Want to make money? Try this exercise.

I see a lot of people IRL and online looking for alternative ways to make or boost their income. A neat idea I had a few months ago was this little exercise.

Every single day for thirty days, think of a new business idea. Don’t look online for inspiration but look around you instead.

For example, I was chatting to a friend who works in the music and recording industry. One example of a business venture I thought of after talking to him was to teach people to use software to make music and also to teach people how to record their own music. With a vast array of home recording equipment available for a wide range of budgets, if you had the skill set and the right location this could definitely be a good money maker. I know my brother who plays guitar at a very proficient level has bought recording equipment he doesn’t really know how to use. On top of that he has no idea how to use software to work with music he has recorded. While he could definitely teach himself, it would be easier for someone to give him more professional advice.

Like most ideas I come up with doing this exercise, its not actually viable for me to do myself. I find though, that if only 10% of the ideas you generate are viable then generating these ideas is worthwhile. If you did this exercise for a whole year you’d come up with about 35 viable ideas.

The whole point of doing this is to teach yourself how to spot opportunities to make money in your day to day life. I think you could easily create a few income streams a year or maybe even something that allows you to quit your job. I’ve got two ideas that I’ve generated this way that I’ll be attempting to monetise come August. Both require minimal financial investment, so if I fuck up, it won’t be a massive financial loss to me.