Ask Yourself These 4 Questions to Find a Profitable Business Idea

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

Every business starts with an idea. Check out four great questions that Ramit Sethi recommends to help you find a profitable business idea. 

Lots of people have thought about starting their own businesses. It’s an exciting and potentially life-changing step to take, especially if you’re feeling stuck in your current job. If your small business is successful, it could make a huge difference in how much money you make.

The challenging part, at least in the beginning, is coming up with a business idea. Many don’t even get past this part. After all, it’s frustrating when you feel like you’re drawing a blank during every brainstorming session.

Ramit Sethi, the star of How to Get Rich on Netflix, has quite a bit of experience in this area. He’s a successful entrepreneur himself, and he has popular courses teaching students how to launch their own businesses from scratch. He also gives out plenty of free advice, and he has shared four smart questions you can ask yourself to find a profitable business idea.

1. What do I already pay for?

Think about the products and services you pay for in your everyday life. Examples may include meals at restaurants, personal training sessions at the gym, and tutoring in new skills you’d like to learn. If you pay for something, then you can bet other people are willing to pay for it as well.

Remember to look at the things you already buy from multiple angles for more ideas. Let’s say you buy clothes regularly because you’re interested in fashion. The first business ideas that come to mind are probably clothing stores and design, but these are far from the only options. You could also become a personal stylist and help clients improve their wardrobe, or go to thrift stores and sell your finds online.

2. What skills do I have?

Your skills can be an excellent source of inspiration for potential business ideas. Spend some time thinking about what you do well. Maybe you’re great at graphic design, email marketing, or meal planning. Chances are that you’ve developed all kinds of skills so far, and many of them could be turned into a business.

Watch out for imposter syndrome here. People often second-guess whether they’re really good enough to turn a skill into a profitable venture. You don’t need to be the best in the world at something to make money doing it. If you’re better at it than the average person, that may be enough.

3. What do my friends say that I’m great at?

This is another way to figure out the answer to what your skills are. Sometimes it helps to take an outsider’s perspective at what you do well. Consider what your friends would say if you asked them this question. Or, make it easier by just asking them directly.

4. What do I do on a Saturday morning when everyone is asleep?

If you’re like me and your answer is “sleeping, just like everyone else,” go ahead and swap the time frame for whenever you’re free and unburdened by anything else. No work, no family commitments, when you’re able to do whatever you want.

With this question, you can see where your interests lie and what you’re passionate about. A business requires a large time commitment. It helps if your business is something you’re already interested in and spend your time on.

By asking yourself these questions, you’ll probably be able to come up with a solid list of business ideas. From there, you can look at them more closely, discard the ones that won’t work, and test out the ones that have the most potential.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy.

 Read More