Self-made millionaires know the best way to get rich is to start a business. Because you not only control your time, you have no limit on your income!
Most people don’t realize this, but coming up with hot new business ideas is an actual skill, a learnable skill, and a rare and lucrative skill that you can use over and over and over again.
It doesn’t have to be overwhelming, and it’s easy once you know my secret to generate ideas without any prior business skills or experience. Do you want to find out how I do it?
Then download my free template called, “6 Easy Ways to Generate a Million Dollar Idea”.
Once you learn how to generate these ideas on demand, the biggest problem won’t be finding huge money-makers but choosing between all the incredible ones staring you right in the face.
And to help show you how to generate these ideas on demand, T. Harv Eker has created 6 tips for generating effective million dollar business ideas that you can begin using today!
Read on to discover what they are!
6 tips for generating effective million dollar business ideas that you can begin using today. Click To TweetTip #1 — Choose a business field you are passionate about
To narrow down all the business opportunities, start by choosing a field you love. It’s got to be the right business for you!
If you don’t like the business or product, are you going to be very passionate and enthusiastic about it? Probably not.
That’s why having passion is so important when it comes to your business. Passion is your energy!
And what are people buying?
They’re buying the energy, and if you’re not excited and passionate about what you’ve got, there’s no way you can market or sell it to consumers.
It’s like how I finally built a successful business after years and years of trying. I have a passion for health and fitness. When I moved back to my parents’ house in Canada, it was impossible to run outside in winter, so I started looking for home gym equipment — which at the time, was hard to find.
Soon, I decided to start a home fitness retail store. I was focused on my love for exercise, not on making a profit, but in large part because of my passion for the field, the business did end up making me rich — finally!
However, it’s not always clear what we’re passionate about. If you’re not sure, try asking yourself these questions:
- What are you curious and excited about?
- What do you do in your spare time (or what do you want to do in your spare time)?
- What could you learn and talk about for hours?
- What are your natural talents?
This is an absolutely crucial step if you want to become extremely successful.
If you want to learn more, please check out my free “Zero to MultiMillionaire” web class. All you have to do is save your seat here for a time that works with your schedule.
Tip #2 — Consider consumers’ two primary motivators
Pleasure and pain drive the decisions we make. Which do you think is stronger? If you said avoiding pain, you are correct!
If there’s a problem, people want it solved.
So, that’s where we get the definition of an entrepreneur:
A person who solves problems at a profit!
Let’s say someone has $5,000 dollars. Their interior designer friend wants them to use it to redo their family room. Their doctor friend says they should put it towards surgery on their aching knee. Chances are they’d go with the surgery because the doctor’s suggestion solves a bigger pain point — literally.
The good news is that step one — reducing or avoiding pain — naturally leads to step two — bringing pleasure. When your product or service has solved a person’s problems, they’ll feel good.
The better the experience, the more likely they are to be repeat customers and to tell others about you, too. Getting these two steps down is key to a thriving business.
There’s a related aspect to consider. Not only do you want to solve problems and take away your customers’ pain, you want to do it better than anyone else out there.
Regardless of your business, it’s imperative that you always strive to be the best.
And I’m not talking just natural talent, although that’s important.
There are ways to become the best, and I go over them in detail on my free “Zero to MultiMillionaire” web class.
Want to learn more tips of how to generate a million-dollar ideas? Read on!</span
Tip #3 — Improve an idea that already exists
You don’t always have to start from scratch to come up with million-dollar business ideas.
Another way to find good business ideas is to improve something.
Nothing is perfect. That means every single thing can be improved in one way or another!
All of the millions or billions or trillions of products and services that already exist can be made better. You just have to find the way!
One example of this is the Sleep Number bed, which improved on the idea of a basic mattress. Not only that, it actually kills two birds with one stone — helping people get a better night’s sleep and no more arguing about the mattress.
And then there’s Domino’s, which didn’t do anything revolutionary with pizza itself — they just improved the speed of delivery. The “30 minutes or Free” set them apart and made them a big player in the industry.
Keep in mind that improving a product or a concept can be more lucrative than starting from scratch.
