[0:00]What is up and welcome to this video all about finding your product idea and actually starting a business that's going to get you to where you want to get to. Before we get into the video, what I want to say is that this is going to be a three-part series. I have taken ages. I wanted to do this for literally so long, like I cannot physically describe how long I wanted to do this for. But I wanted to make sure that when I was doing this, it would be so comprehensive and essentially planned like I would plan an essay. I wanted it to cover absolutely everything you need to know about these three different topics, which I believe are three of the most useful topics when it comes to starting a business. This is what I've done over the past eight years, this is all of the consolidated information, and is just a taste for something that is to come. In terms of these three videos, they will be released at the same time tomorrow and the next day. So you will be seeing these on three different topics. I'm going to take you through the topics over the next three days. I remember doing the productivity video I did and it took a huge amount of time to prepare for, but it's just very much something that I still stand by and I love the fact that it's just on my channel and I can refer to it whenever I want to refer to it. So I wanted to create the equivalent for three deep dive areas of building a business. So what are the videos over the next three days? The first one, this one is all around product ideation. So how to come up with an idea, how to use things like AI to help you do that, and then how to choose whether that is actually the right idea, that is actually scalable, and is actually going to be able to be built into a business. Then tomorrow's video is going to be all about actually getting started. So things like using an MVP approach, what is an MVP approach, how do you use it, how do you put it into action, how do you get your product actually launched, things like finding a supplier, finding the right supplier, and then also actually creating the product itself. What that process looks like with the suppliers, what you need to look out for, etc, etc. And then the last one, probably my personal favorite, but was actually enough to be in like an entire book. So I whittled it down to essentially 10 steps to sell out your next product launch. This is going to cover everything from actually bringing your product to market to how to market it properly, how to educate your customer on it, social media, influencer marketing, all of these different things. I wanted to make it as comprehensive as possible, but there will be something further that will tick the box of if you want more information on that. So on that point in the third video of this three-part series, there is going to be something very exciting that was the whole reason for me creating this YouTube series originally. And that has taken me, well, since I launched TPM, so about two years now. It is without a doubt the biggest project I have ever taken on and is absolutely what I would have wanted at the beginning of my business journey. So as part of that two things, I'm going to be giving that away free to a few people who comment their favorite part about each video. So the thing that they learned the most about or the thing that they were surprised about or the thing that they found most intriguing, whatever it might be. And then secondly, we've also created an entrepreneurs specific mailing list. So if this is your type of thing, if you want to be getting tips and tricks and information and industry news and the things that you should know, the link to that mailing list is in the description box and I will also pin it in the top comment. So if this is your type of thing, make sure to sign up to that because I'm very aware that this isn't everyone's type of thing, and I think for a few years that kind of stopped me doing a lot of the information that I wanted to be sharing online. So do sign up to that if this is your type of thing and you will get as much entrepreneurial based stuff as you could possibly want. So because I've now rambled on for ages, let's get into this video which is all about how to choose the right idea for a six-figure business including using things like AI to help you to get there. So it is no secret to anyone ever that I really, really love a good business idea. I cannot leave a gap in the market unfilled, but one of the biggest questions I do get time and time and time again, understandably, is how do you come up with good business ideas? How do you find a gap in the market in the first place? And how do you work out if there is a market in the gap? As cliche as it might sound, I genuinely do believe that we are in a world that is absolutely bursting at the seams with opportunities. I think we see that by the amount of businesses that pop up where we're like, huh, that's something that's traditionally been done for ages, like why didn't I think of a better version of that? But at the same time, I do completely get that finding the perfect business concept can feel really confusing and is very daunting as well. So it is very hard to know how big your idea should be, when you should tweak it and how ambitious you should overall be as well, especially when it comes to things like how do you even start the business without funding, etc, etc. So I thought it would be useful to talk about exactly how to do it. These are going to be my top six steps for how to navigate forming and validating, which