Find a Business Idea

In this section, we will discuss various methods and approaches to help you find a business idea.  As you will discover, business ideas are plentiful and are just waiting to be discovered.  Be creative and try thinking outside the box when trying to find a business idea. 

Be sure to have a pen and paper nearby because reading this section on finding a business idea should spark additional ideas for businesses.   Finally, another helpful resource is entitled, 1200 Types of Businesses, Types of Companies and Business Ideas.  Let's get started with our discussion on where to find a business idea.

TRAVELING

When traveling, whether to the grocery store or to a vacation destination, many opportunities can be seen. Look for products and services that are offered in other communities or counties and determine whether such products or services could be sold in your area. An individual vacationing to Europe, for instance, may see a product used by Europeans that "slows down" the aging process. The vacationer might feel this particular product may fit well in his/her own community or country, and as a result, take the necessary steps to develop a business plan to determine whether an opportunity is exists.

Another method in finding a business idea while traveling is to isolate products and services that are not available in the areas you are traveling. While traveling to Japan, for instance, you may discover a specific product is available in your state/community, however, is not available in Japan. If there is a large enough need for this product in Japan, for instance, you will have stumbled across an opportunity.

ONE'S OWN PERSONAL NEED NOT BEING MET

A business idea or opportunity may be discovered by an individual who feels their needs are not being met. Moreover, you may feel a product or service is not being offered adequately or, in some cases, not at all. If you have needs that are not currently satisfied, maybe other people share those same needs. If enough people share those needs, get excited because you might have uncovered an opportunity.

Can you isolate any of your needs that are not adequately satisfied or not satisfied at all? Make a list of these needs and determine how they can be satisfied. Maybe a product already exists that attempts to satisfy your need but it has fallen short. If so, what changes do you feel must be made in order to satisfy your need? How many other people feel the same way as you do? If all your needs are satisfied, listen to other people to determine their unsatisfied needs. Many people like to complain about everything and everyone. Maybe its time to actually listen to them cause who knows, they may provide you with the opportunity of a lifetime!

SPECIAL INTEREST GROUPS

Finding a business idea or opportunity becomes less strenuous when you focus on specific groups or organizations that already exist within our population. Literally hundreds and even thousands of business ideas can be generated by using this approach. Below lists several groups you may target. Try to think of products and services that can be developed or modified to better meet the needs of the following groups.

Each of the above groups will not only have one need but several needs which must be filled. Can you think of new products or services each group may need? Or can you think of more efficient approaches to reaching any one of the groups listed above.

The thing to remember when selling to a group of individuals or a special interest group is this; THERE MUST BE ENOUGH PEOPLE WITHIN THE MARKET TO JUSTIFY ENTERING IT.  The marget must be large enough, reachable, and unsaturated in order to provide you with an opportunity.

Make your own list of groups and then think of products and services these groups will need. You'll be surprised at the number of ideas you generate. Many ideas will spark new ideas and those ideas will spark additional ideas. Soon your list will consist of pages upon pages of ideas. Be sure to set aside twenty minutes each day to brainstorm business ideas. Remember to write down your business ideas on a piece of paper so they are not lost or forgotten!

UTILIZING TALENTS

Utilizing talents is yet another way for you to find a business idea. Many people have worked in an industry for years, only to fall victim to organizational downsizing. Why not utilize the skills and abilities you have acquired over the years to establish your own profitable business venture? For example, many salespeople who have been "let go" from their place of employment, recognize the skills they possess and develop their own marketing firm. These salespeople saw the opportunity, resulting from the trend towards an increase in self employment and then established a business to assist other entrepreneurs with their marketing initiatives.

You don't have to be a rocket scientist in order to be talented. For example, you may decide to develop how-to manuals, eBooks, or videos depicting your talents and providing others with information you've learned over the years. The following is a list of "how to" business ideas for eBooks. Use the list to generate other "how to" business ideas and possible eBooks which can be sold over the internet, for instance.

If you decide to develop any type of "how-to" manual or eBook, make sure there's a need for topic chosen.  If a substantial need does not exist, then it's not considered a profitable business idea and should be abandoned.

CURIOSITY AND OBSERVATION

Curiosity and observation has been one of the most effective ways to find a business idea and business opportunity. Taking notice of how products and services are offered to the marketplace may allow you to improve upon or change them in a way that better satisfies the consumer. Furthermore, by carefully observing your surroundings, you may determine more effective ways to sell a product, a more efficient approach to produce a product, or discover new markets to sell to. Any of these situations can open the door to new business opportunities

Millions of products have been developed as a result of observing people and the products and services they use. Therefore, pay close attention to people and the things they do – your business idea and business opportunity could be only one person away.

HOBBIES

As much as we enjoy hobbies, many people do not seem to realize a profit can be made from them. Moreover, hobbies have led the way to many interesting success stories and what's to say your hobby is any different. If you are fascinated with repairing electronics, you may decide to establish an electronic repair shop. Or if you play a musical instrument, you may decide to teach others on how to play by creating an eBook and selling it over the Internet.

Another approach to consider is to sell products or offer services to hobbyists. This can be accomplished either by selling existing products or developing new products that meet the needs, wants, interests, and desires of the hobbyist. Here are some hobbies you may wish to focus on by creating a how to eBook.  Again, these eBooks can be sold over the internet.

