ESYB2 126 - Combining Industry and Goals for Unique and Personalized Business Ideas
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[00:00:00] In this video, I want to show you how selecting different goals will impact your business ideas that you can pursue. Let's take an example, this goal here. Make a billion dollars. It sounds great on paper, but very few companies actually make a billion dollars. There are many, many, many kinds of companies you can start that don't have such a high ceiling and high potential, but are nevertheless amazing businesses.

For example, If I wanted to make a billion dollars, most business ideas would no longer be available to me. But look what happens if I say, I just want to live comfortably, like I want a business that makes a million dollars a year. Million dollars a year, that's still a lot for an individual. And maybe I don't mean revenue, let's say profit, or half a million dollars in profit, but goals like that.

Now, when we move on to other parts of the worksheet, the fact that we were honest with our situation, and we were It's going to give us [00:01:00] incredible flexibility in the kinds of ideas we can pursue. So let's take a look at this worksheet forward and see how things play out. So let's say our goal is just to make a million dollars in profit per year.

So now that we've made this adjustment, let's explore the next part of the worksheet. So the next part of the worksheet will be combining industry that you chose. and your interest in that industry. Here's an example of what I have in mind. Let's say you love travel and you chose the travel industry. The travel industry is such a gigantic space.

There can be dozens and dozens of different business ideas in travel. So we need to narrow down. Narrowing down is similar to what some people call choosing a niche. But if I just tell you randomly choose a niche, it's a little hard to just randomly choose a niche. So one way to make it easier is to start with what niches or [00:02:00] what spaces within that industry interest you.

I'll give you an example. So in travel, I'm interested in hiking. So kind of outdoor fitness travel. Also, some people may like travel on cruise ships. For people who like that, maybe you have a little bit more knowledge about it. Maybe you have a little bit more interest. Those are nice things to start with.

It may not be what you end up with, but it's a great first thing to examine. So, I might say something like, I want to be in the travel industry and pursue, you see right here in parentheses, I say, which things in travel interests you. The things in parentheses were just for you, so I'm going to delete that.

And I'm going to say, and pursue hiking. Specifically, I might even say, Pursue group hiking, because group hiking can also be social, and I like that social dimension to it. And let's [00:03:00] say, just as an example, so that you can see how I think about it. Let's say you decide you're going to be a person who takes people on group hiking adventures.

You organize the itinerary, you organize the travel, you organize everything. People just have to show up, they get They get taken to a certain travel destination. They get taken to the hike. The hotel is taking care of everything. But because everything is taken care of, it's maybe 3, 000 per person. Or 2, 000 per person.

Whatever the rate is that's fair. Okay, so you can take 10 people at a time. It's 2, 000 per person. It's a weekend trip. That's 20, 000 in revenue. From that you might take a few thousand dollars in profit. Especially because you're going to be able to get group deals on travel, group deals on food, group deals on everything.

So you'll be able to take a lot of profit. You can make thousands of dollars per weekend. Just you taking people on such trips. [00:04:00] And let's say, for example, you make a profit of 5, 000 per weekend. Let's say you don't go every weekend. Let's say 50 weekends you go. That's 250, 000. of profit per year, you're only working two days out of the five days per week, in theory.

I mean, during the other five days, you have to do the marketing, et cetera. But in theory, you're doing work two days out of the seven days of the week. And the trips are actually fun and social and you get to meet people. Now you see, if I go back to the goals, that's a two hundred and fifty thousand. It will never make a billion dollars.

If you wanted to make a billion dollar company, that's not the kind of business you should be running. The business model is just not structured to become a billion dollar business. Even if you hire many, many, many different hiking guides, and different hiking [00:05:00] guides take people on different trips, and so maybe you build up to the point where you have a hundred hiking guides, each of them taking 10 people per week on trips.

And you get to collect the profit of all of those dozens and dozens and dozens of trips each week. Even then with that model, you'll have a hard time scaling to a billion dollars, although you will make many millions. So this business can still be very good. Although notice If you just hire other tour guides and all you're doing is marketing and managing, you're really no longer yourself doing any of the hiking.

You're just doing managing and organizing things. You've kind of taken yourself out of the outdoors and hiking because all you're doing is just working at an office, doing marketing, doing organization and things like that. But nevertheless, you see, if you have lower [00:06:00] goals, These kinds of fun and quirky business models can immediately work for you.

And they can help you create a lifestyle that will be amazing. Every weekend you go to some amazing place to hike and you get to meet new people. And you only are doing that like 2 days out of the 7 days. Most people who work 9 to 5 jobs, they will be envious of that. So, that's just how being honest with your goals and being honest with what industries you want to be in can immediately help you to start to think like this.

I want to be in whatever industries you chose and I want to pursue X in it. And whatever X is in that field, the business ideas you can do will become immediately clear and then you can evaluate them. Does that work for me? Does that not work for me? Etc. And in the next video, I'm going to help you think about [00:07:00] how to get more business ideas within an industry and the subfield which you want to pursue in that industry.

But for now, definitely go through the exercise of Create sentences like this, I want to be in whatever field you want. And what do you want to pursue in those? And make as many as possible, like you don't have to do one per industry. Identify what specific topics or subspaces in those big industries pull you individually.

And that way, whatever business ideas you'll come up with. Your passion will be built into your idea, which is really great because it's a tremendous advantage to bring into your business. So definitely do this exercise now and I'll see you in the next video where we're going to go over ways for coming up with more business ideas in whatever industries that you [00:08:00] choose.