is an incredibly important part of this, a business idea. So step one, you want to identify the problem that you want to solve. Now this may seem very obvious, but you absolutely have to take a problem-first approach. And I don't mean solving the biggest problem in the world. This problem might be something as small as price point, it might be something as small as color, but the most essential factor that will determine if your business is successful or not, is whether your product or offering is addressing a market need or solving a consumer problem. Whenever you are consuming something, you are solving for a perceived lack of something. So for example, a memory foam pillow solves the lack of comfort and support in traditional pillows, or a bottle rack for your fridge solves the lack of functional space for drinks. As I said, you don't need to be reinventing the wheel. But ultimately, whenever you buy something, whenever you consume something, you are solving for a lack of something. So when you're thinking about a business idea that you're creating, you want to be thinking about what problem can I solve for someone that they will likely be thinking that they lack at the moment? So obviously the next question then as I kind of mentioned, is how can you choose a solution to a problem that enough people are facing to make it viable as a business idea? To be able to find this problem, you've got to think about the pain points of your potential customers. So what are their struggles, their frustrations and their unmet needs within the industry that you're aiming for? What problems or challenges do people face in their daily lives? I would actually say that the best place to start here is thinking about what problems or challenges that you personally face in your daily life. I believe a big part of my own business success is the fact that I am the target customer for all of my businesses. Without fail. Now, this is not essential, but I do believe that this means that I constantly have my finger on the pulse of exactly what that customer wants. Within limits, yes, of course you need to be able to get extra data, but this does mean that I completely understand the gaps and frustrations, and so then can understand how I can best solve them again and again. It's not just with one product, it's with the businesses as they evolve as well. So to give an example of this, one of my early products for what is now Shreddy was fabric resistance bands, which at the time were B&D bands, one for the OG subscribers. I see you still watching to this day, which is incredible and crazy at the same time. Um, when I originally came up with the idea for them, I was at uni and I was trying to build muscle, and my friend, who was a competitive bodybuilder, recommended that I start using resistance bands in my training. As part of trying to get my hands on them, I realized that A, you could only really get these bands from physios or medical suppliers, or you had to order them from some niche US weightlifting sites where I had to pay like over $40. Then B, the material was generally pretty horrible otherwise and uncomfortable, they would pinch your skin, they would roll up and down, and then C, they would really break very easily or actually just completely lose their resistance over time, and D, they were only marketed to serious male bodybuilders or physios. Obviously, this isn't the world's most life-changing product, but these were pain points that I found through my personal genuine experience consuming a product. So, this meant that I was able to come up with a solution and market that solution to other people who were also like me and were also facing the same barriers. On this, when I did my very first launch, I'd ordered maybe 300 units. And in the first hour, there were 40,000 people on the website and we sold out within minutes. Obviously, this was very much an audience first approach, but I could assume as part of this that this audience who were doing a lot of the same things as me, were going to have some of the same issues as well. And I feel like this is quite a good example, product-wise of why you do not need to reinvent the wheel to find a good gap in the market. I did not invent this product. Like I just didn't invent it. I just found problems and unmet needs in an existing offering, solved the problems with my own solution and then sold it to what I expected were other people who were also facing this issue. By identifying these challenges before you start conceptualizing your product or offering, you give yourself a starting point to come up with innovative solutions that are going to genuinely resonate with your audience, rather than trying to retrospectively fit your product to an audience that might not actually need it and might not perceive that problem within their lives to be big enough to pay anything to resolve it. On the other side of things, even if you do already have an initial business idea in mind, looking at it from a problem-first approach can also help you to access whether it's actually a good business idea. So many ideas sound and look cool, like how many people have you heard say their business idea that it's like, yeah, that's really cool, yeah, that's really cool. But if they don't solve an immediate problem, they can therefore start struggle to sell and pull customers away from more established competitors or their existing routines within that area of the industry. A cool idea can only get you so far. A useful one is a very different story, especially in