A number of us dream of owning our own business one day, but we’re often scared to pursue this dream until the right idea comes along. But finding the right idea that is going to make you some money is often easier said than done. Luckily, there are several ways to generate potential business idea, so you can finally get serious about working on something that you feel passionate about.
Think about your skill set
If you have any skills or you have previously worked in a certain industry, you should consider exploring ideas for your business that tap into what you know. For example, if you used to work in a kitchen or in food services, exploring an idea that involves these industries is a no brainer. Because you have worked in these industries before, you will have knowledge about food that other people may not have. Customers are always on the lookout for something different that is going to help them with their daily lives, so if you have knowledge that others may not have, you need to use it. If you’re waiting for the right time, Westpac highlights the importance of taking a leap of faith when it comes to starting a business
Think about what you want
If you want to come up with a good idea for a business, you should think about what you want in a product or service. Chances are, if you think that something is a good idea and would like to buy a certain product, there will be someone else out there who feels the same way that you do.
Thinking about what bugs you can fix can also be very helpful when coming up with business ideas, because other people may share some of your pet-peeves and need a product or service that helps them with it. For example, devices like the Tile GPS tracker were invented for people that were always losing their keys, so that they could find them quickly and easily. Also, if you are passionate about your idea, you will feel more strongly about getting your business up and running and it won’t feel like work when you are doing it.
Don’t reinvent the wheel
Most people think that you have to invent something new to make money from your business, but this is not always the case, and it can be easier said than done. While we would all love to think of the next best way to make money from something that no one has ever thought of, it can be hard to think of something new that hasn’t been invented. A good way to find a new idea for your business is to identify a gap in the market or a way to solve a common problem. For example, the idea for Uber came from two men in Paris who were sick of waiting for taxis to take them to their destination, and other people had this problem as well. They didn’t invent a new device, but tapped into something that already existed to create a new service that would help people in their daily lives, which is easier to do than inventing something new.
Consult a professional
Getting in touch with a business professional to go over potential business ideas is a great way to ensure that your idea is good enough to invest in. People who know about running and financing a business can give you some pointers about how to start your business and if your idea would be good enough to translate into a real business. If you don’t know anyone that runs their own business, you should talk to someone at your bank who specialises in business transactions. Most big banks have people that you can talk to about your business at most major branches, so you can get a sense of how your ideas fair with people that know about the running of a business and everything that it entails.
There are many ways that you can come up with an idea for your business. However at the end of the day, the idea is just the first step. Once you come up with your idea, you need to think about creating a business plan, financing the business, potentially hiring staff and figuring out ways to market your product or service. However, it is important to remember that with a great business idea, you can take on the world and be very successful if you put in the effort to do so.
