Finding Boring Business Ideas: Selling Shovels During a Gold Rush
Introduction
So, you're interested in finding a boring business idea? If our approach to boring businesses has caught your attention, your next step on the journey of building a boring business is to look for opportunities that might seem, well, a bit mundane.
In this article, we'll take a closer look at a mindset that can help you uncover those seemingly boring business opportunities.
The California Gold Rush
Let's revisit the legendary California Gold Rush.
In the mid-1800s, news spread that gold had been discovered. This event triggered what is known as the Californian Gold Rush. About 300,000 people traveled to California with hopes of finding gold and becoming wealthy. However, only a small number of them succeeded, and Samuel Brannan was one of the lucky ones. He achieved the remarkable feat of becoming the first person to earn a million dollars from the Gold Rush. Surprisingly, he didn't make this fortune by mining gold himself. Instead, he sold tools like picks, shovels, and pans to the miners, profiting from their gold-seeking efforts.
Boring Business: A Shovel in the Modern World
In the world we live in today, think of "shovels" as similar to boring businesses that meet ongoing needs.
Let me explain with some examples.
When YouTube started getting popular, everyone wanted to become a famous YouTuber. Lots of young people tried their luck on YouTube (like the Gold Rush), and companies that offered helpful tools (those "shovels") like video editing software or services became successful.
In the time of the AI technology boom, when developers everywhere dreamed of making AI solutions (another kind of gold rush), businesses that helped distribute AI products, like AI directories (those "shovels" again), found success.
Boring businesses might seem not so exciting during a gold rush because you're not chasing the shiny gold directly. But these businesses actually provide real value to the people looking for gold. In the end, they'll guide you to your own "gold."
Finding Your Boring Business Idea
Pay Attention to What's Trendy
Fads and popular ideas come and go. This happens a lot, especially in today's rapidly advancing tech world.
Interestingly, if you want to create a boring business, you actually pay attention to what's trendy. Then, you think about what you could offer during this trend.
Look at Your Skills and Interests
Do your skills and what you're interested in matter when you're trying to find a boring business idea? We think they do.
If you don't know about something, it's tough to see where the trend is going. Notice the trends that are connected to your interests. You'll discover lots of cool things, and you can use the "Selling Shovels During a Gold Rush" idea to find a boring business idea.
Is there a new product coming out in your interest area? Maybe you could create a review site that helps people decide what to buy, and you could earn money through an affiliate program.
There are so many possibilities to explore!
What About the Moat
People often worry about how hard it is to start a business. It's true that many boring businesses might seem easy to begin.
For instance, making an AI directory isn't as complicated as launching a rocket.However, the process goes beyond just getting things set up. It also involves making sure a product can be added to your directory and making efforts to get your AI directory out there to people.Just like any other stuff you sell, how well you serve your customers and how you get your directory to them is really important.
Boring businesses face competition, just like any other business. You keep your business safe by offering the best service and using the best ways to reach your customers.
Conclusion
While the California Gold Rush occurred in the mid-1800s, modern-day gold rushes happen every year, especially in the tech world. Embrace the "Selling Shovels During a Gold Rush" mindset to discover your next boring business idea.