the world of social media where you can really talk about this problem-first approach. I will say that you also need to find a good enough idea that big businesses can't just bulldoze their way in and replicate for much cheaper, and then market to a much wider audience. Obviously, this is something that we generally all can't avoid. If you look at my businesses now, technically a huge business, yes, they could create something quite similar, which is exactly where we get into how you build brand, how you build great marketing, how you build a community with your customer, how you make sure you're talking about what you've done about this product that shows that you as a smaller business really care about these different things. But you do want to make sure that it's not really a one-trick wonder and we'll come on to how you actually do that. Now, if you already do have a business idea that you really want to pursue, I would recommend that you flip your business idea on its head and look at what problems that you are trying to solve. Then I would recommend asking yourself whether your idea genuinely provides an innovative and competitive solution. Does it solve the challenges and frustrations you identified? As I said, the challenges do not need to be world-changing, they could be price point, they could be design, they could be style, they can be even if you're an amazing creative, like a brand that they feel like is a cooler version of something or something that they can be more aligned to. This problem doesn't need to be life-changing, as I've said, but you do want it to be solving a problem because that is the only reason why someone would part with their own money to consume something. So if you feel like it's not problem-solving in any way, how can you iterate and adapt it so that it does solve a problem? As I said, that might be price point, that might be design, that might be marketing. Once you've done this, I would recommend that you challenge yourself a little bit further. What other ideas can you come up with that solve the problem in the existing industry of where your existing product is? What I will say is that even if you are like steadfast on an idea that you want to create and start a business for, I would recommend thinking about that target customer and thinking about a few other issues they're having in a very similar, very adjacent part of their life. And see if there are any other business ideas that you can come up with within that space. What this will allow you to do is to work out how strong your first idea is, but also maybe even to work out what product iterations moving forward would be for your business. Like are there areas that you can expand into beyond this one specific product that you're launching with? I've talked about this problem-solving not needing to be reinventing the wheel, but I just want to go a little bit deeper into this to give you some examples of what problem-solving might be on a smaller sense. So, for example, is the price too high for certain customers? Is there an existing product that's solving something within the space that you can simplify and make cheaper? A great example of this is Suri toothbrushes, which have been everywhere at the moment. Their digital marketing is absolutely fantastic. If you look at the toothbrush industry, you can genuinely spend 500 pounds on a toothbrush. Like you can spend that no problem. Then there's often this huge gap between these like dentist recommended, super expensive toothbrushes and like one that you just get from a pharmacy. Now what they've noticed here, at least what I've gleaned from their marketing, is that people want the solutions of these super expensive toothbrushes. They don't want to feel like they're using like a bog standard toothbrush if they should be using an electric one, but they don't want like 20 settings on it. They don't need it to look like the fanciest thing ever and so they've actually removed the bells and whistles to provide a great solution at a competitive price point that's not miles above that of a regular toothbrush. Another example could be, are there no aesthetic, like beautiful-looking versions of this product? You could make a cute aesthetic version that you can make viral-worthy content with. A great example here is Astrid razors. They have solved other problems with their razors, but for example, like their razors are gorgeous and beautiful and the types of things that you might want to have in your bathroom. This is a tiny problem to be solved and they do solve other problems with those razors as well. But you know it makes a huge difference in the social media world if something looks nice and someone's like, do you know what? I will spend X amount more just to have something that I don't want to hide in my bathroom. Another question you could ask is whether there are no high-quality or longer-lasting or reusable versions. You can create a luxury version of something and find a supplier who will use higher quality materials. Another really great one to look at is whether sustainability has caught up within the industry yet. If something is in an industry where they just don't talk about sustainability yet, like it's all single use or it's all terrible materials, created in terrible factories or whatever it might be, you could look to make a more environmentally conscious version. Knowing people already want this product and knowing people care about those types of things with better materials, better suppliers, better freight, better dyeing, all