It’s already a proven entity with a proven market.
You don’t have to spend a fortune educating anyone. They’re already buying it.
There’s a good chance that if you make it better, they’ll buy it from you. You’ll have the money left over to expand while the first guys spent all their money educating. In this case, it’s better to be second than first!
Tip #4 — Model a proven winner but add your unique touch
Modeling a proven winner is an easy way to make a fortune.
There’s never an excuse not to copy someone who’s already making a fortune now.
The word “copy” is often frowned upon because in school we learned we shouldn’t copy, but like most things we learn in school, this thought process keeps people broke.
Here in the U.S., we do this a fair amount with our TV shows. “The Office,” “American Idol,” and “Three’s Company” were first hit shows from the U.K. “The Good Doctor” was originally a program in South Korea. “Iron Chef America” was “Iron Chef” in Japan.
This tip applies to even the simplest products. I have a friend who made $12 million selling shoelaces that were sparkly and had wild patterns.
Of course, people do this all the time with services, too. For example, I’m certainly not the only person who teaches about business, money, and personal success. But I add my special Harv spin on what I teach, and my particular approach clearly resonates, since I’ve taught thousands and thousands of students over the years.
You definitely want to be unique, but do you need to be original? Heck no! There really isn’t that much new under the sun, and if there is, let somebody else deal with unveiling it. It’ll cost them way more than it will cost you.
Following this tip gives you a great foundation to start with, then lets you build on it while being as creative as you want.
And since it’s your business, you’re in charge, which means no office politics or red tape to get your product and service out there.
Not only that, there won’t be any limits on the income you can bring in — sounds great, right?
Tip #5 — Network and affiliate with other companies
Copying not your M.O. or forté?
Instead of copying…
Look for a hot product or service in a field you love and piggyback, or affiliate, with them.
Why would you affiliate with them versus doing it on your own?
They might already be in the market, they might have an exclusive or a great product, their operation size is already established, and they might have major distribution, a major database, or expensive equipment or technology.
In other words, they may already have a lot of the headache kind of stuff worked out. Then, you won’t have to build it or expense it yourself. You’re simply there to fill a gap that is mutually beneficial.
Some well-known companies with affiliate programs include Amazon, eBay, and Target. There are also direct sales companies like The Pampered Chef and WineShop at Home and franchises for tons of retail stores and restaurants.
With a little research, chances are you’ll find something reputable that appeals to you. Just don’t forget tip #1 — it has to be a field you’re passionate about!
Tip #6 — Change the niche and the market
This next one is so very simple.
Change the niche of an already existing product or service. (By the way, some people pronounce it ‘nitch’ and some people call it ‘niche’, yes? I choose ‘nitch’ because it rhymes with rich.)
Take something that was for the public, and then say “I am going to make it for women” or “for men only” or “for seniors only” or “for golfers only.”
Simply, change the market!
Product niche is something special, or the biggest, or includes the word “only” of some sort, like the above-mentioned examples.
Think about a store that only sells something that everybody uses, like towels. Moving into a new home? Buying a house-warming gift? Where are you going to go to get towels? Towels Only!
Product pitches equal your riches!
Hopefully, you’ve learned that million dollar business ideas are not as hard to come by as people make them out to be. With a little focus, knowledge, awareness, and insight, anyone can create multiple million dollar business ideas!
Coming up with a brilliant business idea is just the first step, though.
With a little focus, knowledge, awareness, and insight, anyone can create multiple million dollar business ideas!
If you want to build a business that makes you rich, I highly recommend that you check out my free web class called,
Zero to MultiMillionaire
“The Ultimate Business Success Formula.”
Everything I address in this class has not only been part of my personal journey to wealth, but it’s also helped thousands upon thousands of my students create wealth, too.
On this class you’ll also discover:
- What unique character traits most self-made millionaires have in common.
- One important rule when it comes to creating wealth… without it there’s a chance that you’ll have a limit on your income forever.
- Specific strategies that can actually produce real wealth in your life.
- How the term “multiple streams of income” is hurting you vs. helping you.
- And much more!
