Ep 308: How to Find a Profitable Product Idea

In this episode, I explore the vital first step in entrepreneurship: identifying a profitable product idea, which is crucial for building a successful online business. I emphasize the iterative nature of product development and the importance of tapping into market needs through personal frustrations and community insights.

Listeners will learn how to harness everyday challenges to uncover authentic product ideas with built-in validation. I also share valuable strategies for exploring what’s selling in your niche by analyzing popular marketplaces like Amazon, Etsy, and Kickstarter for sales data, reviews, and trends.

I outline a straightforward testing strategy to evaluate profit potential, utilizing tools like Google Trends and market size assessments to ensure demand and consumer willingness to pay. Using a practical example of launching an online course, I guide you through idea conception, validation, and beta launches.

Throughout the episode, I encourage embracing uncertainty, experimenting, and taking incremental steps toward your entrepreneurial goals. Join me to discover how to brainstorm, validate, and act on product ideas, all while reshaping your approach to work-life balance.

Don't miss this episode if you're ready to embrace innovation and reshape your entrepreneurial narrative!

Chapters:
0:03; Finding Profitable Product Ideas
0:46: The Freedom of Entrepreneurship
2:08: Generating Product Ideas
3:30: Listening to Online Conversations
5:40: Studying What Sells
6:37: Testing Your Product Idea
12:53: Validating Your Idea
18:16: Action Steps to Take
20:33: Resources for Your Journey
24:22: Engaging with Your Audience

Grab our FREE course, Small Business 101: https://www.gillianperkins.com/small-business-101-free-opt-in

More FREE Resources to Grow Your Online Business:

• The $100K Method Podcast Series: https://www.gillianperkins.com/the-100k-method
• Write a Profit Plan for Your Business : http://gillianperkins.com/free-profit-plan 

Want to quit your job in the next 6-18 months with passive income from selling digital products online? Check out Startup Society.

Have you already started your business, but it isn’t generating consistent income? Schedule a free, 30-minute strategy session with our team to get unstuck!

Work with Gillian Perkins:

• Apply for $100K Mastermind: https://gillianperkins.com/100k-mastermind 
• Get your online biz started with Startup Society: https://startupsociety.com 
• Learn more about Gillian: https://gillianperkins.com 
• Instagram: @GillianZPerkins