Candidate,
Wow! I received hundreds of great questions in response to yesterday's email about starting or growing your business.
Today, I want to give you some straight answers to the most common questions I received. Like I said, I received hundreds, so I'm going to boil it down to the key questions I kept seeing over and over.
Here goes:
"How do you find a profitable idea?"
My top question is how DO you find a profitable idea? I feel like I always have blinders on with just trying to turn what I do in my day job into my own business. What are your tips to open up the brainstorm?
—Heather
Reframe: You're not looking for the perfect idea. You're looking for MANY ideas....and then we'll show you how to find one that will be profitable.
This mentality reminds me of high school students who are looking for "one" scholarship. You don't look for one...you look for ALL of them! I applied to 65 scholarships to pay my way through undergrad and grad school.
Same for finding a business idea. If I gave you the perfect idea today, would you know what to do with it? Here, take these 3 ideas:
- "Teaching finances to people"
- Or "Teaching people how to dress better"
- Or "Drawing pictures of people"
Each of those is a 6-figure IDEA. Does "an idea" really help you?
NO!
Beginners over-focus on finding a single magical idea. As you learn the process we teach in our business program, Earnable, you relax and find many ideas (that you already have) and follow a process to rapidly test them to find the right one. It's much more freeing...and much more FUN!
For a starter, check out our Ultimate Guide to Profitable Business Ideas.
And If you're looking for a complete system for how to rapidly go from "no idea" to your first paying client, check out our business program Earnable.
"How can I build enough credibility?"
Is it possible to start a consulting business if my background does not have years of experience to prove I am an expert in the particular field?
—KM
I get this one a lot. You've found your idea, but there are already experts out there who are sharing a ton of information on this subject. Why would anyone trust you?
If I'd believed that, you'd never be reading this email right now. Think about ALL the money books that already existed when I wrote I Will Teach You To Be Rich. There were lots of good ones!
But I knew I had a different perspective. I focused on a specific market that they ignored, I had a different philosophy (automation, psychology, and Big Wins), and I had a different voice. I EMBRACED IT!
There are already people out there who sound like everyone else. You should lean into being you.
Now, I know Imposter Syndrome is real — and it can feel crippling. But notice our natural reaction: "I need to get another degree!"
So many of us waste our time chasing mythical credentials, waiting for the right day when we suddenly have a certificate from some random organization giving us permission to go out in the world and do what we're here to do. And then what? Suddenly we find…uh oh, that degree didn't matter as much as we thought. Now what are we supposed to do?
I'M GIVING YOU PERMISSION TO START HELPING PEOPLE TODAY. Unless you're trying to be a neurosurgeon or civil engineer. In that case, go back to school.
Listen, I'm not a certified financial planner but I still wrote a New York Times best-selling book on personal finance that's helped hundreds of thousands of people. I'm not a certified career coach, but I've still helped thousands of people find their Dream Job. I don't have an MBA, but I've also helped thousands of people start and grow their businesses. I can help you, too.
Last question for you: If you're not sure about yourself, how can you expect other people to take you seriously?
And one last question
Dear Ramit's intern,
How do I find customers to test if my idea has legs? A lot of advice I see is Kagan-esque and falls in the bucket of "blast your friends and see who buys" - but I'm just not that connected!
Here's to sending this into the void!
-Timothy E.
I had to write back. Here's what happened:
Me: In 4 lines, you expressed skepticism that I'd actually read these emails — TWICE. Think about how many opportunities in life you've passed on because you were skeptical they would ever actually work out
Timothy: Made my night! I sat here racking my brains how to get Ramit's intern to respond to me. But my skepticism-infused question is real — and hopefully an answer can help others in a similar position. I struggle to connect the dots from idea to testing that idea when it feels like my reach is limited. Obviously there is a solution (see: the millions of businesses operating today), feeling blind to how to make it happen and blocked by something a little bit deeper
Me: I can answer your question, but it won't change anything. I could show you this very second how to find customers…but until you solve the real issue (being skeptical, believing good advice doesn't apply to you, believing you're a special snowflake / in a unique situation)...none of it matters.
I know, I know. Some of you think Big Meanie Ramit is so mean, how can I make all kinds of assumptions from a simple email, what about ETC ETC ETC. Guys, one side effect of reading millions of emails from IWT readers over 16+ years is that I've developed a mutant ability to spot issues from a single email.
Here's how he responded:
With absolutely no sarcasm, it's helpful to hear that. I am indeed a skeptical guy —I actually take pride in being open to new data and making measured, informed decisions — but I've never connected the dots to this aspiration and how it could be holding me back.
PS my wife would love this exchange and probably agree with you.
If you're honest with yourself, many of you will find that you've been asking ONE question ("How do I find my first customer?" "How do I start a business when I don't have funding?") as a distraction to the real question: why you don't trust yourself.
You can read all the emails you want. You can subscribe to all the blogs, listen to all the podcasts, watch all the YouTube videos...
...but if you don't actually believe you can earn $1,000 — then scale that up to $10,000, $25,000, and whatever number you want — then no advice is going to change that.
This is the #1 reason that so many people listen to all these random wantrepreneur sites for years...and don't earn even $1.
It's not the advice. It's them.
If you don't actually want to start a business, that's fine! Admit it and move onto things you actually want to do.
But if you do...perhaps it's time to unsubscribe from most of the sites you follow, pick one person you trust, and follow their advice to do everything they say. If that's you, click here.
***
Thank you for all the great questions! I'm going to answer more tomorrow, so keep them coming.
Remember, the most successful people in the world always get help. Athletes hire trainers. CEOs hire coaches.
You can try to start a business on your own...but why would you? It took me YEARS and cost millions of dollars in testing and mistakes (no joke). Not to mention spending tens of thousands of dollars buying hundreds of courses and books.
I know what it feels like to be stuck. So I took the advice I wish I'd gotten earlier on and included it in Earnable.
Earnable is the ONLY online business program proven over 15+ years, 50+ industries, and 42,000+ paying customers. Learn more here.
Imagine being surrounded by people who want you to succeed, who are there to cheer you on, and who are eager to share what's working for them. Imagine being part of a community where you can ask questions from other beginners, intermediate 6-figure earners, and even 7-figure experts, and get answers fast.
I'm opening Earnable until tomorrow at midnight. If you're ready to invest in yourself and start a business, join today.