It’s inspirational, educational, and a lot of fun, too, so if you’re ready to make more money — a lot more money — don’t delay another second and grab your spot on one of my upcoming classes now.
Click here to register and select a date and time that works best for you. See you there!
Did you enjoy reading the article above? Will you use any of these tips in your everyday life? Please share in the comments section below!
For Your Freedom,
UP NEXT:
4 Effective Techniques To Easily Start A Business With No Money
WALTER says
I DO NOT HAVE A PASSION!!!
Raphy says
May be you should help people to “COMPLAIN” !!!
Some shy people may appreciate to learn how to say “no”, express disagreement or just express their opinion 😉
Ana says
What a challenge!! I feel that some part of my job is my passion (international affairs) but also I really love to cook.
I also don’t feel that I have a one million idea….but is because this is the very first time that I have to make me that question!
Again, great. Not only to change my mind, but also get the risk to invest….in my passion.
Let’s do it! . I’m sure that you will guide us in the “how” 🙂 See you in the webinar!
Cheers from Colombia
Shweta says
Thank you so much for this article. In a very simple manner you have explained the supposedly complex topic. I would definitely apply these points.
sarah says
good insight,though its easier said than done.
Marvin says
Sarah, complaining will not help, think in solutions instead of problems. For instance, you can buy Sam Ovens his program and copy him, Or you can buy one of Anik Singals his programs and copy him, Or one of Dan Kennedy his programs and copy him, Or One of Grant Cardone his programs and copy him. etc etc etc.
Let your brain work, and think creative
Kayode says
The article is highly illuminating I have been stuck trying to generate an idea. This article has given me a basis to tackle the the issue
jennet g. alvarez says
hi.. before MLM is really not my passion. but i only Tried it. i attend seminars about the products and the marketing plan and thru enough & now im embracing this business, i truy believe that its my passion…. thank you Lord….
& thank you very much Sir Harv for sharing your knowledge.. hope someday you will conduct seminar here in Manila, Philippines.. God bless & more power.
Evelyn Andales says
Hi, It’s in the right time I found your topic, since me and my husband is planning to have a business. And it sounds great that I was able to read the tips and it gives me guidance on how to put a business in million dollar accounts.
Kiwo says
#5 is great
Nancy Max says
I already have a multi million dollar business idea and it has all the points you mention:
I am passionate about it
It solves a problem for the consumer plus the seller.
It turns pain into pleasure (figuratively).
It is a new idea for an existing product area.
The potential consumer base is in the tens of millions, and more.
I have 0 dollars to start, and no connection to any one with money.
I don’t know which steps come first or how to start this company.
I keep getting a response that I already sent this comment. I did not, this is first time.
How do I take my idea to reality?
Can you help me?
Support says
Nancy,
Have you attended our Zero To MultiMiooinaire webinar? If not you may do so here: http://bit.ly/ZTMBlog
Ivo says
Hi, T.Harv Eker Support!
I am not able to confirm my spot for free webinar, the button just doesn’t respond.
Thanks,
Ivo
Support says
Ivo,
Please contact our team at support@harveker.com and they can assist! 🙂
Nelly says
I feel blocked, fearful and anxious; still, I am seeing it as growing pain. A necessity to overcome my obstacles and open my mind to desire more, want more and get more
Nevila Dhojniku says
Thank you for this article. It’s very interesting the idea that you emphasise also even in your course that everybody of us can feel rich if we can realise our dreams that means what we love.
Anna Gray says
I always choose pleasure, not pain, and I am not alone. I grew up in a world so full of pain that it was impossible to fix it all, so I chose to concentrate on something that was not pain and simply ignore the pain. I would choose room design over knee surgery. Living in a beautiful room would give me so much pleasure that knee pain would simply go away. Remember – any pain you feel is just in your mind.
Senor Fresh says
Funny you mentioned your friend selling shoelaces. Once upon the time I started this business in my home country, unfortunately somehow this niche happened be way too small to even support my personal expenses… ended up with a piling debt and re-assured myself that I need to focus more on something I am really passionate, which is obviously Tip #1
Jesus says
How can I take my idea into reality
The number one I like it
I like to be passionate about what I am doing
Thanks
Jesús
Emmanuel Scout says
Great reading and very insightful for the millionaire minds. I have taken note of all the steps especially, choosing something you are passionate about. I love writing and will soon lunch my million blogging Website.
