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I Want To Start A Business But Have No Ideas.

“I want to start a business but have no ideas”, don’t despair!

If you are an aspiring entrepreneur but are don’t have viable business ideas, don’t worry… you are definitely not alone. Even those who have attended prestigious business schools struggle when it comes to creating innovative business ideas, and even the most successful entrepreneurs may have had to try out multiple different business ideas before they settled on one that really worked. In this article, we will give you ways to come up with the right idea for you to start your business venture.

We live in a world where we have an endless amount of opportunities, and it can be quite overwhelming to start looking at all the different options that you have available to you. You may also feel like all business ideas have been done before and that you’ll never be able to come up with something that is unique and that would be successful.

In this article, we give you some advice regarding the process of coming up with great business ideas, the dos and don’ts of business ideas, and some of the alternatives you have available to you!

Factors to consider when you want to start a business with no ideas

While the world is truly your oyster when it comes to business ideas and opportunities, there are a few factors that you should take into consideration when thinking of a new viable business that you yourself could start! Factors to consider include:

1. Your strengths and passions

You may think it is cliche to start a business around something that you are passionate about, but some of the most successful business ideas and subsequent businesses are grown out of hobbies and passions. What is it that you really enjoy doing? What are you good at? What are you passionate about? What are you knowledgeable about? Are there any ways in which you could turn these strengths and passions into a business? In most cases, you probably can!

By going into business with something you know about and have experience in, you may have an edge and an extra advantage over your competitors, which you’ll certainly need in the highly competitive world of business. It is likely something you will enjoy more and therefore it is less likely to feel like a chore.

2. Gaps in the market

Look around at your neighbourhood or town. What is lacking in terms of businesses and business offerings. Could you start a business in that sector to plug the hole? Speak to people around you and do some market research and find ways in which you could fill gaps in the market. The best type of businesses fulfil a need and find solutions to problems.

Business strategists and experts may also be able to tell you more about current market trends and which gaps could be filled. But sometimes, the best research you could do is simply by speaking to people around you, realising what their needs and struggles are, and finding ways to fulfil these needs.

3. Your budget

Many people have great business ideas but are often held back by their budgets. If you do not have a large budget, you will need to start your business on a small scale and grow slowly from there. Make sure that you are also fully aware of the different financing options that you have available to you, such as loans from the bank, private financing, investors, crowdfunding etc. You may be able to get your hands on more capital than you thought was possible.

4. Keep the future in mind

As much as your business offering should solve current problems, it should also look at solving future problems. Things move quickly in this day and age, and if you can future-proof your business idea, the more successful your business is likely to be. While it is near impossible to predict what will happen in the future, you can look at past trends to try to get an approximation of what may be possible.

Let’s start with some business ideas – the creation process

starting a business with no ideas - brainstorm
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Yes, some people have incredible ideas that come to them, like a strike of lightning. But these people are very lucky. Most business ideas are created through brainstorming and idea creation, and perhaps even many long months of thinking about certain business ideas.

While there are many different ways that you can come up with business ideas, you may find the following process to be incredibly helpful.

1. Brainstorm

The first step in the process is to brainstorm. Most people like working with paper and pen when it comes to brainstorming as it is more effective and also makes the process more fun and memorable. Set aside at least 15 to 20 minutes for brainstorming if you want to come up with enough ideas.

Write down all of the ideas that come to your head based on the factors of consideration that we listed in the above section. Create different categories of ideas (even using different colours for different categories), and don’t be afraid to let your imagination run wild in the brainstorming phase of the process. You never know what you may come up with!

  • Visualise your ideas using mind maps, diagrams, and post-it notes to spark creativity.
  • Take inspiration from successful companies in other industries and adapt their business model to identify opportunities.
  • Analyse current industry trends to spot opportunities.
  • Be persistent, and don’t give up on any idea too soon to foster creativity.
  • Make sure you brainstorm with different perspectives and backgrounds for the best ideas.
  • Get feedback from potential customers and industry experts to validate your ideas.
  • Consider taking risks and experimenting with new ideas, new environments, cultures to spark innovation.
  • List the things you enjoy or are passionate about to generate creative ideas.

2. Draw up pros and cons lists

Now looking at your list of brainstormed ideas, carefully choose a handful of what you feel are your best business ideas and start drawing up pros and cons lists for each option. You may need to do a little industry research in order to create accurate pros and cons lists. The more detailed the lists, the better! These pros and cons lists will give you an idea of what you’d be dealing with on a daily basis when running different businesses and the potential success of each business idea.

  • Carefully choose a handful of your best business ideas from your brainstormed list
  • Draw up detailed pros and cons lists for each potential business idea
  • Research the industry for each idea to create accurate pros and cons
  • Pros and cons lists will give insight into daily operations and potential success
  • Use the lists to evaluate which business ideas to pursue further

3. Review your new business ideas

Take the time to review and refine your options. Perhaps certain ideas have a few too many cons than they do pros. Knock them off the list. Keep whittling down until you’re left with just a few ideas that you really believe in and are excited about. If you can’t decide on just one, perhaps try and look at ways in which you could combine a variety of different business ideas together to create one cohesive business plan. If you can, you may want to make detailed and structured business plans for each of your options and do further industry research to gain more information.

