3 Ways to Find Your Profitable Business Idea and Actually Start Earning Money (Plus, Remora Method Launch Details)

Download PDF

Last week, we talked about how The Remora Method is the best way to generate a side income.

What if I told you that there were 3 simple steps you could take to find a profitable idea and set yourself up for success before you start to implement The Remora Method?

Let’s talk about those 3 steps right now.

The hardest part of earning more money

For most people, the hardest part of generating a profitable side income is deciding what you want to do.

Here’s a typical email that I get often…

I’m trying to come up with a profitable idea, but I’m not really sure which direction to go. I want to keep my costs down too, so that makes it even harder.

The problem is that I can’t seem to find something that is “just right”. You know, something interesting enough that I’ll actually enjoy what I do, but that also makes me money.

Perhaps you have felt the same way at some point or another.

It’s About Decision, Not Genius

Do you know why choosing a profitable idea is the hardest part of earning more money?

It has nothing to do with whether or not you have a brilliant idea. In fact, your idea doesn’t really have to be brilliant or unique at all.

Choosing an idea is the hardest part of earning more money because the moment you make a decision is the moment you shift from being a dreamer to being a doer. And that means you have to do some work.

Everyone looks at Apple as a business with great ideas … but what they really are is a business that is great at making decisions and taking action. Imagine the amount of execution that goes into designing, producing, and shipping all of those iPhones, iPads, and computers.

Good businesses are always in the process of deciding, adjusting, and improving. If you want to earn a side income, then you need to do the same thing.

In other words, it’s not important to pick the “right” idea to start. It’s important to learn how to decide. When you learn to choose, then you can move on to learning to do.

The right idea is the one that you turn into a reality. Otherwise, you’re just stuck in thinking mode and all of that mental jousting won’t bring you a dollar.

Here are 3 ways to find a profitable idea that you can turn into a reality. (You know, so you can move on to actually earning money.)

1. Profitable is not perfect.

You need to abandon the hope of finding a “perfect” idea. Every brilliant creation that has ever been made — from successful businesses to beautiful art to groundbreaking ideas — could have been better.

You also don’t need your idea to be “exactly what you want to do with your life” … it doesn’t have to be your ultimate passion.

It may sounds strange, but you can be passionate about your work without it being your passion. You can be excited about generating a solid side income without it being your calling in life.

In fact, that’s often the goal of a side income to start with: make some extra money, pay off your debt, and give yourself the financial breathing room to do what you want. Maybe even make enough that you can choose to work for yourself one day … if you want that.

Don’t get stuck on finding your passion. If you start making money from an idea, I think you’ll find that you’re a lot more excited about it.

So, if you’re ready to abandon perfection, here’s how to make an idea profitable…

2. Be very specific (be known for something)

Let’s say that you want to buy a painting to hang on your wall.

Do you go to the guy who paints houses or the guy who paints artwork?

Silly question, right? Why would you go to a regular painter for a piece of artwork?

You wouldn’t. You would go to the artist.

Why?

Because that’s what he is known for doing.

You want to be the same way. You want to be known for something. In other words, you want to have a target market.

Many ideas have died in a fiery hell of frustration because they refused to limit themselves to a target market.

For example…

Let’s say you want to be a freelance photographer. You’re competing against wedding photographers, senior portrait photographers, and newborn baby photographers.

You think, “I can do all 3 of those things, so I’ll just call myself a professional photographer and then I can get clients from all of those places. Plus, I’m just starting out, so I shouldn’t limit myself to one area. I’ll take whatever clients I can get.”

Here’s the problem:

The young couple who just got engaged, they go to the wedding photographer because that’s exactly what they are looking for.

The cheerleader who is a senior in high school? She goes to the senior portrait photographer because that’s exactly what she is looking for.

The parents of that newborn baby girl? They go to the newborn baby photographer because that’s exactly what they are looking for.

And nobody comes to you because they have specific needs and you seem like a general photographer.

If you want customers to choose you, then you need to offer a specific and targeted service.

It can be scary, but you have to plant your flag in the ground and stake your claim to a particular territory and say, “This is what I do and this is what I don’t do.”

Let’s recap so far. 1) You’re looking for a profitable idea, not a perfect one. Getting started is more important than “getting it right.” 2) You want to be known for something specific instead of offering a general product or service.

Which brings us to the final part of a profitable idea… how do you know if people will pay you for your specific product or service?

3. Customers must be willing and able to pay.

Being very specific about what you do doesn’t really help you if nobody wants to pay for it in the first place.

Luckily, there are two simple considerations that will help guide you to choosing an idea that people are willing to pay you to do.

1. Is the customer willing to pay?
2. Is the customer able to pay?

Interestingly, this process also helps you narrow in on what type of price you can charge.

For example, if we use our newborn baby photographer example above, then we might say the following…

Is the customer willing to pay?

Yes, parents love to have pictures of their newborn babies.

Is the customer able to pay?

That depends. Able to pay $1000? Probably not. Most young families are on a tight budget. Able to pay $100? Probably. Many parents would be happy to pay that to have pictures of their new bundle of joy.

If you can answer those two questions with a firm yes, then you likely have a profitable idea on your hands.

