Let’s us now shift gears and take a look at what we need to do in order to start generating amazing business ideas. The steps below are a compilation of what I have used over the last 10 years to develop business ideas that, in one way or another, have added millions to my overall net worth. In other words, it has worked incredibly well for me and I know, for a fact, that it will work incredibly well for you.
STEP #1: Make Idea Generation a Daily Practice:
As mention above, idea generation is related to muscle memory. And while your brain is technically not a muscle, its development patterns closely resemble those of other muscles within your body. The more you work on it, the more you study, the more you practice and the more you think, the sharper your brain will become. In all areas that you concentrate on. When it comes to developing your business ideas, while you don’t have to spend a lot of time on the process, a consistent 10-30 minute daily effort is necessary.
For instance, I typically allocate about 15-20 minutes out of my hectic schedule to this practice. No matter what. In fact, I have an entire routine developed around the process. I typically grab a cup of coffee, disconnect from all of my devices, tune everything out and concentrate intensely on developing new ideas over a 20-30 minute period of time. Yet, I am not just working on “new” business ideas. I am developing all sorts of new ideas. They might be additional products or services for my existing businesses, various offers, investment opportunities, better marketing processes, new technologies, new partnership, etc…..The spectrum of new ideas is unlimited and should be treated that way.
Plus, the biggest bang for your buck will typically come from combining two “new” seemingly independent ideas into a blockbuster idea your would be unable to develop otherwise. You might have had one idea a few months ago and the more recent idea today. When combined, such ideas might explode into a bowl of fireworks or that extremely profitable business you have always dreamt of. Clearly illustrating, once again, why you should make this a daily practice.
It is also important to understand that it might take a little bit of time and effort on your part to get this process going. In fact, if you have never done this before, you might find the practice incredibly difficult. Not being able to come up with any ideas at all in the first few days. That is normal. For as long as you dedicate your time and effort to this practice, do not despair, the ideas will come soon enough. So much so, that within a few months you will be flooded with too many business ideas.
Personally, I make it a point to come up with 8-10 business ideas per day. I typically do not end my daily idea generation sessions until I hit that point. You should have the same attitude. After a few weeks or months of practice coming up with 10 ideas per day shouldn’t be a problem at all. Not only that, as your idea generation muscle gets better, the quality of your ideas will go up as well. Eventually it will become so easy that various ideas will literally fall from the sky.
Extra Tip: If at all possible I would highly recommend doing this “Daily Idea Practice” first thing in the morning or when your mind is at its freshest.
PRACTICE #1:
Get a notepad and a pen out. Take 30 minutes to write out 10 business ideas within your area of expertise or passion. Do not worry about the quality of your ideas at this juncture. They are allowed and encouraged to be a little insane.