One of the important challenges when the undertaking is the identification of business ideas, let’s remember that a business idea is conceived as something that solves something for someone willing to pay for it, this may be about facilitating a service or activity, manufacturing or marketing products, but how do you discover and identify business ideas?
In this article, we want to provide ten ways to find business ideas, particularly for people who are considering starting one and still have no clear initiative.
Ways to identify business ideas
1. Think about copying a business
Try to do the same thing that others are doing, and it is working for them, that you too can do in the same or better conditions, in the same or another place, to the same or another market.
2. Choose to improve an existing business.
A good source of a business idea is to develop an existing product or service in a better way and that they present faults or deficiencies.
In this way, you will be generating greater value or innovation in an existing or validated market.
Much of today’s technology initiatives have emerged to improve an existing product, service or business, Netflix is a great example of this, where its creator after being dissatisfied with Blockbuster’s old movie rental service, he took on the task of arranging his knowledge and ability to improve the details that generated dissatisfaction with this service, including the collection or fine for delays in returning rented films.
3. Consider varying an existing business.
Another opportunity for the development of business ideas is to resort to the variation of existing businesses. This means giving an important turn to an activity or product developed, and it can be directing the existing product to a new market or a new use or utility.
An example of this has been the growing market for products and services for pets, in which today a great offer is developed that was previously exclusive to human beings; however, a large number of entrepreneurs have adapted different products and solutions to direct them to pets including dogs and cats, in this sense, grooming services, aesthetics, hairdressing, school, recreation, among others stand out.
4. Develop something exceptional or new.
If creativity is one of your great skills, developing something new or exceptional may be your option.
This alternative tries to identify problems or opportunities and be carried away by inspiration to generate new works, products, or services, previously not considered or developed.
5. Monetize your tastes
Another way to generate business ideas is to go to your tastes and passions, nothing better than life on what one likes and is passionate about or at least earn income from them.
If you have a taste or passion, it means that you are willing to invest your time in it, what you are willing or enjoy learning more every day from the one that you like or are passionate about and that you like or would like to share with others such tastes or passions, given that every day you become better, more skillful or expert in that area of liking.
For this reason, your passions can be a great business opportunity. There are likely people interested in learning, enjoying, or using your expertise, knowledge, and experience in this activity.
In this alternative, it is valid to consider tastes and passions such as music, art, reading, education, writing, design, cooking, dancing, marketing, and others.
6. Exploit your knowledge or training
If you have any training in any area, you have the knowledge and skills to carry out an activity, product, or process.
Your knowledge and skills can be converted into businesses by developing products and services that help others solve a need or a desire.
This knowledge can be exploited by charging for the development of the specific activity or product, as well as by charging for sharing said knowledge and skills through training programs, or the development of info products in which it is shared—such information.
7. Enhance your work or professional experience
If you have been performing a function or activity in an organization for months or years, this has most likely provided you with important knowledge and skills that can be turned into business ideas.
Therefore, what you have done for months or years may also be developed independently for clients or markets that may need your services.
Many organizations or ventures have arisen due to some people’s decision to do for third parties what they previously did within an organization.
8. Recognize and exploit your needs
If you have ever needed to satisfy and not find a specific solution for it, you have given yourself the task of developing a solution with your means, and you have achieved it. You are facing a new business opportunity.
The above was given that like you other people very possibly have or have had the same need or problem and are looking for a solution for it that they have not yet found and what you according to your experience could help to satisfy.
9. Take advantage of changes or trends.
A constant today is a change; another way to identify business ideas is to generate products and services that capitalize on the different opportunities that social changes have been presenting or demanding.
Against this, global mega-trends can be considered. What are the specific changes that society at a worldwide level is experiencing? That, in turn, opens the opportunity for thousands of business ideas, some of the main mega-trends to date identified by researchers are:
- Preference for organic consumption
- Personalized lifelong and universal education
- Globalized markets
- Personalized marketing
- New demographic and family structures better health technologies
- Everyday virtuality
10. Go to your fortresses
As individuals, as well as we, have weaknesses, we also have strengths that can be recognized by third parties or by ourselves, and these strengths can become a business opportunity that can lead us to the development of products or services in favor of satisfying needs or yearnings of third parties
Recognize your strengths and explore how each of them can be turned into a great business opportunity.