of these different things. I also do really want to stress at this point that you do not need to pigeonhole yourself into one idea straight away. In fact, as I kind of mentioned, I strongly encourage that you don't. I would recommend if you're intentionally starting a business that you have a number of ideas that you can then further research and refine as you get deeper into the ideation and development process. This will give you a lot more choice and a lot more kind of strength in batting ideas off each other in order to be able to work out what your big business idea is if that's the type of business you want to build. Alternatively, if you want to build a business that you're going to be able to get a really great margin, there's not going to be a lot of replication of products, you're going to come out with a few new colors every year, but really you just want it to be a cyclical, profitable lifestyle business, then you can have more ideas to battle against each other for when you might get a prototype and realize that it's actually really expensive and people won't pay the price that you really need to get the margins to have a profitable business. So there might be a business idea that's better, but a different business idea that could be more profitable and easier to replicate year-round, so that you don't need to constantly be releasing more products. It all depends on the type of goal you have for your business. I'm going to generally assume in this video that you want the biggest business possible. So going into step two, I want to talk about using AI to fuel or build upon your ideation process. I feel like this is something that is not spoken about a lot, and I feel like at the very beginning of the business journey, AI is one of the best things you can use, even just to have space to bounce your ideas. Now if you haven't heard enough about AI, I'll give a little rundown introduction for anyone who just might not know. This is a very, very powerful tool that we have at our disposal. It is there to use. I would recommend you use it. It is a great tool that you can use to refine, to get more out of your time, to do certain things that you couldn't necessarily hire for at the moment much, much quicker. And I would say that platforms like ChatGPT are perfect for actually helping you test out your ideas as well, and this is something that I have not heard talked about enough. So here, you can actually share your identified problems and customer frustrations with ChatGPT, and literally ask it for advice and feedback on how best to solve them. So you can even request a brainstorming session by asking it to offer you a range of product ideas based on your specific problem or need, and you could use it to tell you about emerging trends and how your business could adapt and thrive in any market advancements and changing consumer preferences. With that being said, to get the most out of an AI tool, you need to use it properly. My top tips for prompt writing are, number one, be as clear and specific as you can. Number two, provide ample context and any relevant background information. What you can even do for this is you can say, hey, ask me 20 questions on my business so that you can solve the next questions I ask you more specifically. I would really try and use open-ended questions, especially when you're using it for product ideation or ideation in general. You can also ask for multiple perspectives and examples, when it comes back on something that you want it to elaborate on, and you can very much prompt for creativity and innovation. So often I'll go back and I'll be like, make it more creative, um, which is very much something you can do. I want to give an example here, so a good way to do this would be to use a prompt such as how might I create a business that promotes holistic wellness to busy city-based professionals who lack time for focusing on their wellness and work in high-stress, fast-paced environments? Provide me with a range of unique and innovative problems and solutions that overcome the barrier that this customer faces. Consider emerging trends in wellness that I can tap into and opportunities that promote a sense of community and support. You can then actually prompt it to go deeper from the initial ideas to help you develop and build out. For example, can you build on your suggestion of a wellness subscription box? What types of consumable wellness products might this target customer want to receive as a regular subscription? How can I differentiate this wellness product from existing offerings in the market? What unique features or benefits can I incorporate into my product to address the needs of busy professionals better? Are there any innovative materials, technologies or design concepts I can leverage to enhance the effectiveness and appeal of this product? Small disclaimer here, it is important to note that ChatGPT isn't always 100% accurate and can very much make mistakes, so I would recommend that you check any information and don't take it as gospel, but it is a very good place to help you get started. So, let's get on to step three, which is testing your idea using the innovation sweet spot map. This is where we're getting into very kind of, I feel like I'm giving a lecture type area, but it's important. I wouldn't say it if I wasn't important. I had to strip a lot out of this video, so it wouldn't be here if I didn't feel like you should do it. When you have some potential business ideas to start narrowing them down, you want to start