Thank you for motivating me to take action. I have now developed the millionaire mindset and working towards achieving that feat in three years. I thought it was not impossible but now I do through your may teachings.
Tanoh Barthelemy Assey says
I am passionate on teaching. My challenge now how can I leave my job which is really time consuming but allows me to take care of my family and settle teaching business? For sure the beginning will be difficult. I am almost done with the trainer course but right now I do not know how to put it into practice.
ALINE PESTANA RODRIGUES says
É A RESPOSTA QUE EU ESTAVA PROCURANDO, ESTAVA OUVINDO UNS AUDIOS E LENDO LIVROS E HJ ABRIR ESTE EMAIL E VENHO A RESPOSTA DE TODAS AS MINHAS PERGUNTAS. OBRIGADO, VOU FAZER TODOS OS PASSOS.
APENAS NAO POSSO OUVIR OS VIDEOS PORQUE ESTAO EM INGLES .E EU NAO COMPREENDO INGLES.
OS TEXTOS EU TRADUZO E DEPOIS LEIO.
EMMANUEL SIKAVI says
This simple six steps demystify the success formula and I am glad you shared it with us.
Jessica says
Me a ayudado mucho leer estos consejos, justo me encuentro en esa fase de lluvia de ideas para emprender un negocio. Me encuentro en la busca de ese nicho, sin duda tomare en cuenta sus consejos. Muchas gracias!
Sandra Juarez says
Thank you Harv. I have a hard time pinning down my passion. But I think about making money all day every day. And I know that the look of success sales so I am passionate about how I feel, look and dress. So investments and reinvestments excite me. Diet, Exercise, Skincare and Fashion play a part of my daily life. I also love the idea of taking a tried and true idea and making it unique and therefore ‘new’. Trying to learn how to put all your knowledge to work in my life for true freedom and constant income.
Paul Lockman says
Always wanted to start my own business just not sure what I want to do or how to get financing.
Tusingwire Julius says
Forsure I do love all your teachings,Passion is energy.
Long live!
Henry says
I think all this information is valuable. However, this is for a limited number of people. Why? Very simple. Very few people are willing to run a business. They are prepared and “comfortable” working for others. For those that are running or thinking in running a business most of them will work under the standards which means they will need to be in their business to notice if it is running well or not . Duplicating is fabulous but is not repeatably for all business. Or eventually duplicating is not with a system is hiring a lot of employees. It is almost imposible to think that each of us can be running a business. If that would be the case there would be not employees available for bigger companies to be managed. However, As I said, it is valuable information so as to work with myself and to try to open my mind. If we take into consideration the names of companies mentioned in the email, many of them have thousands of employees. So the owners are duplicating hiring people, employees, which at the end of the day have decided not to run their own businesses
john raine says
great information from harv, its a shortcut to success,thanks a million.
Nevila says
I have my passion as majority of the people of this world. The problem is when you see that to apply your passion you should to bring down a big rock every day. Thank you for your advice.
Gregory says
Thx for this lesson.
Gregory says
Mèsi pou leson sa a, pasyon pam se boulanjri
Ndubuisi says
Harv, l have always admired and enjoyed your passion about helping people to redirect their financial pathway. My pain is that we are handicapped here in Nigeria arisifrom network challenges. No more news that we lack steady power supply to guarantee online training courses are feasible. How else can you help us in this regard? Tanx a million.
Pereira Romeu says
Thank you so much for this great lesson.
I will use this definitely .Thank you once again.
Madu A. Joeph says
This cradle start surely will put me up I have great joy.
Toluwase says
Thanks Harv! I am grateful and encourage d.Thanks a zillion.
ODIASE BLESSED says
This is really of a great privilege to sturdy such motivational speeches which enables you on the best step to decide on .
Nedee says
This was an amazing and insightful read. Definitely going to look into a couple of them and create my own multi-million dolĺlar business. Thanks Harv.