  • Review and refine your potential business ideas, removing ones with too many cons
  • Whittle down the list to a few ideas you believe in and are excited about
  • If you can’t decide on just one idea, look for ways to combine ideas into one business
  • Make detailed, structured business plans for the remaining options
  • Do further research on each industry to gain more information
  • Use the business plans and research to evaluate which idea(s) to pursue

4. Consult a business expert

At this stage of the process, it may be a good idea to speak to a professional business expert or business consultant. They can have a look at your potential options and business plans and help you decide which options are viable and which options may be flawed. They can also give you extremely valuable advice as to how you may move forward with each idea that you have come up with and give you insight that you may not be able to find anywhere else.

Other ways to come up with new business ideas

  • Attend business seminars and keep learning to get new ideas and stay informed on trends
  • Mingling and networking at seminars can lead to meeting potential business partners
  • Consume books, videos, online seminars – these expose you to more opportunities
  • Creativity is key for generating business ideas
  • If you don’t feel naturally creative, do creative activities to build this skill
  • Practicing creativity takes time, like getting physically fit
  • Creativity will help you come up with innovative solutions as an entrepreneur

 

Here’s some more information:

Go to business seminars- KEEP LEARNING

The more you know about business, the more ideas you’re likely to get. That is why it is important to keep learning, keep up with business news and trends, and attend business seminars if you can. This will keep you well informed and also provide you with an opportunity to mingle and network with other people you are involved in in the business world. Who knows, you may meet your next business partner there.

There are so many amazing materials out there, including books, Youtube videos, online seminars, and more. These will open your eyes to the wide variety of opportunities out there!

Practice creativity

Coming up with good business ideas boils down to creativity most of the time. Some people are innately creative while others are not. But everyone can be creative if they truly want to be! If you feel that you are not naturally creative, you may want to partake in some creativity-inducing activities such as drawing, writing, dancing etc., to get those creative juices flowing! Just like getting physically fit, creativity takes practice. Not only will creativity help you come up with ideas, but it will also help you find innovative solutions to problems in the business realm.

Here’s a list of business ideas that you can start

Landscaping Company

Starting a landscaping company allows you to make money while working outside and making lawns look good. You’ll need a truck, some basic equipment like mowers and trimmers, and the labor to do the yardwork. Reach out to homes and businesses in your area and offer services like mowing, pruning, mulching, leaf removal, etc. Provide quality work at fair prices and build up your list of regular customers. Work hard, do good business, and your company can really grow over time.

The upside to this business is you can start small and make it what you want. Offer basic services like mowing and branch trimming to many clients. Then expand into areas like garden design, tree care, holiday lighting displays, and more for bigger contracts. It’s honest work and flexibile – be your own boss!

CV Writing Service

If you’re a good writer, start a CV writing service to help others. Create a website showcasing your expertise. Reach out to clients seeking professional CV’s. Interview them about their background, skills, goals. Craft compelling resumes to help them land interviews. Expand to offer other services like cover letters, LinkedIn profiles, interview coaching.

This can start as a work-from-home business. Set reasonable rates and deliver great results. Use online tools and templates to work efficiently. Ask clients to share feedback and referrals. Consider hiring other writers as your client base grows. Help job seekers get hired!

Used Furniture Shop

Opening a used furniture shop allows you to resell quality, affordable pieces. Source inventory from auctions, estate sales, or people moving. Clean and make minor repairs. Display items appealingly in your shop and online. Offer delivery and pickup options. Build relationships with regulars.

The fun of used furniture is mixing styles and finds. Make the space warm and interesting. Use social media to highlight new arrivals. Learn what sells well in your area – some vintage always popular. Add related items like home decor over time. It’s sustainable small business that serves local community.

Dog Grooming Salon

If you enjoy working with animals, consider opening a dog grooming salon. You’ll need some training and supplies like tubs, dryers, clippers. Lease a shop space in a busy area and decorate it cute and fun. Offer services like bathing, haircuts, nails. Be kind and patient with the pups! Build up your reputation based on quality care.

The nice thing about a grooming business is you can start small then expand. Offer discounts and deals to get new four-legged clients. Sell some retail products too. Renting a space allows you to grow – add more groomers as your schedule fills up. Dogs need grooming year-round so it’s a fairly steady business if you gain community trust.

Don’t make these mistakes when coming up with business ideas

When you are coming up with business ideas, there are definitely a few things that you should make sure that you don’t do, including:

Do not copy or steal others’ ideas

Plagiarism and being a copycat is not okay. While you can definitely take inspiration from various facets of different businesses, you should never copy ideas directly. Not only will your audience soon notice the similarities between you and your competitors, but you may also find yourself in some legal trouble when it comes to copyright laws etc.

