Want to start a business, but don’t know where to start? In this guide we show you how to search for inspiration and find the perfect business idea.
It can be difficult to find the right business idea. Your idea might be taken, or maybe it’s not creative or unique enough. What do you do if you can’t come up with any ideas? Here we’ll give you some ideas that can help you through the process.
Once you come up with an idea that suits you, you need to start figuring out how you’re gonna make money. That’s the the very first step on your new journey, and it’s a very important one.
See also: 7 tips to succeed as an entrepreneur
10 ways to find a new business idea
Here are some strategies to spark new business ideas:
1. Explore emerging trends
Staying ahead of the curve by looking at emerging trends can be a good way to uncover innovative business ideas. By researching shifts in consumer behaviors or advancements in technology, you can come up with ideas for creative products or services.
A great example of this are eco-friendly businesses that were founded because of the increasing focus on sustainable living. These companies focus on providing environmentally-friendly products and services that fit the increasing consumer demand for sustainability.
Here are some things to keep a close eye on in order to discover new trends:
- Industry reports
- The market and market analyses
- Trend-setting publications
- Underserved niches
This can help you position yourself as a pioneer in a fast-growing field, and give you a competitive advantage.
See also: 10 business ideas to do from home
2. Combine different ideas
Another great way to discover new business ideas is to combine several ideas. A creative combination can stand out in the market, and cover multiple needs at the same time.
An example could be blending fitness technology with social networking by creating an app that allows people to track their workouts and share their progress with friends. Another example can be creating a platform that not only books flights and hotels, but also suggests tailored activities and dining options based on the user’s preferences.
By mixing different concepts, you can come up with creative solutions that appeal to a broad audience. This will not only help differentiate your business but also address multiple user needs.
3. Look for underserved markets
To find a new business idea, it might be useful to look at underserved markets. Underserved markets are segments of markets that have been overlooked by existing competitors. This means that you can tap into a group of customers who look for solutions to meet their specific needs.
Examples could be healthcare services for the elderly, or eco-friendly packaging options for small businesses.
To identify underserved markets, you can begin by conducting market research to uncover gap.
By focusing on these underserved markets, you can position your business as unique, offering value where competitors fall short. This approach not only fills a market gap, but can also lead to strong customer loyalty, as you address their unmet needs.
See also: 10 reasons why you need a business plan
4. Mind map ideas
Brainstorming is a useful technique to generate business ideas. A mind map is a visual representation that helps you explore and expand on a concept, by coming up with related ideas. You can start by writing down your main business concept in the center, and draw branches to subtopics, features or related industries.
For example, if your main business idea is «sustainable products», you might branch out into categories like «recycled material», «eco-friendly packaging» and «energy-efficient manufacturing». Each of these branches can then be further explored with more specific ideas or opportunities.
Mind mapping can help you to see connections between different concepts, spark creativity and uncover new possibilities that you wouldn’t have thought of otherwise. You can either do it alone or with a team.
5. Check out online forums and communities
Browsing online forums can be a great way to discover new business ideas. People often discuss their needs, challenges and interests on these platforms, providing a wealth of insight into potential market gaps and emerging trends. There you can get a better understanding of what people are looking for and identify new business opportunities.
You can find niche forums on the internet, some examples are Reddit and social media groups. These communities can offer valuable feedback and suggestions directly from potential customers. It’s easy to access this information, and you look for common complaints, frequently asked questions and popular posts to pinpoint themes or unmet needs. Engaging in these communities allows you to build relationships with potential customers as well, and you may get some testers or feedback on your products or services.
Via online forums and communities, you can stay up to date on your target audience and continuously refine your business concepts. This can, not only help you with generating ideas, but validating and fine-tuning your business plan before you launch your products or services.
6. Subscription services
Subscription services are becoming increasingly popula. They offer recurring value for both customers and businesses. By exploring this business model, you might come up with a few new ideas for the market. Subscription services can be applied to almost any industry, from digital content to physical products and specialty services.
Start by identifying a product or service that is regularly purchased. Some examples can be subscription boxes for niche hobbies, like monthly craft kits or gourmet food samples. You can also look into creating online courses, premium content and software-as-a-service platforms. By focusing on delivering value and customer satisfaction, you can build a loyal following. Subscription services also provide predictable and scalable revenue, which is great for a startup business.
See also: How to become your own boss
7. Idea journaling
When you’re trying to come up with ideas, it can be helpful to keep a journal for ideas. Having a dedicated place to jot down your thoughts and observations can be a useful resource. And you won’t forget an idea, no matter how small or big.
If you notice certain ideas coming up repeatedly, it could indicate a business opportunity — and it shows you’re interested in that idea too.
An idea journal is a powerful tool for capturing, developing, and refining business ideas over time. It encourages consistent creativity and provides a valuable reference point for when you’re ready to turn your thoughts into actionable plans.
See also: 15 business ideas for millennials
8. Crowdsource ideas
Crowdsourcing is a way to gather information or opinions from a large group of people. You can do crowdsourcing through social media or other apps. When you crowdsource you get the viewpoints of a large group of people to identify potential opportunities, solve problems, and validate concepts.
You can use online platforms like IdeaScale to get feedback from a broad audience, and you can set up a survey on SurveyMonkey or Google Forms to get information about specific topics.
By crowdsourcing, you not only generate a wealth of business ideas but also foster a sense of community and involvement, which can be invaluable as you develop and launch your new business.
9. Use idea generation tools
Today, there are a lot of AI tools on the market. If you’re stuck, you can use these tools to your advantage.. Artificial intelligence tools like Jasper and ChatGPT can help with brainstorming to get different perspectives. Conducting a SWOT analysis with tools like SWOTster can help you evaluate and refine concepts systematically.
Additionally, trend analysis tools like Google Trends and TrendHunter enable you to stay ahead by monitoring emerging trends and consumer interests. By using these tools, you can streamline your ideation process and uncover promising business ideas in an efficient way.
See also: 13 business ideas for Gen Z
10. Analyze patent databases
Exploring patent databases can also be a great way for uncovering new business ideas. You can explore existing patents and gain insights into technological advancements and identify any gaps in the market. Websites like Google Patents provide access to a number of patents across many industries.
You might get inspired by reviewing these patents, and understanding what has already been patented can help you avoid potential conflicts. This process does not only fuel creativity, but it also makes sure that your business idea is new and unique.
Did you find a business idea? Here’s what to consider before starting
Hopefully you have some ideas about how to find a business idea.
Before you dive into setting up your business, it’s important to make sure that your idea is sustainable. Look at the competition and look at what makes your product or service unique. Conduct some market research before you start, and make sure to understand your target audience.
You should also think about profitability: Develop a solid business model and a financial plan to estimate cost, potential revenue and profit margins.
Another important thing to consider is scalability and long-term growth. You should go for a business idea that can expand and adapt over time, to make it more likely that you will succeed in a competitive business landscape.
Having a good plan means laying the foundations for a successful business.
See also: 10 common mistakes for small startups
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