background, you have transferrable skills that you can use today to help you build a business.
I have over 10 years of management experience. During my time in management, I have learned how to manage and build teams, how to hire and fire employees, how to effectively communicate with different personalities, and how to organize and implement systems and processes within an organization to make sure it runs smoothly.
I’ve also developed many skills while working in customer service. I have learned how to access a company’s goals and set plans to make daily, weekly, and monthly sales goals. From my experience, while working for Fortune 500 companies, I learned that if a company is struggling with reaching financial goals, it is directly correlated to their customer service and their failure to retain customers.
With these skills, I can help my clients assess their company’s performance and find areas of opportunities to improve so that they can meet their goals.
On the other hand, you also have to consider your education and the skills you’ve developed in school.
Ask yourself, “What did you learn in college or high school that you can create into a business.”
I attended Auburn University for fashion design and business management. During my time in college, I learned how to design a clothing line from scratch, sketch fashion illustrations, use Adobe Creative Suite to create line drawings, spec packages, fabric prints, graphic designs, logos, and websites. On the business side, I learned how to read and write financial statements, manage a team, marketing and sales, and how to create the business foundations. During my time in college, I was very active in our campus magazine and our university program council. In those organizations, I learned how to write for a magazine and put on events.
Think about your education and your time in school.
What classes did you take?
What extracurricular activities were you a part of?
What skills did you learn that you can transfer into a business?
What Problem Can Your Skills Solve?
Ask yourself, “What solution do people want that my skills can solve?”
Using my customer service skills as an example, business owners need someone who can help them find out why they’re not making enough money and help manage their customer service. They would love to have someone on their team who can assess their current customer service strategy and help train their team members.
If I wanted to use my fashion skills, I can create a boutique for plus-sized women because that portion of the industry is underserved. Another example would be helping business owners set up systems and operations so that their business runs smoothly.
Always remember that there’s a person for every skill that you have. The key to finding your low hanging fruit is finding out which of your skills do you enjoy doing the most.CLICK TO TWEET
Always remember that there’s a person for every skill that you have. The key to finding your low hanging fruit is finding out which of your skills do you enjoy doing the most.
What Do You Enjoy Doing?
Ask yourself, “Which of my skills do I enjoy doing the most?”
I really enjoy talking to business owners and helping them organize their ideas. I light up, get excited, and I turn up before every strategy session. Because of this, over 800% of my services are centered around offering branding and launch strategy.
By figuring out the different ways to use your skills, you can launch a business quickly, and serve the people who need your services or products the most. In order to find out what you enjoy doing, you must also figure out what you don’t like doing.
For example, I do not enjoy doing websites as much as I enjoy brand strategy. I will offer the service, but it doesn’t excite me as much as developing brands. I don’t wake up each morning jumping for joy about a new website design I’m working on, and that’s ok. I didn’t realize I didn’t enjoy it until I took on a few clients and I realized that I thrived when it came to developing strategy instead of the tasks associated with developing and designing a website.
With trial and error, you’ll learn where to focus your time and eliminate the ideas that are not working for you. The key to knowing this information is by making a decision and taking action.
Progression is always more important than perfection.CLICK TO TWEET
Identifying Your Sweet Spot
After you take your ideas and research what the market needs, you’ll find your sweet spot.
You are now equipped and ready to pick your first idea. The only thing topping you is action! So make a decision and take small steps daily towards your goal. If you don’t, you’ll look up 15 to 20 years from now trying to figure out how to make things happen.
