How to Come Up With a Highly Profitable Business Idea?

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Date

December 29, 2024

If you’re young, driven, and trying to escape the repetitive cycle of “basic business models,” you might feel stuck in a sea of dropshipping, SMMA, or copywriting trends. Believe me, I’ve been there. When I was 18, I had only $100–200 to my name and an inconsistent income of $20 a day. I wanted something unique, profitable, and meaningful.

Here’s my take on how to get there, sprinkled with hard-earned lessons and a little humor.

Is Innovation Always About Something New?

No, it’s not! Sometimes, innovation is just about finding a better angle.

When I started out, I had the same thought: “If everyone’s doing these models, how can I succeed?” Turns out, you don’t need a groundbreaking idea. Instead, focus on finding a specific niche within an existing model.

For example:

  • Instead of running a general social media marketing agency (SMMA), target a niche like implant dentists in big cities.
  • Instead of selling generic products in dropshipping, find a unique trend or pain point (more on this later).

Innovation can simply mean tailoring an existing concept to a smaller, underserved group.

How Do You Identify a Great Business Idea?

Start by paying attention to experiences—your own and others’.

Here’s a method that works wonders for me:

  1. Observe Problems Around You
    • What frustrates you?
    • What’s annoying your friends, family, or coworkers?
  2. Ask Questions
    • Why is this problem happening?
    • What could make the experience better?
  3. Engage with Real People
    • Hang out on forums like Reddit or Facebook groups related to industries you’re curious about.
    • Talk to small business owners or professionals directly.

This isn’t just brainstorming; it’s being attentive to the world. My first SaaS tool, for example, came from noticing schools struggling with a particular task.

Is $100–200 Enough to Start?

Yes, absolutely.

Let’s be real—$200 won’t launch a Fortune 500 company, but it’s plenty to start testing ideas. Here’s how I made it stretch:

  • Use No-Code Tools: Platforms like Bubble or WordPress are budget-friendly for building prototypes.
  • Start Small: Build a simple version of your solution and test it.
  • Learn as You Go: I learned everything on the fly by making mistakes (lots of them).

Pro Tip: If you’re feeling stuck, use Google Trends to identify what’s gaining traction. Combine that with niche-specific research.

Should You Skip a Traditional Job?

Not necessarily.

Getting a job in an industry you’re interested in is underrated advice. I worked in a car-related job, and while it wasn’t glamorous, it taught me enough about the field to identify business opportunities later.

Here’s why this works:

  • You’ll gain real-world experience.
  • You’ll build connections within the industry.
  • You’ll save money to reinvest in your future business.

What Are the Steps to Building a Brand?

Start with the foundational work. It’s not glamorous, but it’s essential.

Here’s a quick checklist:

  1. Define Your Values
    • What principles guide your business?
  2. Create a Mission Statement
    • What problem are you solving? For whom?
  3. Draft a Vision Statement
    • Where do you see your business in 5–10 years?
  4. Set an Experiential Goal
    • How should customers feel when they interact with your business?

These guideposts keep you focused and authentic, which is critical for building a brand people trust.

How Do You Research the Market?

Invest your time (and a bit of cash) into understanding your audience.

  1. Join Communities
    • Forums, Facebook groups, LinkedIn discussions—immerse yourself where your target customers hang out.
  2. Talk to People
    • This sounds intimidating, but even simple conversations can reveal gaps in the market.
  3. Test Ideas
    • Instead of endless planning, just build something small and put it out there.

When I built my first SaaS tool, I learned everything by talking to school administrators and iterating based on their feedback.

Can You Make Money Without Being a Genius?

100%.

It’s not about being the smartest person in the room; it’s about being curious and adaptable. Here’s my advice:

  • Start Now: Don’t wait until you feel “ready.”
  • Embrace Failure: Every mistake teaches you something valuable.
  • Build Relationships: A strong network opens doors you didn’t even know existed.

What About Balancing Life and Business?

Don’t become the stereotypical “hustle culture” hermit.

Here’s what I’ve learned:

  • Make Time for Hobbies: It sounds counterintuitive, but doing things unrelated to work often sparks the best ideas.
  • Build Healthy Relationships: A balanced life makes you more innovative, grounded, and fun to be around.

Final Thoughts

Starting a business isn’t about rushing into the next trendy thing. It’s about observing the world, finding real problems, and solving them in simple, effective ways. Whether you’re 18 with $200 to your name or 22 and completely lost, the key is to take small, intentional steps.

And remember: innovation doesn’t mean reinventing the wheel. Sometimes, it’s just about putting a smoother tire on it.