650: 7 Proven Ways to Generate New Business Ideas, with Real-Life Examples

The Side Hustle Show

Nick Loper

Business, Education, Entrepreneurship, How To

4.7 • 1.6K Ratings

🗓️ 9 January 2025

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How do you come up with a business idea? Aspiring entrepreneurs often get stuck in the business idea phase — that is, they’re confident they could run a killer business, make a ton of money, and live the good life — if they could only come up with the right idea. If that’s you — the idea seeker — I’ve got good news for you: coming up with new business ideas is actually pretty easy. It’s what comes next that’s hard! But today, let’s go through some of the proven methods you can use to come up with your first (or next) business idea. Full Show Notes: 7 Proven Ways to Generate New Business Ideas, with Real-Life Examples New to the Show? Get your personalized money-making playlist here! Sponsors: Mint Mobile — Cut your wireless bill to $15 a month! Airbnb — Discover how much your home could be worth and find a professional co-host today! OpenPhone — Get 20% off of your first 6 months! Gusto — Get 3 months free of the leading payroll, benefits, and HR provider for modern small businesses!

Transcript

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0:00.0	Seven proven ways to generate new business ideas with real life examples.
0:06.1	What's up? What's up, Nick?
0:07.0	O'Loper here.
0:07.8	Welcome to The Side Hustle Show where we've been helping make day jobs optional since 2013.
0:13.4	Today, I want to introduce seven business idea-generating frameworks you can use to come up with your next side hustle idea. And the first one on
0:22.0	this list is called Rip, Pivot, and Jam. I first heard about this method from the Tropical
0:27.7	MBA show, probably 10 years ago. Hat tip to Dan and Ian for this one. Here's how it works is
0:33.1	you rip, you look at another successful business, copy their model.
0:38.7	And the key here, pivot it is step two.
0:41.0	Pivot it to a new industry, a new vertical, a new audience, right?
0:44.7	And that's the little turn.
0:45.7	And then the jam part is the hustle to go get new customers, do the work.
0:50.7	Now, we saw a couple examples of this in the last year, including Sarah McCaffrey's
0:56.0	clothing consignment business in episode 640. So I did a kids consignment event selling my kids
1:01.9	used clothes and I had no idea what I was doing. I just showed up, you know, priced the
1:06.3	thing, showed up to sell them. And when I went to pick up my check, it was for $800. And it blew my mind.
1:12.3	This was you selling your kid stuff through somebody else. Yes, it was. That's how I got the idea.
1:18.0	And after I picked up that check for $800, I just thought, why doesn't this exist for adults? There are a lot of kids'
1:24.7	consignment events out there and not very many at all for adults.
1:28.7	And I just thought, I know so many people with closets full of clothes that are in great
1:32.9	condition that people would buy.
1:34.3	Why is nobody doing this?
	...

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