You're sitting on a million-dollar business idea and don't even know

The older I get, the more and more I wonder what Scrooge McDuck did for a living.

I don’t remember him going to the “office” not one time. 🤔

Clearly, Scrooge knew what he was doing, so if I needed a business idea, I’d copy his strategy.

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But if you don’t have a rich cartoon uncle to copy and are searching for a new business idea, you’re in the right place.

In today’s article, I’ll share with you:

• How to find amazing business ideas
• How to validate them
• How to get started

You are in for a treat today, so get comfortable! I’m about to share the good stuff I never share publicly, so one day, you can dive headfirst into your pile of gold like Uncle Scrooge. 🤗

Quick intro

If you’re new to my work, my name is Lester, but feel free to call me Les 👋

I’m a founder with a successful exit, currently serving as the executive chairman of a group of e-commerce brands. But I’m an award-winning performance marketer at my core, and spotting trends is my thing.

To stay ahead in the competitive e-commerce space, my team and I built internal tools and processes to spot trends faster than anyone else. We operate more like a data company than a traditional e-commerce brand. 🤓

So, finding ideas is literally my job. LOL

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If you’re into data-driven business and marketing strategies, check out my free newsletter, No Fluff Just Facts. I share what’s working in the world of business, along with marketing insights and trends I’m seeing.

But that’s enough about me. I have to tell you my secrets for finding winning ideas. 😊

How to find the best business ideas

Before I jump into the details, let me discuss the mindset required when looking for business ideas.

To sum it up in a few words:

• You need to be inquisitive, the kind of person who gets excited about discovering new things, a modern-day Sherlock Holmes, if you will.
• You also need to have an imagination. Imagination helps you connect ideas others miss, giving you a huge advantage.
• And, of course, patience.

Finding great business ideas is one of those things where you need to enjoy the journey. 🥰

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Now that we’ve got that out of the way, here’s exactly how you do it:

My secret to finding great ideas

First, decide exactly who you want to serve. It could be doctors, lawyers, moms, any group you like. After that, join their online communities on Facebook, Reddit, or TikTok and find out what challenges they face. 🧐

Once you’ve found the group, you only need to listen and observe. I guarantee they’ll be mad about something and tell you the solution they wish existed.

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Reddit is my favorite place for finding ideas because it provides authentic, unfiltered data that is not impacted by algorithms.

Now, here’s where the patience kicks in. Your new business idea won’t just sit on the homepage waiting for you. You may have to spend some time looking. That’s why choosing who you want to serve is so important. 📌

Of course, you could use AI deep-search tools, but there’s something valuable about hanging out in these communities yourself. I’m not anti-AI, but context matters a lot. Experiencing the “pain” firsthand gives you insight that AI can’t replicate. I don’t want AI to interpret that context for me.

Outside of manual research, here’s a fantastic tool that can help: gummysearch.com. 

It has a free plan that lets you quickly find relevant communities. Gummy helps you uncover hot discussions, people asking for advice or resources, pain points, frustrations, and, most importantly, top content (more on that later).

Don’t think “business idea,” think “who can I help?” and the idea will follow, feel me? 😤

How to validate business ideas

This is when the rubber meets the road. The moment you decide if your idea is worth your blood, sweat, and tears.

So, how do you validate a good idea? It depends. 😩

At this stage, you need to decide what you want.

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Do you want a billion-dollar lifestyle? Private jet, yacht, mansion, all that fun stuff? Or do you want something that’ll help pay rent or buy groceries?

There’s no wrong answer; you can do whatever you want, but knowing beforehand is important.

This matters because part of the validation process is figuring out your TAM (Total Addressable Market).

Your TAM is basically how many people might buy your solution. There’s a lot to unpack here, but let me give you a quick crash course.

Please don’t make the rookie mistake of thinking, “All I need is X percent to make Y dollars.” This is called the top-down approach, and it’s not the best way to see where you stand.

That’s not how it works. Instead, you need to calculate your TAM bottom-up. 🤑

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First, start with the cost of the product or service. Then you need to realistically figure out how many of your Ideal Customers will make a purchase, multiply those numbers together, and that’s your TAM.

Example:

• You sell a product for $20 per month.
• You realistically think 1,000 people will buy it.
• Your TAM is $20,000 per month.

Understanding this is critical to figuring out if your idea can realistically meet your goals. 🤓

Now that we’ve got that out of the way, here are a few tips to validate your ideas.

• First, you need to solve a real problem. A good way to think about this is being a painkiller, not a vitamin.
• Talk directly to your prospects. You want to hear their pain firsthand because that’s how you’ll know if they’ll spend money.
• Make sure the problem you’re solving has real urgency.

For example, now isn’t the time to launch a Blackberry accessory business. That ship has sailed. You want momentum pushing you forward, not something you have to force uphill. Trust me on this. 😇

• Ask yourself if you have the skills to pull it off. Early in a project, I like to know that I can handle just about anything the business needs. This way, I clearly understand what I’m getting myself into.
• Look at whether your idea can generate recurring revenue. Getting customers is hard enough already, so you don’t want them to buy once and disappear.
• Test quickly. Don’t waste months or years on something nobody wants. Launch something simple to test demand within days or weeks.

Finally, ask yourself, do you actually want this? I’m not a fan of doing things just for money. I’m a fan of doing what you love for money. Write that down. It matters. 🤓☝️

Simply put, living life on your terms should always be the goal.

Your next steps

I mentioned it’s critical to use a tool like Gummysearch to see exactly what content your prospects engage with.

Start by going to Gummysearch and typing keywords related to your business idea. Look closely at popular discussions, trending posts, or common complaints. This helps you quickly identify topics your audience genuinely cares about.

Next, see if solutions already exist. Search for competitors or similar products on Google, Reddit, or social media. Please pay attention to what they’re doing right and wrong. Don’t worry if solutions already exist. Competition is a good sign because it means people spend money to solve your target problem. 💪

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From there, think like a media company first. Create content around the problem you are solving. Share helpful tips, insights, or simple solutions in places where your audience hangs out online. This builds trust, reduces customer acquisition costs, and ensures people stick around longer.

Finally, just start. Launch a simple version of your solution quickly. Avoid being reckless, but don’t get stuck overthinking, either.

Remember to test early and often, and don’t take it personally if things don’t immediately work out. Just adjust your approach and keep moving forward. 👊

My two cents

Finding good ideas is an art, but you can get the hang of it with some practice.

Just remember to stay curious, use your imagination, and be patient. I could have given you a generic list of ideas, but that does not serve you. This is one of those times where I need to teach you how to fish rather than give you the fish.

The main thing to remember is to get clear on your goal first and let that guide everything else. 🎯

Always focus on solving a real problem. The deeper you dig into the problem and the people facing it, the more ideas will start coming to you.

By the way, 📩 Want more data-driven marketing insights and actionable business ideas like this? Sign up for my free newsletter, No Fluff Just Facts.

😇 Hope this helps. I’m rooting for you.