Generating new business ideas for starting a business can be challenging if you have limited funds or have been unemployed for years. Sometimes, you may reach the limit of patience and often feel hopeless. You realize how hard it takes to formulate ideas about what kind of business to do. However, developing viable ideas with the right mindset and tools is possible. So don’t give up just yet! Here are five steps that can help you generate new business ideas:
- Identify the problems within your family, organization, or community that need solving. Compile them into a list of new business ideas, such as coffee budget-friendly for late-night workers or renting assistive devices for older people. If you are confident and determined enough to solve these problems, there is a chance to turn them into a business opportunity.
- Analyze emerging trends in different industries. Explore business ideas in education, fashion, food and beverage, health, lifestyle, technology, and other industries.For instance, people are hunting good low-price fashion products in recession. Starting a business in pre-loved fashion might be a good idea. Buy bulk clothes in good condition from distributors, and sell them online or through word of mouth.
- Use your expertise to start a business. Think about what you are good at. Cook, write articles, analyze data, repair leaky roofs, sell products, lead a team, layout brochures, design buildings, sew clothes and many more.
You are a proven copywriter. Imagine this. You meet a friend who is fatigued due to work stress. Massive layoffs in the office forced him to do several jobs simultaneously. He and the team were overwhelmed and needed help doing some tasks, such as making reports for internal meetings. There you go! Ask him to delegate the assignment to you and offer writing services to him. - Conduct simple market research to identify gaps and needs within a market. You can use this information to start a business that fills those gaps.
One day, I heard a story of a pet owner who frequently travels out of town. She has to leave the dogs for quite a long time. She is concerned about the quality of her pet’s food. I realized there was a demand and caught a potential business idea. What if starting a catering business for dogs and cats? It might work. - Look for inspiration from successful entrepreneurs. Apply their incredible business lessons to motivate you to start a business. Attend networking events and conferences to connect with other entrepreneurs. You will gain new insights and inspiration for potential business opportunities.
The life story of Nusret Gökçe or Salt Bae may inspire you to start a business even if you don’t finish school. He is a famous Turkish chef and restaurateur. He lived in poverty, forcing him out of school and working as a butcher since he was young. Then, he went abroad to study as a chef and restaurateur. As an apprentice, he gained valuable knowledge and applied it to build Nusr-Et. His signature style of sprinkling salt and cutting the meat has gone viral on social media and the internet. Today, he has opened a Nusr-Et steakhouse chain in the United States, Europe, and the Middle East.
The mantra is that a good business idea must solve a problem, meet a need, or fill a market gap. People around you may be pessimistic and say the idea is familiar or weird. The door to opportunities will open if you do it differently with perseverance.
Link: https://www.markercontent.com/articles/business/5-steps-to-finding-new-business-ideas-274145
Category: Business
Word counts: 596 words
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