How do I start a small business idea?
Confused about how to get a small business idea? Well, business ideas are all around you. Some of them come from careful analysis of market trends and consumer needs; Others come just by chance. If you’re interested in starting a small business, but don’t know what product or service you might sell, a look at the ways to come up with a small business idea below will definitely help you make a choice.
Examine your own skills and interests.
Do you have a talent or track record that can form a solid foundation for a profitable venture?
The other day I spoke with a man who had spent years running cleaning services in a hospital. Today, he runs his own business that provides home and commercial cleaning services. A former woodsman now makes a living as an artist making wood carvings. Examples of professionals who have started their own agencies or consulting services firms abound.
So before finding a viable business idea, ask yourself, “What marketable skills and experience do I have?” Will people be willing to pay for my products or services?”
Keep abreast of current events and prepare to take advantage of business opportunities.
If you watch the news regularly with the intent of coming up with a small business idea, you will be amazed at the number of business opportunities your brain can pick up. Keeping abreast of current events will help you identify new market trends and industry news and sometimes may present you with new project ideas with high commercial potential on a plate.
Create a new product or service.
The key to getting business ideas for a new product or service is identifying unmet market needs. For example, in 2004 a Harvard psychology student named Mark Zuckerberg recognized the need for a campus-wide social networking website that would allow students and staff to share personal files and other information. He continued to develop Facebook and became one of the youngest billionaires in the world.
The explosion of mobile devices has also led to an increase in the demand for applications. In 2008, two young entrepreneurs, Travis Kalanick and Garrett Camp, had trouble calling a taxi in Paris. Then they decided that clicking a button on your mobile phone should help you get a ride, and Uber was the result of that decision.
Look around you and ask yourself, “How can this situation be improved?” Ask people what additional services they would like to see. Focus on a specific target market and brainstorm services that that group might be interested in.
Add value to an existing product.
You can add services or combine a product with other products. A local farm that sells the produce may also offer a vegetable delivery service for a fee, so consumers can have a box of fresh vegetables delivered to their door each week.
What business ideas can you develop? Focus on the products you would buy and what you would do with them to build a profitable small business.
Look for demand in other markets.
Some business ideas are not suitable for domestic consumption, but they appeal greatly to the foreign market. My little town is surrounded by acres of wild berries. And for many years, those cranberries fed only bears and birds because B.C. had a thriving blueberry industry that left no room for the cranberry market.
But one entrepreneur realized that there was a high demand for products like this in Japan, and all those berries are now being harvested and shipped. This is why getting to know other cultures and looking for opportunities in other markets is an excellent way to find a small business idea.
Improve an existing product or service.
A local businesswoman created an improved version of the hula hoop that is bigger and heavier so that the player can control it more easily and do more tricks. How did she come up with this idea? She thought hula hooping might be a fun activity to do with her daughter, but found the commercially available product too flimsy.
There are very few products (or services) that cannot be improved upon. Start generating business ideas by looking at the products and services you use and brainstorming how to improve them.
Follow the mainstream.
Markets sometimes go up for no apparent reason; Masses of people suddenly “want” something, and the resulting demand cannot be satisfied immediately. During the SARS epidemic, there was a huge demand for face masks in many countries and, of course, many entrepreneurs seized this opportunity.
The mainstream may also be created by larger social trends. There is much more demand for home care services for the elderly than is currently being provided. And the trend towards treating pets as members of the family continues to climb, creating a demand for all kinds of pet-related services that did not exist decades ago.
Look at the existing business and the products and services it offers and determine if there is a need for more of these products or services. Then develop a small business idea that fits into the market gap.
Tips for finding a small business idea
Are you brimming with ideas to start a small business right now?
Write down your thoughts. Let it hover around your head until it fuses. And remember to keep an open mind and continue to evaluate everything you read and hear from an entrepreneurial standpoint.
Don’t start with the first business idea you think of; Make sure you discover the idea that best fits your skills and desires. Dream, think, and plan, and then you will be ready to turn your idea into the project you have always wanted.