Starting a business is easy. To start a profitable business is harder. You, therefore, should start with formulating your business idea properly. A few sentences are enough. By doing so, you will highlight the most important part of what you have set out to start, in what way you will set yourself apart and what it is that will make you suc- ceed. With a clear sentence describing your business idea in front of you, you can reflect on not only if the idea itself is feasible, but also if you believe in yourself as the one bringing it to life. One key to success is to start a business within a market you are passionate about.
In this post, you will learn some easy tricks to formulating your own business idea and how to use those words as a tool in your daily work when starting your company.
But first you need to find your passion.
How to find it
Before you write down your business idea, think about what your passion in life is. It can sound like a life-changing question to bring up when doing something as simple as figuring out what your company should be doing, but it does actually have a big impact on the sustainability of what you are about to create.
This is even more important when you are about to start a business as a digital nomad. Managing discipline is so much more difficult when you own both your time and where you perform your job. The closer your company business resonates with your passion in life, the more likely that you will find motivation during those moments when things feel the hardest. And with hardest, I don’t mean when you are fighting and sweating with work, but rather when alternative activities crawl up your priority list and compete with your business project. That nice dinner with newly found friends, to mow the lawn or to watch interior design clips on YouTube should all be able to compete with your passion and, most of the time lose against it.
So how do you find your passion? Unless you already know that is. Maybe you spent your life doing horse riding, learned all there is to know about saddles and snaffle bits and now want to help the world by selling a new type of ergonomic saddle made of recycled plastic bottles. But even if you have no clear passion, you have to start somewhere. So what is it that really gets you going in life?
When we where 10
Someone said that we are defined as persons when we are around 10 years old. Our view of the world we have at 10 will remain when we turn into adults. Think about who you were when you were 10 years old. What was important for you then? Which values and interests did you have? Is there anything that you still believe in?
If you want to make it into an exercise, grab a white paper or even better a whiteboard and draw a mind map with yourself in the middle. Make one bubble for each area that interests you and deduct to subareas as you consider and get inspired.
The control question you should ask yourself after each area is can I see myself spend the next three years of my life doing this? Three years of the few years I have to live on this earth. It can seem a dramatic control question, but when you start a business, you have to want to live with it week in and week out for a long time - otherwise, you tire of it. And then it is not worth investing in it. But when you find the right area, the answer will be easy and you will also be the best person to start a business within that particular area.
The nerd economy
Our time is one of the most exciting and completely unique periods in the history of humanity. It is the time that all previous development led us by its constant innovation and increased multiplication of ideas. Never before have people on this earth been able to interact with the whole world as if they were their closest neighbor. No matter if it’s about politics, the latest TV series or to buy new shoes, the friend we talk to and the store we visit can now be located anywhere in the world.
Imagine a small city center filled with a number of sto- res. The ones shopping there are the ones living nearby. Imagine what they are selling, depending on where in the world the city is, and when in history it is. In the small Swedish town of Södertälje a number of clothing stores, a single hardware store, the kids’ toy store and the food store. In a small village in Jordan, instead a butcher, the car garage and the bakery. A store that only sells caps with prints from 60’s gas stations will not live long in any of the cities. Neither will a store selling accessories to racing bikes.
But we live in a different world than what all our parents lived in. In our world, the physical vicinity is no longer a crucial factor to who we hang out with or what interests we develop. Neither does geographical boundaries deter- mine where we shop.
Target the nerds
The Nerd Economy is about your target market now being spread out throughout the world, which makes it larger than what it ever could be before. To sell a small set of well-selected products to 100 000 potential customers around the world instead of having to sell everything that the nearest 100 000 neighbors could ever need opens up a whole lot of new opportunities. It even gets much simpler, because knowing everything about a small set of products is a lot easier than to know everything about everything.
Also, the world is nowadays run by nerds and early adopters. If you chose the right niche, your specific nerdy niche spreads to a larger group of people, faster than it has ever done before.
To reconnect to the previous section’s discussion about finding your calling, when you finally found your’s you can with the help of the nerd economy build something in today’s global world that secures your setup as a digital nomad.