How to Find the Right Idea for Your Business?

Business IdeasWelcome to 1st post in How to Start a Business Series.

I have been working to create a program for people who want to start a business.

There is this form where people tell me about what they want out of the program.

No.1 request from people who apply has been “I need an idea.”

I understand this request totally.

Among my early childhood memories, one was to be a business tycoon.

But there was problem that seemed BIG at that time. I could not think or find any ideas to work on. I thought it was due to lack of exposure (and that was true in part) but it was also because of my immaturity and not really knowing what I could do with my limited skill set at that time.

This was my Achilles heel for a long time.

Until one day, I found myself with so many ideas in my head that it was impossible to work on them all. This was many years after the no idea stage. Having too many ideas was also bit of a challenge. I will write about it some other day.

For now, I understand that not having an idea – something that you can work on – is a big problem for those who want to start a business.

I will make this simple for you with this list of business ideas. I have intentionally kept a lot of simple usual ideas in this list, so that no one is intimated. It has about 80 ideas for those willing to start on their own. More than half of the ideas there are simple and anyone without high skills can use them to start a business. Others will need good domain expertise. If you are looking for more savvy ideas feel free to contact me.

Let us now see what makes a good idea, and which idea should you pick for your first business.

  1. It should excite you.
  2. There should already be many businesses running in this space already. The businesses I have listed are in this league . So if you are working on an idea keep this in mind. An idea based on which people are already running successful businesses is a good choice.
  3. It should not be very resource intensive.
  4. You should have skills to do it yourself or have access to talent in terms of a co-founder or a freelancer.

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Also it helps if there are people willing to buy what you produce through your idea. I will talk about finding people willing to pay for your idea but before that let us talk about other important things that you should consider while working on your idea.

Pick your idea from the list I just shared or better brainstorm about business ideas that you want to do and then weigh them against following.

1. Skills (What You Can Do on Your Own).

Can you code? Can you design? Can you sell? If you can do any one of these, then you can sell these skills as a solution to your customer’s problem.

2. Resourceful.

If you are picking a complex idea to start then it is important. To convert complex ideas into a startup or business, you need to be resourceful. Means you need the ability to find clever ways to overcome difficulties.

3. Opportunity.

Try and see what your customers want, where are the gaps in the market. I go for ideas which people are already paying for. You can give a new twist/angle to an old idea and start selling. May be better packaging, better customer service or unique user experience.

4. Resources.

What resources you have? Money of your own, or someone willing to invest?

Do you own a laptop?

Do you need a work space/office? Do you have access to it?

5. Access to Network.

This is important when you pick your idea.

There is hardly any business that can be done without people or connections. But there are some that need more support from outside. If you do not have access to a network then pick something that can be started without outside support.

If I ask you about your network? What is your answer? Think about it. Make a list of all those you know

You may say that I do not have any network. Think about it again.

As a student you have access to your classmates. After you finish college you have access to your alumni network. If you are working then you also have access to your colleagues.

If you still think that you do not have the kind of network that you want – you can quickly build it – by joining professional associations related to your industry.

So What to Do Now?

Here the list of business ideas again, 80 businesses that you can start quickly. Pick one and get ready for the next step.

If you want to travel the world while you run a business then this post is for you.

Go and do it.

What more will you need to make a start?

Photo by Rita Kravchuk

Comments

  1. Pingback: First Time Entrepreneur – More Tips to Choose Your Idea | Mohit Pawar . com

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