Don’t rush with coming up with an idea

While you shouldn’t take too long with coming up with a concept, you also certainly should not rush. You should feel confident in your business idea before running with it and have looked at it from a variety of different angles. Sit with an idea for a while and wait until it feels right to get going!

Don’t follow trends

While you should definitely keep an eye on trends, following trends won’t get you very far in most cases. Trend cycles these days are extremely fast-paced so being a very ‘trendy’ business is exceptionally difficult. If you can’t stay on top of the trends that you’re chasing, you’ll soon be deemed irrelevant.

Don’t be too hard on yourself

If you are getting frustrated by the fact that you are battling to come up with business ideas, you should not be too hard on yourself. Being overly critical will more than likely result in a creative block and not get you any further on your path to coming up with great ideas. Speak to yourself kindly, and great ideas are sure to emerge eventually.

Don’t be afraid to be yourself

Being yourself and your uniqueness could be one of your biggest assets. Instead of trying to follow the crowd, tap into what you have as an individual to offer in the business world. Be confident enough to stand out!

Sometimes, it’s best just to get started!

Don’t let trying to be perfect hinder your progress. Sometimes it is better to just get the ball rolling and release your business idea even if you aren’t 100% happy with it. You can always make adjustments and changes at a later stage. And sometimes, making mistakes can be truly eye-opening for you as a business owner. You learn a lot through mistakes. Don’t be afraid to run with the business idea that you have. It may be a little rough around the edges at first, but by starting, you’ll get an idea of how customers feel about your offering and what you can improve upon!

The alternatives to coming up with your own business idea

If you really do not feel confident in the business ideas that you have come up with, the alternative would be to purchase an already-existing business. Businesses are being bought and sold all the time, and the name, processes, marketing material, etc., would all already be in place! This takes a lot of the stress off of your shoulders. If there are certain things that you don’t like, you could always adjust these after having bought the business. It’s always important that you use a business evaluator to check the books etc., and that you buy a business that you understand and that resonates with you.

Another viable option could be purchasing a franchise and opening a franchise branch. Franchises can be pricey but popular franchises usually almost guarantee success, and there are guidelines and regulations in place as to how things need to be done, taking all the guesswork out of running a business.

Remember that even some of the most successful entrepreneurs in the world battled with coming up with their business ideas and may have tried multiple business ideas before they found what really worked for them! 

Also, remember that if you have really good business ideas, you should restrain from sharing them with everyone you come across, especially if your ideas have not yet been patented. Patenting and copyrighting ideas and business names is essential if you do not want to be copied!

FAQs:

What steps do I need to take to get a new business going?

Starting a successful business takes some upfront work – first, come up with your business idea. Do some market research to see if it could be viable and profitable. Make a solid business plan to analyse if the idea makes financial sense. Get some startup funding from savings, loans, investors. File papers to formally create the business. Rent a space and get whatever equipment you need. Set up bookkeeping and accounting. Hire any staff you’ll need help from. Promote and advertise your new business. If all that goes smoothly, you’re ready to open your doors! It’s a process but worthwhile if you’re prepared.

Where can I find good business ideas to pursue?

Looking at your own interests and skills is a great starting point to find business ideas that fit you. Pay attention to trends and growing markets worth exploring. Ask people already in your industry what business opportunities they see. See what kinds of companies are successful in other cities or countries, and think about how those business models could work locally. Check out small business resources and organizations for more ideas. Inspiration can come from many places – be open minded!

Getting set up legally is important when you start a company – choose your official registered business name and legal structure that makes sense for your goals. Make sure to get all the proper licenses, permits and approvals you’ll need to operate. Research which taxes you’ll need to pay as a business owner. Understand any industry regulations or safety standards you’ll need to follow. Consult lawyers and accountants to make sure you “cross your t’s and dot your i’s” before launching.

How can I learn more about my business idea’s potential market?

Doing market research helps minimize risk by giving you useful info before you invest in a new business. Look at who your target customers would be, what they want and care about. Study what other competing businesses already exist. Analyse how big the market opportunity is and how fast it’s growing. Consider general economic conditions that could affect customer spending. Surveys, interviews, data analysis, and examining competitors can provide market insights. The goal is making smart, informed business decisions.

What are some good ways to market a new business?

Some key things when promoting a new business include: really understanding your ideal customers, creating messaging and ads specifically aimed at them, picking marketing channels that actually reach them, using your website, social media, advertising to drive ongoing awareness and sales. Track results closely to see what works and what doesn’t. Adjust your strategies over time. Success comes from knowing your audience, communicating effectively, and sticking with the tactics that get engagement.

Summary 

It can be frustrating feeling that you would be good in business only to be stuck in the blocks. Hopefully this article has helped if you were stuck in starting your business because you were without ideas. Remember – take your time but everything doesn’t have to be perfect before you start!

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