4 Tips to Help You Find New Business Ideas
These days, everyone wants to start a business!
…and I don’t blame you. I’ve been self-employed for several years now and it’s great!! (well, it is hard at times, but overall it’s great)
If you’ve landed on this post then you probably already know that you want to run your own business, but you just don’t know what that business will be.
No worries, I’m here to help you find that all-important business idea.
A small disclaimer …
Before I start sharing some of my tips with you, I must stress that this video is about how to get an idea. I can’t guarantee that the ideas will be great multi-million-dollar-business ideas.
The purpose of this post is to stimulate your brain to provide you with ideas, but it’s up to you to decide if they’re any good or not.
My advice is that when you do get an idea, write it down and take some time to think about it. Maybe discuss the idea with some other entrepreneurs and business owners, and then decide whether the idea is viable and worth pursuing or not.
Okay, with that out of the way, let’s get going!
Where do ideas come from?
So, where do ideas come from?
In essence, ideas are just mental collisions. ‘Thought A’ bumps into ‘Thought B’. This creates energy and can form an idea.
It really is that simple.
The problem that most of us face is that we always have the same ‘Though A’s’ and ‘Thought B’s’ because we do the same things every day and therefore we aren’t giving our brains the fresh stimulus that it needs to create the new ideas we desire.
In short: Fresh Stimulus = Fresh Ideas
Tip #1 – Generate new stimulus
Here are some ways to provide your brain with fresh stimulus:
- Read something new
- Take a new route to work
- Listen to something new (radio station/podcast)
- Try a new hobby
- Cook/eat something new
- Travel to a new place
Basically, do anything that is new.
This will give you new experiences, images, stories, facts, and feelings that you may not have had before. In other words, lots of new thoughts to bang together!
Tip #2 – Look at what everyone else is doing
This may sound like an obvious point, but take a look at what other businesses are doing.
Find out what’s successful, how their business models work, what area they’re trading in, what industry they’re working in, etc.
You don’t need to start a business in something totally new and groundbreaking. You can work in an established industry and still be successful.
Take a look across industries and try to find a different way of approaching an already established niche.
Look at other business’ products, positioning, and business models to see what they’re doing and try to find a different slant on that to create a new idea and fresh approach.
Tip #3 – Look for problems
You’ve probably heard this tip already, but it’s an important one and worth mentioning.
If you can identify a problem, whether that be a problem in day-to-day life or a problem with another business’s product/service, then you’ve also got a business idea.
Many successful businesses started because the founder set out to improve a problem or pain-point.
So, as you go about your day-to-day life, pay close attention to your everyday struggles and problems, and ask yourself if you can create a solution.
Tip #4 – Look at the value chain
This point may take a little bit of explaining, so bear with me.
When bringing any product or service to market, it has had to go through the following steps:
- Research and development (R&D)
- Sales & Marketing
These steps are called ‘the value chain’, as value is added at each increment.
If you can disrupt and improve upon one (or more) of those steps for any product or service, then you have yourself a possible idea for a business!
Here are some examples.
You may see a product and think that you can improve upon it and create a better one. In this scenario, you are disrupting the design element of the value chain.
You may see a product and be able to create the exact same item but do it quicker and/or at a lower cost. In which case, you are able to disrupt the production element.
You may be able to identify a whole new target market for a product.
In the equestrian world, there’s a small rubber curry comb that’s used to remove loose hair and grease from a horse’s coat. I’ve also seen the exact same product advertised on Amazon but for use on girls’ hair. In this scenario, they have disrupted the sales and marketing for the product.
So, take a look at the products and services currently around you. Look at how they are created, produced, marketed, and distributed, and see if there are any ways in which you can disrupt.
To wrap things up…
I hope that you have found this post helpful when it comes to generating fresh new business ideas.
- Experience new things every day to help and give your brain fresh stimulus
- Look at what other businesses are doing.
- Find problems and identify ways of solving them.
- Look at the value chain and identify ways of disrupting it to create new opportunities.
If you have any other tips, please share them with us in the comments below.