Starting a business | Last updated: 4. September 2024

How to find a business idea

Want to start a business, but have no idea what to start? Here is a guide on how you can search for inspiration and find the perfect business idea.

Want to start a business, but have no idea what to start? Here is a guide on how you can search for inspiration for the perfect business idea.

It can be difficult to find the right business idea. Your idea might already be taken, or maybe it’s not creative or unique enough. What to do if you can’t find any? Here, we will give you some ideas that can help you through the process.

Once you find a business idea that fits you, you can start thinking about how you can make money from it. It’s the very first step towards your new journey, but it’s also a very important part.

10 ways to find a new business idea

Don’t know how to find a business idea? Here are some strategies to spark new business concepts:

1. Explore emerging trends

Staying ahead by looking at emerging trends can be a powerful way to uncover innovative business ideas. By researching shifts in consumer behaviors, new changes or advancements in technology, you may find a creative opportunity for new products or services.

Here are some things to keep a close eye to discover new trends:

Industry reports
Do an market analysis
Read new trend-setting publications
Explore underserved niches

A great example are eco-friendly businesses that were founded because of the trends of sustainable living. These companies focus on providing environmentally friendly products and services that fit the increasing consumer demand for sustainability.

If you are discovering new trends early on, you may be positioned as a pioneer in a fast growing field, gaining a competitive advantage.

Read also: 10 business ideas to do from home

2. Combine different ideas

Another great way to discover new business ideas is to combine several. A creative combination can stand out in the market, and it can cover multiple needs at the same time.

An example could be blending fitness technology with social networking and 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 create innovative solutions that appeal to a broader audience. Such combinations not only differentiate your business but also address multiple needs, creating user experience and satisfaction.

3. Look for underserved markets

To find a new business idea, it may be useful to look at underserved markets. Underserved markets are segments of markets that have been overlooked or not addressed by existing companies. Making a business idea out of this, you can tap into a group of potential customers who are interested in new solutions that meet their specific needs.

For identifying underserved markets, you can begin by conducting market research to uncover gaps in services or products. Examples could be a demand for healthcare services for the elderly, or a lack of eco-friendly products packaging options for small businesses.

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 also leads to customer loyalty and trust, as you become a pioneer in addressing their unmet needs.

Read also: 10 reasons why you need a business plan

4. Mind map ideas

Using mind maps is a useful technique to generate and organize business ideas. A mind map is a visual representation that helps you explore and expand on a concept, through branding paths of 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 materials», «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, sparking creativity and uncovering new possibilities that you might not have thought of otherwise. You can do it either alone or with a team, as it encourages free thinking.

5. Check out online forums and communities

Browsing online forums and communities can be a great way to discover new business ideas. People often discuss their needs, challenges and interests on these platforms, making a wealth of insights into potential market gaps and emerging trends. 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 can pay attention to 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.

By using online forums and communities, you can stay up to date on your target audience and continuously refine your business concepts. This way can help your idea generation but also validating and fine-tuning your business plan before you launch your products or services.

Read also: What is a business plan?

6. Subscription services

Subscription services are becoming increasingly popular as they offer an easy, recurring source of 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. It’s often built upon something that the customer is using frequently.

To start, you can identify a product or service that is regularly or repeatedly used. Some examples can be subscription boxes for niche hobbies, like monthly craft kits or gourmet food samples. You can also create online courses, premium content access and software-as-a-service platforms that can gain money from monthly subscriptions. By focusing on delivering value and customer satisfaction, you can build a business on loyal subscribers. Subscription services also provide predictable and scalable revenue, which is great for a startup business.

Read also: How to become your own boss

7. Idea journals

When you are thinking about ideas, it can be helpful to capture them in an idea journal. By maintaining a dedicated space to write down your thoughts, inspirations and observations, you can create a useful resource for future reference. It is making sure that you don’t forget any idea that gets lost, no matter how small or big.

You might discover that certain ideas will come up repeatedly, which could indicate a need or opportunity in the market. Combining different ideas can also lead to unique business concepts.

In summary, 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.

Read also: 15 business ideas for millennials

8. Crowdsource ideas

Crowdsourcing is a way to gather information or opinions from a large group of people, and can be through social media, the internet or other apps. The collective intelligence of a crowd can be a powerful tool for generating innovative business ideas. Crowdsourcing helps with creativity, knowledge, and experience of a large group of people to identify potential opportunities, solve problems, and validate concepts.

You can start with registering on online platforms like IdeaScale to present challenges to a broad audience. Hopefully, you will receive detailed responses. You might set up a survey on SurveyMonkey or Google Forms to get helpful information on specific questions.

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 may use these tools to your advantage. It might help you to get more creative and identify more business ideas. Artificial Intelligence tools like Jasper and ChatGPT offer prompts and exploratory questions to stimulate your thinking and generate diverse 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 utilizing these tools, you can streamline your ideation process and uncover promising business ideas more efficiently.

Read 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 highlighting underexplored areas. 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 think about before starting

Hopefully you have some ideas about how to find a business idea.

Before you dive into making a business out of something, it’s important to think about some key factors to make sure that your idea is sustainable. Look at the competition and uniqueness with your product. Conduct some market research before you start, and make sure that you are understanding your target audience.

You should also think about profitability. Develop a solid business model and a financial plan. Then, you are making sure that you have a plan for estimating costs, revenue potential and profit margins.

Another important thing to think about is scalability and long-term growth. You should make a business idea that can expand and adapt over time, it’s more likely that you will succeed in the competitive business landscape.

By considering these aspects, you can lay a strong foundation for a successful business.

Read also: 10 common mistakes for small startups

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