pulling them apart and testing them to see which ones are actually viable ideas. This will stop you hurtling into something, investing a lot of time, investing your savings into something, and then realizing that yes, it's a great idea for 100 people, but no one more than that, if you want to build a bigger business than that. There is a really useful and simple framework that you can use to do this when you're trying to initially figure out if you have any genuine new business opportunities. This framework is called the Innovation Sweet Spot Map and it looks like this. So first of all, desirability. Here, you want to ask yourself, is your business idea actually desirable? Do people really want this product? Is there a real human need for your idea? Does it genuinely solve a problem for your potential customers or at least enough for them to part with whatever you think the price point is going to be? Next is integrity. Here's where you ask yourself whether the idea has integrity. Would your idea have a genuine positive impact on your potential customers? Obviously, is it moral and ethical? Does it use legitimate ideas or research? You might be able to get a quick buck if it doesn't do these things. However, chances are you're going to have a lot of trouble building this into a big business, and that's before we even get to the moral issues of it. The next one is viability, so is your idea actually viable? Is there actually a market for your idea? Would people be willing to pay more than what's currently out there for the product, or if it's not a product that's created at all, would they be willing to pay at all for this product? And beyond those initial people, is it something that can be scaled? And then the last part of this is feasibility, which is actually slightly different from the previous one, so is it actually feasible? Would you actually be able to deliver on your concept? Is it possible both technologically and operationally? A good example of this going wrong, very high profile is Elizabeth Holmes' Theranos blood testing machine that earned millions, but it never actually worked, and it turns out that it wasn't physically possible at the time. That actually ended up with her going to prison. So this part can be important. Likelihood is, not going to end up with that, just going to end up with a failed business. Ideally, and I would say you really want to strive for this, your ideas should all fit in the sweet spot between all of these four categories, ticking each of the boxes. Any ideas that do fit into this sweet spot can then form your short list of business ideas, and any that don't, I would recommend that you disregard if you are trying to build a maintainable, growable business. As I said, you can always build a flash in the pan business, if that is what you want, and very much people have hopped on things, have been able to do that and moved on afterwards. But we are specifically talking here about building a business that is growable and scalable, and can be a viable business for a significant amount of time. As part of this, I'd actually recommend using a rating framework to establish whether it does fit in this sweet spot. So for example, for each of your ideas, go through all of these key questions and you can write your idea from 1 to 10. You can then get a really clear visual picture of where your ideas stand. This assessment ensures that your chosen idea not only meets market needs, but also will stand the test of time. This is not just an annoying exercise that your professor has asked you to do. This is important because you will either learn this now, or you will learn this once you have invested a lot of time and money into it. So coming on to step four, this is about researching and understanding your market, which is a very important part of this. As an entrepreneur, industry knowledge, it really is power, having a deep and comprehensive understanding of the market you're going to be breaking into is indispensable. You have got to equip yourself with insights to gauge market demand, potential customers, and competitor strategies. Not only will this help you get to grips with the market's intricacies, but it will also help you uncover hidden opportunities and untapped niches that competitors might be overlooking. It's worth saying in here that you can probably already tell why being a target customer makes a big difference here. For example, with Tala, Shreddy and the productivity method, having been the target customer, I don't need to be someone who's worked in that industry for 10 years to know about it and know what's going on there because I am someone who has always followed those types of brands or always bought those types of products, and therefore I have a baseline of industry knowledge based on the fact that I am the target customer already. As I said, this isn't absolutely essential, but you can imagine if you're thinking now about industries you really know about, and it might just be things that you consume more than others. If you're starting from scratch at something completely new, you already know less than your target customer about it, which can put you behind a bit, or at least means there's going to be a bit of a gap to catch up. The questions I would recommend you start with your research are, is there already a market for my product, and is that market growing? Now to be super, super boring, government department websites and the Office for National Statistics have a wealth of information on the UK economy, population and