How To Find a Business Idea

So let’s begin at the beginning! This article assumes that you want to start a business, but you don’t have the business idea… yet!

Perhaps you crave a flexible income, you just want a side hustle or maybe are ready to throw in the 9-5 altogether in pursuit of being your own boss. Whatever the end goal the question still remains, what kind of business could I establish to achieve my business dream?  

Generating business ideas

The truth is finding that idea involves, for most people anyway, a lot of soul searching. 

  • What skills and experience you have in your career so far? Utilising skills that you already have can mean you can start faster than if you change direction.
  • What you are good at or passionate about? So it turns out that in your spare time you are absolutely ace at something, something you think others will pay good money for. Excellent, perhaps this could be the right path for you. However, just a word of caution, be careful about turning passions into businesses, your hobby will become your work, which may suit you just fine. Just be sure that you don’t squash the joy out of something that on a smaller scale made you really happy.
  • Re-train and go in a completely different direction? Before you enrol on a course check out the competition in the field your considering, if you think there is space or that you can do it better then why not. 
  • Can you solve a problem? Look around your life, what problems arise? In all likelihood if something is causing you bother, then it is a safe bet that it could be for others too. So how do you solve that problem? Nearly all great services and products solve some kind of problem. You don’t even have to invent something, perhaps you can significantly improve something!

Now do a massive brain dump of anything and everything you think you could do, literally everything, don’t limit yourself with this, go wild and fill the whole page.

When you have a whole load of ideas out there do you see any trends, anything you gravitate too more than another? 

Honing in on the right business for you

Consider the following to start to narrow your list and hone in on ‘the thing’ that’ll most likely work best for you:

  • What hours do you want to work? Think about the hours you have available to commit to this new venture, just answering this question alone will narrow your options somewhat, and help you create a shortlist.
  • Where can you work from? If the pandemic has taught us nothing else it is that a business needs to be able to operate from a home dwelling or be a service that can be delivered outdoors. Make sure the delivery of your idea is ‘flexible’.
  • Who do you want to work with? Your audience, your team – people matter. Think about the ideal scenario for you.
  • Product or service? Are you creating a physical product to sell or would you rather a service. Take stock of your skills, qualifications and life experiences. Ask yourself what could you do really well.

Remember whatever you choose the basic business fundamentals of setting up and running a business are the same. If you need a website then we can help, check out our affordable packages here. Read this blog post next to get free a checklist of all the things you need to consider and provide for when you are setting up.

Useful links

Get the ideas going, check out these links, seeing what someone else has done can often spark an idea of your own. Watch aspiring entrepreneurs pitch their ideas here:

In the UK – BBC Dragons Den

In the USA – ABC Shark Tank

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