How to generate a pretty darn good business idea in 20 minutes

Dear friend,

Last week I provided an example of how Megan, a 9-5 professional can leverage the WWW framework to generate a pretty darn good business idea in 20 minutes.

I talked about how she can use her existing skills to create a great product (the What)

If you've missed that one, shame on you!

Just kidding. But please give it a quick read (here) otherwise the stuff below won't make much sense.

Today I will show you how Megan can use the WWW framework to do two things:

• Define precisely her ideal customer (the Who),

• Detect the platform her ideal customer is on (the Where).

By the end of this issue, you'll be equipped with the very same WWW template to create your own unique business idea in less than a coffee break.

Ready?

GO.

WHO

An avatar is a fully detailed profile of your ideal customer. The more detailed the profile, the better.

The more specific you are the more unique your product will look like to your ideal customer.

Note! The best avatar you can think of is simply one of your current customers.

In the case of Megan let's assume she's starting from scratch.

There are 10 basic prompts she should consider when creating an avatar:

1. Name: Kim

Megan probably works with colleagues with a similar background.

They are the perfect example of an ideal customer for her coaching business.

If I were her, I'd take inspiration from one of them.

2. Age: 30

We said Megan wants to coach dissatisfied professionals who aim to work abroad exactly like she did.

Older people will have families and more stable lives and thus be unlikely to move abroad and change careers.

Too young folks might not have the right purchasing power.

Around 30 years would be Megan's best bet.

3. Nationality: Japan (Asia)

Megan should pick her own country of origin or similar countries. This way she'd have a linguistic and cultural advantage.

4. Languages spoken: Japanese, English

Megan's mother tongue would be an obvious choice.

But English is also essential.

This way she can filter out people who aren't a good fit for the coaching service (If they don't speak English they'll be unlikely to want to work abroad)

5. Education: Business / Economics

I would pick something Megan is very familiar with.

However, there is more to consider.

Most people never go too specific when choosing what to study.

The problem with broad qualifications is that they aren't very appealing to employers.

Those people would greatly benefit from Megan's insights on how to get their dream job abroad.

6. Occupation: Customer care agent

I would avoid unemployed people as they might not be able to afford Megan's services.

It's also important that the target has a role in which he or she can hardly develop their career.

This would be a great motivator for them to change drastically.

7. Current place of living: Japan

This would be an easy pick for Megan. Anyone who's living in their own country of birth.

8. Average income: 30.000 / year

The income should be enough to be able to afford Megan's services, but not so high to vanish interest in further development.

9. Pain points: Being stuck in the same job, Wanting to change career but not knowing how, Not earning enough, Feeling different to traditional customs.

As Megan had the same issues when she started, she should look into herself to discover the struggles and pains she went through at first.

Nobody knows better what it means to be in Megan's shoes than Megan herself.

10. Interests: Foreign languages, Travelling, Big corporate companies

Megan should lean towards people who have an interest in different cultures, different countries and are generally more open-minded and willing to take risks.

WHERE

At this stage we have the product and we have the avatar.

We are almost there but we can still mess everything up.

You can build the perfect product and tailor it to the perfect profile, but if you show it to the wrong people it will never succeed.

It's paramount that we pick the place where our avatar likes to hang out.

This may require little research, but as a rule of thumb, there is one major principle to consider.

If you want to advertise and sell anything online you haven't got a lot of choice.

You can either pick Google (or your country's equivalent) or any social media platform.

Here's how to make a decision:

Google

• The best for people who already know what they want to buy.

• Keep in mind that there can only be one n.1 in the list.

• So the best company will always win. Not ideal if you're just starting off.

Instagram

• Almost all millennials hang out here.

• There's no buyer intent (people don't scroll with the intention to buy).

• It's perfect when you have something you can show.

Facebook

• Ideal for 40+ people

• ADS still perform quite well on Facebook

• It's quite flexible when it comes to Ad content

• it can be relatively cheap to advertise on FB compared to other platforms

Tik Tok

• Mosty for Gen Z folks.

Linkedin

• Perfect for finding working professionals (Megan's target)

• Expensive but offers very detailed targeting options

Now…

I would almost always suggest advertising on FB to anyone.

It's relatively cheap and ADS still perform well there.

However, in the case of Megan, I believe the best option would be LinkedIn.

This way she could target working professionals who have the exact same characteristics as the avatar she’s generated earlier.

Great!

Let's TL;DR this...

We said that business ideas don't have to be groundbreaking.

You can generate pretty good business ideas relatively quickly with the WWW framework.

As for Megan, she has now detected her ideal product, ideal customer and ideal platform.

If she wanted, she could create a simple landing page and set up some LinkedIn ADS in one afternoon to test her idea.

How about you?

Are you ready to generate and test your next $1M idea today?

Alright.

Hope this was useful.

Feel free to reply to say that it wasn't.

I don't get offended easily. Unless we talk about pineapple on pizza.

I'll see you next week.

Yours truly,

N.

Sent while generating the next $1M idea.