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  • The 6 Step Process For Finding Million Dollar Business Ideas

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    Saransh Raghuwanshi
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    The 6-step process for finding million-dollar business ideas involves: 1) Identifying an unmet consumer need or problem, like needing flowers for Valentine's Day. 2) Researching the demand around that problem by looking at traffic to existing solutions. 3) Understanding the strengths of current market leaders in that space. 4) Identifying opportunities around shortcomings or limitations of those leaders. 5) Evaluating different business models that could solve the problem. 6) Determining what specific problem remains unsolved, like the opportunity for succulent subscriptions given 1-800-Flowers' focus on seasonal gifts.

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    The-6-Step-Process-for-Finding-Million-Dollar-Business-Ideas

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    The 6-step process for finding million-dollar business ideas involves: 1) Identifying an unmet consumer need or problem, like needing flowers for Valentine's Day. 2) Researching the demand around that problem by looking at traffic to existing solutions. 3) Understanding the strengths of current market leaders in that space. 4) Identifying opportunities around shortcomings or limitations of those leaders. 5) Evaluating different business models that could solve the problem. 6) Determining what specific problem remains unsolved, like the opportunity for succulent subscriptions given 1-800-Flowers' focus on seasonal gifts.

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    11 views1 page

    The 6 Step Process For Finding Million Dollar Business Ideas

    Uploaded by

    Saransh Raghuwanshi
    The 6-step process for finding million-dollar business ideas involves: 1) Identifying an unmet consumer need or problem, like needing flowers for Valentine's Day. 2) Researching the demand around that problem by looking at traffic to existing solutions. 3) Understanding the strengths of current market leaders in that space. 4) Identifying opportunities around shortcomings or limitations of those leaders. 5) Evaluating different business models that could solve the problem. 6) Determining what specific problem remains unsolved, like the opportunity for succulent subscriptions given 1-800-Flowers' focus on seasonal gifts.

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    © All Rights Reserved
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    of 1

    The 6-Step Process for Finding

    Million-Dollar Business Ideas


    From Sam Parr, Founder of Hampton

    STEP 1

    Find the hook.


    Start with a problem people have. Example — I needed flowers on “Finding a million dollar business idea is
    Valentine’s Day, which led me down a 1-800-Flowers ($FLWS) rabbit-hole. like coming up with a hit like Sweet Child
    O’ Mine. Slash discovered the guitar riff
    STEP 2
    first, then the band built the song around
    Explore the demand. it. Find that really cool one-liner that
    With Similarweb, I found that 1-800-Flowers.com gets 5M+ visits per people want and turn it into a business.”
    month — great regular traffic — but has higher spikes during holidays like
    Valentine’s Day and Mother’s Day.
    SAM PARR
    STEP 3

    Understand the leader’s strengths.


    The Ideation Bootcamp

    1-800-Flowers owns 25%+ of the market share for gourmet food and
    floral gifts. They’ve acquired several brands to expand product variety, but
    holidays are their bread and butter.

    STEP 4

    Identify their shortcomings.


    1 in 10
    Solopreneurs in the U.S.
    According to their annual report, succulents are becoming more popular. earn over $1M.
    1-800-Flowers will never go all-in on succulents, though, U.S. Census Bureau

    given the scale of its holiday business.

    STEP 5

    Evaluate business models.


    Seasonal gifting is a crowded space with big players. But, a subscription

    Want more
    model offers a new way to shop for flowers.

    business tips
    STEP 6

    What problem isn’t being solved?


    Consumers want more variety for flower and gift delivery. like this?
    And incumbents like 1-800-Flowers are tied to the seasonal gifting model.
    Succulent subscriptions anyone? Join 2M+ subscribers
    getting smarter about business
    and tech in 5 minutes every day.

    That’s your million-dollar


    business opportunity right there.
    It’s no surprise that brands like Succulents Box and Subscribe to The Hustle
    Lula’s Garden have found success with subscriptions,
    hydroponics, and elevated designs.

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