various industries. You'll have an equivalent wherever you're watching this video from, and you can also look for associations related to the industry that you're interested in, whether you can access market data, surveys, forecasts. You don't need to get like enough data to write a full on McKinsey report on something, but you do need to be able to ascertain like, is this a market that's kind of dying or is this something where people are consuming more and more in? And as a side note to this, do not be put off if you see competitors in your space. This is actually a great way of validating concepts and finding proof of the market in real time. To give an example here, if I was worried about the fact that there are competitors within the active wear space, I'd be in a bit of a sticky situation. However, I'd be in a much stickier situation if there were zero active wear brands ever because what you can probably assume is that there's not enough of a market there. Then aside from looking at the industry as a whole, I would really look at who is already doing well within this space. So this can be product adjacent, this could be industry adjacent, wherever you think there are comparable products or brands to what you are hoping to create. Again, here, very boring, but UK banks and financial institutions often publish economic reports and industry analysis. You can also look at platforms like Seeders or Crowd Cube to see what types of startups are receiving funding and gaining traction. Then also the Financial Times and The Economist often provide in-depth analysis and reports on economic trends, industries and business strategies and are really accessible. And also, if you're a student or signed up to a library, you can also access these for free, which is a great benefit. Then the third thing I want you to really ask is, is there a demand for my product? And this sounds like we've touched on this before, but we're going to go into this further. I would really, really recommend that you use online tools such as Google Trends, TikTok Trends, and Google Keyword Planner to assess how many people are searching for things related to your idea. And therefore, how much demand there is for your product or adjacent product. Because these people are likely to be your target market. As part of this, you're really looking at whether those much money to be made in the space. As I said, you should be researching whether it's a growing industry, if there are existing competitors, if existing competitors are getting investment or being acquired. Because whether you want to get investment or be acquired yourself, uh, you have to be at a really good stage of business to be investible or buyable. So they're likely to be more successful businesses. The caveat to this is that sometimes businesses are acquired when they're failing as well, but that's usually after they've had a first acquisition. So I just ignore that, look at the first acquisition. You want to look for industry reports, market analysis and research studies that provide insights into market size and growth projections. This will really help you as well if you do want to create a pitch deck at any one point to be able to go and pitch for investment. But when I say all of this, I feel terrified that someone's going to be like, oh my God, I don't want to do all that research. And I definitely want to don't want to go to all of those boring sites.
[26:16]But it is worth saying that, first of all, all the research you do before starting your business is going to mitigate risks later on in your business, but also that there are different ways to do research. You might not be the type of person who reads the Financial Times. I will say that I do not often read the Financial Times. However, when you are starting a business, there are things that you consume, spaces that you can be in that are included in doing research. TikTok is even doing research to a certain extent. I would just make sure you're checking a few of these things to make sure there is a market within this gap. Another really important thing here and something you've probably heard me talk about left, right and center every time I talk about starting up a business is conducting surveys and analyzing social media discussions.
[27:04]Also exploring forums to understand what potential customers are looking for. So I spent ages and ages in Facebook groups at the early stages of starting my brands.
[27:18]It is a great way to engage with potential customers, and the best part of it is that it's free. Also, when you see customers posting about a brand on their own social media, if you're going to be doing social listening that way, it's worth bearing in mind they're probably only going to post about it if they really like it. So when you're going to things like forums, when you're going to Reddit, when you're going to Facebook groups, the likelihood is you're going to get quite an accurate social listening because you're going to get people being like, has anyone found a sports bra that does this, or has anyone found an app that does this, whatever it might be.
