Do you want to start your own business, but don’t know what you want to do? In this guide we show you how to get inspired and find the perfect business idea.
It can be difficult to find the right business idea; maybe the market is oversaturated, or maybe you can’t quite find that unique selling point. What do you do if you can’t come up with any ideas? Don’t worry—we’ll help you through the process.
See also: 7 tips to succeed as an entrepreneur
Here are some strategies to spark new business ideas:
1. Explore emerging trends
Stay ahead of the curve by looking at emerging trends. This can be a good way to uncover great business ideas. By researching shifts in consumer behaviors or new technology, you can come up with ideas for creative products and 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 clients increasing 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
Staying ahead of the curve can help you position yourself as a pioneer in a fast-growing field, and give you a competitive advantage.
2. Combine different ideas
Another great way to come up with a business idea 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.
To find these ideas to combine, you have to think about what your clients require to meet their needs, in short, you have to think about their jobs-to-be-done. The man behind the theory, academic and business consultant Clayton Christensen, summed it up like this:
We all have many jobs to be done in our lives. Some are little (pass the time while waiting in line); some are big (find a more fulfilling career). Some surface unpredictably (dress for an out-of-town business meeting after the airline lost my suitcase); some regularly (pack a healthful lunch for my daughter to take to school). When we buy a product, we essentially “hire” it to help us do a job. If it does the job well, the next time we’re confronted with the same job, we tend to hire that product again. And if it does a crummy job, we “fire” it and look for an alternative.
If you can figure out clients real needs, not just their demographic, but what makes them try and continue to use a product or service, then you’re on the right track!
3. Look for underserved markets
Underserved markets are segments of markets that have been overlooked by existing competitors. If you can identify an underserved market, 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.
This approach not only fills a market gap, but can also lead to strong customer loyalty, as you address unmet needs.
To identify underserved markets, you can begin by conducting market research to uncover gaps.
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.
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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 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, for example, Reddit and social media groups. These communities can offer valuable feedback and suggestions directly from potential customers. Look for common complaints, frequently asked questions and popular posts to pinpoint themes or unmet needs. Engaging in these communities also allows you to build relationships with potential clients, and to get some testers or feedback on your products or services.
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 popular. They offer recurring value for both clients and businesses. They exist in almost every industry, from digital content to physical products and specialty services, and by exploring this business model, you can come up with a few new ideas.
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 (SaaS) platforms. Subscription services also provide predictable and scalable revenue, which is great for startups.
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 your ideas. It’s a powerful tool for capturing, developing, and refining business ideas over time, and it means 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!
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
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.
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 quickly uncover promising business ideas.
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 also help you avoid potential conflicts. This process does not only fuel creativity, but it also makes sure that your business idea is unique.
Pro tip: Check out our business ideas
Still feel stuck? We’ve written articles with lots of business ideas, whether you’re a Gen Z, millennial or recently retired. Check them out here:
Did you find a business idea? Here’s what to consider before starting
Hopefully you now have some ideas about how to find a business idea. Once you have an idea that suits you, you need to start figuring out how you’re gonna make money. That’s the the very first step to setting up your business, and it’s a very important one.
Develop a solid business model and a financial plan to estimate cost, potential revenue and profit margins. Make sure to conduct some market research before you start, and make sure to understand your target audience.
Having a good plan means laying the foundations for a successful business.
See also: 10 common mistakes for small startups
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