Thinking about starting a business but have no idea what to sell? It’s time to learn how to generate excellent business ideas that will ensure you find success.
If you’re struggling to come up with a revolutionary for your business, here’s a piece of reassuring advice: you don’t have to think up the next Facebook or Paypal. In fact, it may actually be better if you’d start your entrepreneurial journey with the things you already know.
Now, the idea creation process isn’t easy. You don’t just wake up one morning and have a revolutionary idea that will take markets and industries by storm. At least, that doesn’t happen to most of us.
Most successful entrepreneurs had to go through the same process you are about to go right now to think of a business idea that will bring them a profit and revolutionize their industry. So, how did they do it? How did they find their inspiration?
Well, first, they sure didn’t just google “business ideas”. Most likely, they’ve instead read about how to master the process of idea generation itself. And, that’s exactly what you must do as well.
Here are five ways to find a great business idea that will sell like hotcakes:
Find a solution to a problem you have
Is there something in your day-to-day life that you find annoying or difficult to complete? If yes, maybe there’s an invention that might solve this problem.
Here’s the deal: if you have such a pain point, many other people around the world most likely have it too. And, these people who share your problem are those who will turn into buying customers as soon as you put a solution on the market.
Take washing dishes, for example. Most people hate doing that. Well, in 1886, that problem was solved for anyone by Josephine Cochran who decided to invent something more efficient for dishwashing.
With this in mind, think of what everyday problems you have, that you suspect many other people share and create a better solution for it. Whether your idea will make the process more efficient, more rapid, cheaper, or more enjoyable, as long as it brings some added value, it will sell for sure.
- Find a solution for a niche audience
Can’t think of a problem you have that can be solved by a business? Don’t panic! There’s sure someone out there who can tell you their problem that you can solve.
Determine the niche audience you want to focus on, build an email list around a niche topic and survey those people about their biggest challenges linked to that niche.
When Harvard students wanted a solution to connect with one another, Mark Zuckerberg launched The Facebook back in 2004. Today, the social media platform is worth $70.7 billion.
Well, you don’t have to invent a new social media platform. But you can learn from this example that solutions to people’s problems can turn into billion-dollars worth businesses.
- Take a look at trends
The 21st century is driven by trends, primarily thanks to the Internet and social media. What goes viral online will definitely be the norm for everybody who sees it. So, if there’s one thing that is enjoying a lot of popularity online and you make a product out of it, there are great chances that your product will also enjoy the same popularity.
So, take a look at the trending topics on social media sites, including Facebook, Twitter, Reddit, or YouTube. Suppose you identify a trending topic and manage to jump onto the trend fast enough by either creating new products related to the trend or even reselling related products or services. In that case, you will build a valid and successful business that grows as the trend continues to go viral.
- Explore your passion
What’s your craft or passion? Can you do a business out of it?
Think of all the things you like to do, and you are good at. If you can’t find any, you’re probably too self-critical, and in that case, you can ask your closest people what they think you are good at.
Suppose you are good at painting. Why not open an art gallery?
Or maybe you have a beautiful voice. Why not become a singer?
Or maybe you are good at working with people as you are an emphatic person. Why not build a coaching or consulting business?
Make a list of the things you are good at and enjoy doing, even for free, and then think of a business idea out of this.
- Train your brain to generate ideas
Yes, you can train your brain to come up with ideas.
Here’s something interesting about the brain: it is composed of neurons, about 100 billion of them. These neurons are connected together and form a nervous system capable of making decisions, sensing your surroundings and commanding your body.
How you think and generate ideas is a consequence of the connections your neurons make with one another. So, here’s the deal: you can train your brain to improve its ability to rewire these connections, an ability called “plasticity”. How do you do that? The more experiences you have and the more you know helps your brain be capable of making new connections, thus generate new ideas.
First, you can train your brain’s plasticity by reading about different things in all sorts of areas. It doesn’t have to be reading books on entrepreneurship or a particular industry. You can read about anything you want. The more knowledge you gather, the better your brain’s ability to create new connections and generate new ideas.
Another trick to train your brain to come up with ideas is to write down ideas about various topics every day. Not necessarily business ideas but ideas on certain topics. This will help your brain become more creative day by day.
The invention process isn’t straightforward and requires some work to find a brilliant idea that will help you find entrepreneurial success. Yet, it isn’t impossible to think of a business idea that will sell like hotcakes. All you have to do is to train yourself to master the process of idea generation. And these tips above can help you do that.