Of course, there is a one way to “know for sure” if someone will pay for your idea…

The Shortcut to a Profitable Idea

The only true way to know if someone will pay for your idea is to test it out. Unfortunately, testing can be expensive.

Getting customers costs time and money with marketing, promotion, and so on.

And that brings me to the punchline of this article and a shortcut to testing your profitable idea…

Partnering with a person or business who already has a string of customers coming in the door is the best way to test your idea. Think of it this way, you come up with an idea. You partner with someone who can bring your idea to customers.

If the customers like your idea and pay for it, then you run with it and focus on building it up. You give a cut of the profit to the partner and everybody wins.

If the customers don’t like it, then you didn’t lose anything and you can go back to the drawing board, think up another idea, and partner with someone else.

In other words, the best way to test your profitable idea is to use The Remora Method.

The Remora Method for Earning a Side Income

As I mentioned last week, The Remora Method is the best way to earn a side income because it’s focused on partnering with someone who can do the sales and marketing of your idea for you. They can bring you paying customers and you can focus on doing the work and earning money.

But how do you find people to partner with who can sell your idea for you? And what do you say to them?

I’m going to help you answer those questions.

I’ve created a whole course around The Remora Method with classes on how to find a profitable idea, choose the best one for you, find a business partner, connect with them, and much more. This course teaches you step–by–step what to do to build a side income.

The best part? The Remora Method opens (to a small group) tomorrow.

Here’s the details…

The Remora Method Opens Tomorrow

On April 20th at 12pm EST / 9am PST, I’m opening up The Remora Method for the inaugural class to join.

I’m going to give access to this course to 100 people and then I’m going to work with them to implement The Remora Method and earn a side income.

Eventually, I’ll open this up to everyone, but for right now I’m only going to share it with a small group of people. I’m going to be working very closely with you, so I want to be sure that the group is filled with people who are serious about using The Remora Method to partner with businesses and boost their income.

When it launches tomorrow, the people on the priority notification list will get the first crack at the 100 open slots. Also, in exchange for being in the first class, I’m going to give them an incredibly low price. The Remora Method price will never be lower than what it is this first time.

To get priority notification of when The Remora Method opens and have a chance at one of the 100 open slots, simply enter your email below.

Note: this email list will only be used to notify you of The Remora Method.

11 Responses to 3 Ways to Find Your Profitable Business Idea and Actually Start Earning Money (Plus, Remora Method Launch Details)

  1. Adrian B. Dean says:

    Looking forward to it. I need this so I can drop this part-time job I have. I do computer tech support in the general sense and by reading websites and books like this am slowly getting better at being in business for myself rather than just working for myself.

    Adrian

  2. Adrian B. Dean says:

    Clarification: I work for myself doing tech support while working a part-time job to meet my financial obligations (i.e. Debt). So this method comes at the right time for me.

    Adrian

  3. Janet says:

    it’s as if you read my mind. I have that perfectionism thing and I think an idea needs to be perfect, so it never gets past being an idea. Derek Sivers wrote a similar post about this too about how ideas are pointless without execution. An idea won’t make you money.. it depends on how brilliant the *execution* is. I’m finally learning I need to specialize in something. I’m doing this by finding a specific niche and offering my ‘general’ service to that niche only..

  4. Sheila says:

    Great new advice. By “new”, I mean that most “gurus” tell you that you have to go with something you’re passionate about. I love what you had to say about that.
    Also, don’t try to be perfect…I’m going to make that into a huge sign and hang it above my computer…haha.
    Thanks for all the great tips.

  5. Great article and great points. Especially #2 for me. I have a lot of people asking me how they can make money online and when I asked for niches to demonstrate the basics of setting up an online business, they suggested things like “nutrition”, “chinese cooking” and “beauty”. All much too broad.

    The “trying to be all things to broaden your market” is such an easy trap to fall into – I do it myself! – but it’s only when you get the clarify and focus of a specific niche, and how you can help solve their problems that you’ll be successful.

    JV’ing to position yourself in the flow of existing traffic is a great suggestion and much easier than article marketing or seo, especially if you’re starting out. I’m on the list for the REMONA method and looking forward to learning more. Thanks!

  6. Joy Mo says:

    I like the “not perfect” part”. Taking action is always better than being perfect. I’ve learnt through my own experience that along the way while I build my freelance biz I have to adjust, change and adapt to market reactions. Better to have just one simple idea to work on than to have dozens of ideas flying in the air…

  7. Clint says:

    Good information, but I see these more as criteria to use when evaluating a profitable business idea. Can you share more insight on how to actually come up with profitable business ideas?

  8. Wim says:

    Great post on finding a profitable business idea!

    I’ve struggled for a long time with finding – or even wanting to find – a niche.

    Once you make that decision, a lot of other decisions become more clearer and easier to take.

  9. Sergio Felix says:

    Hey James,

    I think this is what an actual Unique Selling Proposition (USP) is and for most people, it is something very hard to identify.

    I’m really glad I stumbled into your article as I just had a few ideas based on your thoughts here.

    The three points were elemental and perfect for the equation. I can think of several scenarios that meet the criteria so thanks for outlining them.

    Sergio

    PS. Off to read The Remora Method.
    PPS. I already knew what a remora was. ;-)

  10. Flo says:

    Great article, I loves it.

Leave a Reply