2. A comprehensive online glossary for studying abroad.
Over 300,000 students study abroad each year. Yet, there is no singular place for them to share their experiences, what they did, and where they went. Future abroad students would be willing to pay a hefty sum to have insight into travel and food tips. Google search is a lot less helpful than you would think at helping plan and set up trips outside of the US. This could be a huge market.
Meetup.com and different groups get together to play pickup sports. At this point in time, though, there is no app to instantaneously play pickup in public based on your location. Think about the countless people who want to play soccer or basketball at any given time but do not have anyone to play with.
Connecting and playing with others in the area would be a great leverage of the technology that exists today. It would also help keep people fit and illuminate large data around fitness and sports preferences.
Million-dollar business idea #2: Spanx
At 27 years old, Sara Blakely was annoyed with the old-fashioned pantyhose she wore every day to work. They were uncomfortable on her feet, but she liked the control-top. So, one day, she cut off the bottom of the pantyhose and wore them underneath her pants for a slimming effect. That’s when she realized she’d created a garment that hadn’t existed yet. And there might be more women who wanted it in their wardrobe.
Two years later, Blakely launched Spanx. She did it with $5,000 in savings, a self-made patent for $150, and no formal knowledge about fashion, design, or retail. But through her own research and networking, she was able to land a deal with Neiman Marcus, get featured on Oprah, and host regular segments on QVC.
The takeaway: Put a new spin on an old solution
When Blakely set out to manufacture her prototype, she realized that the entire undergarments industry actually needed to be refreshed. It was largely run by men, and new products were tested on mannequins instead of real people.
If you can’t answer these questions right away, start by researching an industry or field you’re passionate about (or even annoyed by!). Like Blakely, you might find an opening where your voice is needed (and where multi-million dollar business opportunities lay hidden).
Million-dollar business idea #3: Museum Hack
After falling in love with The Met in New York City, Nick Gray started offering free tours to his friends, showing them his favorite pieces and telling cool stories about the museum and artworks. Gray’s tours eventually spread by word-of-mouth, and he started hosting weekend events and even birthday parties at the museum.
Finally, Gray wrote a blog post about his tours, and he immediately saw the demand flood in — thousands of people emailing him and wanting to join his events. That’s when he launched Museum Hack, the antidote to boring and stuffy museum tours. You know, the ones you associate with school field trips and monotone voices.
Museum Hack is now a 800.2 million business, running ongoing public tours at five museums in four major cities. They even host private scavenger hunts, corporate team building events, bachelorette parties, and consultations with museums that want to engage new audiences.
The takeaway: Aim for the golden goose
GrowthLab’s Demand Matrix
Instead, he went right for the Golden Goose, launching a variety of in-person tours for high-paying corporate groups and parties. And he even offers coaching services to museums that want to develop their audiences.
Consider the matrix when narrowing down your unique ideas. Having a great concept is the first step. But you’ll also want to make sure you can turn it into a profitable business going forward.