1108
9 min 37 sec

CLASSROOM: Four Ways to Identify Moneymaking Ideas

Where do moneymaking ideas come from? From the idea fairy, of course! (Not really. In this episode, you’ll learn four easy ways to generate valuable ideas.)
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What It's About

Side hustle ideas are everywhere, but how do you identify the ones that actually generate income?

Notes from Chris

Episode 1108
Let’s talk about finding ideas. We’re going to go on an idea treasure hunt. Get your idea butterfly net... this is like Pokemon Go but for ideas. If you’re following in real-time, that’s great because each CLASSROOM episode will have an assignment. I want you to work hard, but I don’t want you to work too quickly. Everything we do will build as we go along. And if you’re listening later, you can just go back-to-back.

Let’s start with this important question: Where do moneymaking ideas come from?

Consider a few of the stories we featured just last month (there are hundreds of other examples; I’m just highlighting a very small selection):

  • Ep. 1066: Electrical Engineer Rides Demand to Dog Collar Empire
  • Ep. 1070: Friends Turn Gift Boxes into Prosperous Project
  • Ep. 1080: Musicians Tune Up Classical Concerts For Families
  • Ep. 1087: Software Engineer Scavenges For Profits
More often than not, these projects come about because someone noticed something and then decided to explore it.

Listen to today's Classroom episode to learn more...

 
 

TODAY’S ASSIGNMENT:

Let’s bring this back to you. How can you pay attention and ask questions? What can you observe today in your work, your errands, your internet surfing?

If you already have an idea, explore that idea a bit more. Ask yourself if you know exactly who it’s for and what need your idea is serving. For example, the Skype-your-dog service isn’t really about dogs, it’s about dog owners and making them feel better. The bracelet scavenger hunt is about a shared family experience … maybe not everyone in the family would be thrilled about it, but they’d do it for mom or dad or whoever bought them.

Make a list of 3-5 possibilities. Just like last week, it doesn’t mean you’re doing to do all of them, I know you’re busy—but do begin this develop this process of active brainstorming.

  Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

cg-sig-newsletter

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Quote of the Day
"By looking around every day, throughout your daily life, you too will spot opportunities. You won’t be able to take action on all of them, but that’s okay. Merely developing this skill can serve you well throughout life."
—#SideHustleSchool

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To infinity and beyond,

Chris Guillebeau