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How to Find New Business Ideas

How to Find New Business Ideas

Business ideas can come when you least expect it. But sometimes, you have to rack your brain to find a sustainable idea. Once you think you’ve found the perfect idea, it will take some research to make sure that the idea is legal, and that there is a market for it. Be sure to read our step by step guide starting a business too.

If that new business idea is elusive, below are some questions to ask yourself to give you that nudge in the right direction.

What problem needs a solution?

A good start for coming up with a business idea is to address a problem that you have experienced or know exists and do your best to come up with a solution that could turn into a profitable business.

What are you good at?

If you’re the go-to person for certain chores or tasks, this might be the best opportunity for you. Taking something you’re already good at and basing a business around that is a great way to make sure that not only will you be able to do the job, but you will enjoy doing it.

What do others tell you that you’re good at?

Maybe you have a hidden talent that others see in you that you never thought of as a big deal. If this is the case, and that skill is something you could see yourself doing more of, it could be a great business idea.

What service do you wish existed but doesn’t?

This happens all the time. You search the app store looking for something specific thinking that it certainly exists, only to find it doesn’t. This is your chance to move in on a market. You could pair up with an app designer or create an app yourself that could benefit people like you all over the world.

Are these actually good ideas?

Once you come up with a few ideas, bounce them off someone or even a group of people. Hold a focus group of sorts. This way, you can get a range of input from different personalities and get a better idea of if your business ideas could actually be lucrative.

Do I make a product that I could sell?

Sometimes the best business ideas are taking your hobby or craft skills and marketing them on a larger platform. If you make clothes, jewelry, art, etc., check out various e-commerce sites for selling handmade goods. There is an audience for these items, and if you can produce something unique, the financial benefits could be great.

Helpful sources to spark new ideas

Sometimes you need a visual or similar source for inspiration to spur that lightbulb moment. Below are some places to look for inspiration.

Smartphone

This could help greatly if you’re considering creating an app. If you know you want to create an app but aren’t sure what exactly you want to create, search through the app store. Search categories of interest and see if you notice whether anything is missing or how apps in that category could be improved on.

Search engines

The internet is incredibly helpful when it comes to finding products and services that you are in the market for. But have you ever searched and searched for something and have just not been able to find it? That should be a tipoff that it could be a potential opening in the market exclusively for you to act on and create.

Social media

People on social media are often quick to identify issues and problems they have with current products, places, processes, etc., but few take the time to come up with a solution. Reading through people’s grievances can give you great insight into problems other people have that you can solve. Online review sites can offer the same.

Other places such as your office, grocery store, school or daycare, even your home, can help you come up with a new business idea. Taking a closer look at things that you interact with daily (and seeing them in a new light) can help you come up with a revolutionary new solution.

 

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