Make a list of other hobbies and form business ideas around each one. You'll be surprised at the number of quality business ideas you develop. If enough hobbyists needs or demand any one of your ideas, then you have a major business opportunity.

TRADE SHOWS

Attending trade shows and taking notice of new products on the market can help you develop various ideas for similar or improved products. It may also encourage you to think of ways to produce existing products at a lower cost. Be sure to contact your local chamber of commerce and other economic development organizations for upcoming trade shows in your area.

TREND ANALYSIS

Many business ideas and opportunities can be obtained through analyzing trends and changes in the environment. Let’s look at some common trends in society today; namely, changing family structure, the increase in the number of new businesses and the increase in the number of health conscious people.  Each of these trends are analysized below.

Change in Family Structures:
Family structures have been changing for decades and will continue to change in the future. Moreover, family structures no longer consist of eight to ten members (a husband, a wife, and six to eight children). Instead, we see a family consisting on two, three, or four members. What variables contribute to the change in family structure?

·        Men and women are marrying later in life.

·        More women in the workforce.

·        Men and women are focussing more on their careers.

·        More opportunities exist in society today.

·        More men and women have different interests, needs, wants, and desires.

·        More men and women are attending universities and colleges.

·        More activities for men and women to participate in.

·        And so on...

How does the change in family structure affect the products and services families purchase? What products and service will the new family structure purchase less? What products and services will the new family structure purchase more? Make a list and you’ll be surprised at the ideas you'll generate!  You might even discover an opportunity or products that can be sold to members of the new family structure.

Increase in the Number of Businesses:
The number of new business start-ups has been on the rise for quite some time. Many experts estimate in the United States, the number of home-based businesses have grown to 75 million. In addition, over 800,000 new businesses will start-up in the United States each year. This trend has certainly provided opportunities for many. Think about the products and services existing and new businesses require. Here's a few to get you started.

Some of the above products and services are general items most businesses require. You may decide to expand this list by writing down specific types of businesses and then asking yourself what products and services are needed by each type.

In summary, self-employment is certainly a major trend that is expected to grow for decades to come, thus, making it an opportunity for new business development.  Seriously consider businesses as your target market due to the growth rate; especially internet business such as the internet marketer.

Increase in the Number of Health Conscious People:
Turn on your television set and chances are you will see some sort of commercial relating to health and its importance. As a result, more and more people are becoming highly concerned with their personal well-being. If you can develop needed products or services that accommodates this large segment of the population, you will certainly increase your chances of experiencing "The Entrepreneurial Dream".

Make a list of the health products and services currently offered to the marketplace. How can you improve upon any of these items or pieces of fitness equipment? Can you think of any new products and services that can address the health craze? If you generate a list, you’ll soon discover the possibilities are endless.

Prominent Trends:

What about the trends we have seen for a number of years now?  The following list provides you with prominent trends that may give rise to business opportunities for you. Examine each trend below and make a list of possible business ideas for products and services.

·        Population is increasing

·        We have an aging population

·        Baby boomers are assuming positions of leadership

·        New types of family units exist (male-male, female-female)

·        Smaller family units

·        More people are attending universities and colleges

·        There is an increased need for lifetime learning

·        Multi-cultural societies

·        Increased number of single parents

·        Leisure activities are taking on more importance

·        Improvements in the satellite technology

·        More and more organizations are downsizing

·        Changes in electronic communications

·        More and more people are self-employed

·        More women are assuming positions of power

·        Society has become more health conscious

·        Fewer family members on average

·        Over 50% of all marriages today end in divorce

·        Computers/Search Engines can now translate a language into any other languages

·        Computers can now accept voice instructions instead of keyboard

·        The Internet, The Internet, and The Internet.

In addition, look within your own community for existing trends. Make a list of possible products and services that will accommodate local trends. If you can recognize a trend and isolate the reasons leading to the trend, then forming ideas around the trend becomes much easier.

CLASSIFIED ADS

Classified advertisements in national and local newspapers as well as internet sites such as kijiji, craigs list and thousads of others. is another source of finding a business idea. Many entrepreneurs enjoy the thrill of building up a business, running it for a few years and then selling it; only to begin the process all over again. In addition, franchisers frequently use classified or display advertisements to promote their franchise business.

Before you decide to buy an existing business or the rights to a franchise, it is wise to thoroughly investigate the stability, marketability, safety, and profitability of the business.

Be aware, owners selling their businesses will present the business in the best possible light. You are advised to receive as much information on the business in question and then consult professionals for their advice.

You may also find a business idea by reading the "want ads" in the newspaper or on specialized internet sites. If you notice people wanting the same products and services week after week, maybe an opportunity exists for you to provide them with those NEEDED products or services.

This concludes our discussion entitled Find a Business Idea.  When you decide upon a business idea, be sure to develop a business plan to ensure the business idea actually is an opportunity. You don’t want to invest money into a business venture if it’s not feasible.  Business Plan hut has all the information needed to develop a winning business plan.

Finally, for a listing of over 1,200 Business Ideas, Types of Businesses and Types of Companies, please refer to our discussion entitled, Types of Businesses.