[27:53]You're going to get a lot more natural kind of communication, which will be really useful to you, especially at this stage. Even being direct in these groups or smaller communities and asking questions you need the answers to is a really good idea. So, how much would you be willing to pay for insert product here? What is the one thing you've always looked for in blah blah but never found? If X was available today, would you buy it? And how much would you pay? These are really easy questions to ask and ultimately the answers will be incredibly helpful in helping you build your business. So coming on to step five, this is all about analyzing competitor offerings and pricing. Knowing your competition inside out is half the battle won when deciding on a business idea. You need to really understand who your competitors are and how you fit in or compare. So you want to scrutinize existing popular brands within your niche. You want to dissect their strengths, their weaknesses and their relationship with their customers. You want to study their pricing strategies, the intricacies of their product positioning, their social media comments and their market segmentation. This will tell you so much about what people are consuming, what people need better versions of, what people are absolutely loving, hating, and everything in between. For all of my brands, I've used a comparison matrix at some point in the brand journey and actually probably every time we launch a new product. If you've ever worked in marketing or product, you will know this matrix and all the better because it is very important here. So I ask the following questions when I'm really working this out. Who are your competitors? Who are they serving? What are they offering? What are their USPs? Why are people going to them over others? How is their offering priced? And then finally, you want to work out where you fit and how you compare. It's very helpful to put this analysis into a market map which looks a bit like this that I've put on screen now, so that you can really visualize where you fit within the market. It's worth saying as well that any investor when you're creating a pitch deck will want to know how you compare to XYZ competitor. And why someone wouldn't just go for them. If you have this knowledge, and only if you have this knowledge, you can carve out a unique space for your business, allowing you to identify the unique selling points that set your business apart from the competition, which is just why someone's going to shop you rather than the X amount of other brands out there that they could buy this thing from. These stand out USPs are essential for later on when you're refining your brand messaging and positioning, and they are ultimately how you will win customers within the market, how someone will decide to purchase your product over someone else's. There's also, as I've mentioned, essential for pitching your business for investment if that's something you ever end up wanting to pursue. So don't skip out on this stage just because it sounds like another annoying thing that your professor's asking you to do. Now, step six, the final step in this video, this is all about utilizing AI for market research. Again, I know that market research can feel really overwhelming and like you're doing an entire kind of consultancy job on your own, but particularly if it's a process that's new to you, so if you fit into this box, I really do urge you to utilize AI. You can really simply task ChatGPT with gathering data and information on market patterns and insights, consumer preferences, underserved demographics, and potential missed market opportunities. You can prompt it to help you uncover more hidden or newly emerging trends. You can request information about competitor offerings, performance, pricing strategies, who's doing well within the industry. You can even quiz ChatGPT on potential future trends and new technology that could support your business idea or present a new opportunity. As I said, you could use AI to help, especially if at the point that you haven't hired anyone else yet. Do you see by even the way I just described that, how much of that information it could take you days to get by doing it manually and I would suggest that you support it with manual research, but you can very much get as much of the baseline as possible on these competitors on the market from ChatGPT before you've even really needed to do more than typing in some prompts. So by this point, if you've followed those six steps, you should be in a place where you have at least one viable business idea. Obviously, I've just rattled through this today, but I would really recommend if you're trying to find a business idea to start a great business, that you take this step by step and you come back to this like you would a lecture and simply press play and pause when you need to fill in the different parts of this. It doesn't need to take you a huge amount of time. I think what a lot of people get is overwhelmed by the thought of doing all of this. Trust me, this does not need to take a huge amount of time. It's just something you need to do to validate. Once you're through all of that, and you've validated that this business that you want to create is a legitimate opportunity and you've equipped yourself with in-depth market knowledge, then, there you go, you are ready to start building out your business concept. I'm going to quickly summarize the points that we've gone over. I would recommend, as I said, that if you're about to start a business, and you want to make sure your idea is validated as a business idea, is scalable as a business idea, is in demand as a business idea, write these down and either action them on your own, or as I said, come back to this video and press play and pause if someone was like teaching you and talking you through this. And just like set aside some time to do that as if it was an assignment that someone had set you.
