One of the main challenges that every entrepreneur faces is determining what business to put.
If, like many other entrepreneurs, you are in the situation of wanting to start your own business, but you do not know what business to start, in this article we present 12 ways to find a business idea that will help you find the right business for you.
1. Identify your passion
Identify what you are passionate about , what you really like to do, what you would do if you had all the money in the world and would no longer need to work, what you would do even without anyone paying you for it; and then think of a business where you dedicate yourself to doing it, or that is related to it.
For example, if you are passionate about pets, your business idea might be a pet spa, pet sitting, or pet accessories store; Or if you are passionate about automobiles, it could be an auto repair shop, an auto parts store, or a business dedicated to buying and selling automobiles.
2. Identify your talents
Identify where you excel or stand out from others, what you do or where you perform better than anyone else, where you are the best; and then think of a business where you dedicate yourself to doing it, or where you can take advantage of it.
For example, if you have a good taste for fashion and good clothing, you could open a fashion design school, a clothing workshop or a clothing store; Or if you prepare tasty burgers, you could set up a restaurant where you sell them.
3. Identify your advantages
Identify where you have an advantage over other people or companies in terms of abilities, skills, knowledge, experiences and / or resources; and then think of a business where you can take advantage of it.
For example, if you have a knowledge that few have about the production of a certain product, you could take advantage of this advantage by creating a business dedicated to the production and sale of that product.
4. Identify your knowledge and experience
Identify what you know or know how to do very well, what you master, what you could consider yourself an expert in; and then think of a business where you dedicate yourself to doing it, or where you can take advantage of it.
For example, if you have worked for several years in a company, you could start a similar business, or where you do the same as you did in it; Or if you have worked several years in the sales area, you could set up a sales school, provide sales advice, or write and sell books about sales.
5. Identify a need or desire
Identify a need or desire in people, and then think of a business, product or service that is responsible for satisfying that need or desire.
For example, if you have identified the need in people to take their dogs for walks, you could start a dog walking company; Or if you have identified the desire in people to travel with their pets, you could start a business dedicated to traveling with pets.
6. Create a new need or desire
Think of a product or service that other people or companies do not offer, and that due to its originality, novelty and innovation could be well received by consumers and, therefore, create a new need or desire in them.
For example, a product capable of performing a function that other similar products do not perform, or a service that can be provided through a smartphone application that does not exist on the market.
7. Identify a problem
Identify a problem that people or companies in your area have, and then think of a business, product or service that is responsible for solving that problem.
For example, if you have identified the problem of lack of security in people in your area, you could open a self-defense school, or start a business dedicated to the sale and installation of iron bars.
8. Identify a product that you could do differently or better
Identify a product or service that other people or companies already offer, but that you could add something that allows you to differentiate yourself or distinguish them, or make it much better.
For example, a product that someone already manufactures, but that you could manufacture with higher quality inputs or with a more attractive design; or a service that someone already provides, but that you could provide more quickly and efficiently, and also at a lower price.
9. Research the market
Whether visiting the shopping areas, doing small surveys or interviews with family, friends, acquaintances or anyone else, or analyzing statistics or market reports on the Internet, try to identify:
- the products or services with the highest demand, but for which there is not yet much supply or competition (the demand is not being met).
- the products or services that are most sought or requested by consumers, or that they always look for, but never find.
- the products or services that people would like to exist, and that nobody has thought of creating.
- the businesses people would run if they had the time and resources necessary.
- businesses that could be successful today, or that could be successful in the near future.
- the most profitable businesses today, or which will be the most profitable in the near future.
To find out which businesses could be successful or profitable in the future, analyze trends, anticipate upcoming changes, try to figure out what might be the main needs, tastes and preferences of consumers in the coming years.
10. Know thyself
Find a moment of tranquility where you can dialogue with yourself, and ask yourself:
- what product or service have you always wanted to exist.
- What product or service have you always wondered why nobody sells, or why nobody has thought to sell.
- what product or service would improve people’s quality of life, would do humanity a good, or would make the world a better place to live.
- what product or service would allow you to help thousands of people.
- what is your gift and how could you put it at the service of others.
- what is your mission or purpose in life, and what business is aligned with it.
- what business reflects or is consistent with who you are, with your way of being, with your personality, with your spirit.
11. Look for business ideas
Look for business ideas that others propose or have already developed, and that you can develop or take as a reference or inspiration to develop your own ideas; for example in:
- Web portals or blogs dedicated to entrepreneurs who publish articles or posts about business ideas (for example, our Profitable and Low Investment Businesses lists , and Business Ideas you can start with little money ).
- business magazines or specialized business publications.
- business sections of the newspaper.
- classified ads from the newspaper or classified ad sites on the Internet.
- Internet business directories.
- auction sites or marketplaces on the Internet.
- business ideas contests.
- business incubators.
- franchise lists (where you could also find a franchise that you can buy).
To find business ideas you could also brainstorm , for which it is only a matter of gathering a group of people, and then ask them to come up with a business idea until they get as many ideas as possible.
12. Join entrepreneurial associations
Finally, to find a business idea and, therefore, to know what business you can start, join associations, communities or clubs of entrepreneurs that exist in your area.
In these associations, communities or clubs of entrepreneurs, you can have access to business ideas, but also meet other entrepreneurs with whom you can share ideas or associate to jointly develop these, in addition to having the necessary help to develop your ideas.