Ways to Generate New Business Ideas

Are you thinking of entering the world of business? Successful business owners are some of the most creative people, and they use this creativity to make decisions every day. The same creativity is what they use to come up with new business ideas when diversifying their ventures. Are you curious about how you can do the same for your first business?

Consult Experts

Many people overlook the value of other people’s expertise. Talking to a business broker can give you great insight as to what business is good to open, be it a franchise or a fresh business idea. Talking to experts doesn’t only give you an opportunity to get new perspectives; it can also refresh your own thinking and brainstorming methods.

You can meet experts and other people in entrepreneurship by going to networking events. Maybe check out meet-up websites and social media groups. Take advantage of in-person gatherings and events, and don’t be afraid to introduce yourself to new people. You’ll be surprised by how generous people are with their insights and advice.

Take Note of Problems

Thriving businesses all solve a problem. Commonly called “pain points” in business-speak, companies that address a prevalent issue in a new way often find success. Some of the biggest businesses like Google and Uber solve problems that seem to be simple. Google helps people find information on particular topics from different sources while Uber provides a cheaper and more convenient way for people who want a ride from point A to B. Seemingly simple problems, these have proved to be golden ideas for both companies.

A good habit to keep is to write down your pain points or those that you observe. Keep a notepad where you jot down these ideas. Set a day of the week where you’ll sit down and brainstorm on possible ways to address these issues.

Explore Your Interests

woma looking at laptop screen

Many successful business owners started companies in fields that are right in their interests. It’s a great idea to form a business around something you love. If you enjoy cooking, look into opening a business around food and entertaining. If your passion is in fitness, opening a gym or even a nutritional supplement store can be a rewarding journey for you.

Go on the Road

Outside your town is a great big world waiting to be explored, and in this world is a ton of business ideas. Going to new places isn’t only a great chance to see more; it also can give you a peek as to what services and products are not available in your area’s market. Finding a business idea while travelling is hitting the golden ticket, but even if you don’t get a business idea, travel is still a great way to hit the reset button and freshen up your brainstorming and idea-generating skills.

These are just some things to try when generating business ideas. Starting a business is one of the most rewarding things, and it has to start with a great idea. Good luck on your journey!

On the Lookout: Ways to Spot Gaps in the Market for Your Business

entreprenuer on the phone

A timeless piece of business advice from seasoned entrepreneurs and mentors is this: always find gaps in your market. Such discrepancies are promising opportunities for businesses. They can either be an avenue for expanding current operations or be an entirely new money-making venture. But how exactly do you spot such potential? Here are some ways to do that:

Look for problems

In essence, gaps in the market are unmet needs. So, when scouring the industry, look for pain points. What are your customers’ frustrations? Is it the long queues in your restaurant? Perhaps a self-ordering kiosk can be of help. Is it the lack of healthy, quick bites in your locale? Perhaps opening a sandwich shop like Jon Smith Subs would solve the problem. When you’re able to pin down what exactly people are pining over, you can almost guarantee that your products and services will sell themselves. The best way to learn your market’s problems is to ask them directly. Conduct customer surveys. Or if you haven’t launched yet, do some case studies on your target audience.

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Checking out the negative reviews of your potential competitor will also offer great insights. When you know what’s not working, you can strategise how to avoid it and make yours work. So again, the principle is to seek your market’s pain points.

Track pending legislation

Sometimes, you can tell the direction the industry is going by looking at the changes in local, state, or federal laws. It can open up a new market segment or point to a promising venture. So if you could keep an eye on reforms, or better yet, predict them, then you can better position yourself and be one step ahead in your industry. Get yourself in the loop of trade organisations’ updates.

Turn on your Google Alerts, key in keywords, and make it a habit to read two to three articles a week about your industry. Of course, nothing beats having a mentor, someone who’s been in the game for a long time. They won’t just keep you informed about trends but also train you to make a forecast of the industry. So, look for business coaches. Grab every networking opportunity. Meet your ‘heroes’ at conferences and workshops.

Get inspired by the ‘outside.’

Don’t be limited to the businesses you see in your community now. Think outside the box, or in more concrete terms, go travel. Overseas, you might just run into something unique that you can’t find it in your own country or a new way of doing things, which can highlight the gaps you might have missed looking at your industry. Research businesses are booming in other countries. Learn why they’re successful. From there, see how you can do a relatively similar business that will work in your context.

In the end, the gaps in your market are opportunities in disguise. Don’t lose sight of them. Instead, seek them out. Take note of these tips to get you into the habit of looking for promising opportunities.

Mind Over Matter: Success Mantras for Every Entrepreneur

entrepreneur in her shop

Success in business starts not with a good business plan or the sellable idea. Instead, it begins with the mind. Your greatest cheerleader and your worst enemy are your thoughts. If you can win the battle in your mind, you can guarantee that you’ll emerge victorious from any of the business challenges coming at you. Just take a cue from the most influential entrepreneurs today who set aside a huge chunk of their time every day just for meditation. As you start your business, begin internalizing these mantras to position yourself for success:

Find passion

Passion is the very thing that changes the status quo. It’s what inspires one to shift from the 9-5 desk job to a 24/7 gym business lifestyle (even though it looks crazy). It’s what gets you up in the morning and keeps you awake at night. It’s what inspires you to keep fighting even at the darkest of times down the road. So, it’s essential that your business coincides with your passion, right from the beginning. For some, they’re lucky to know what exactly they want in life. For others, they have to find it earnestly. Take an inventory of your strengths. What is it that you excel doing? Think about what frustrates you in the industry. What is a problem in your community that you want to solve? Your strengths and people’s challenges can fuel your business.

Take the risk

female entrepreneur talking on the phone

There are no certainties in business. As they say, this industry is like a gamble. You won’t know if your bets will pay off. Right from the start, you have to take the risk of leaving a stable job and a good paycheck, sacrificing your savings or introducing a new product to the market. But embrace the uncertainty, nonetheless. One way you can be comfortable at this is to have a mentor who can give you advice on how to take smart risks and show you exactly what it means. Consider what most starting entrepreneurs do: consulting franchisors. Seasoned entrepreneurs can teach you the tricks of the trade and offer you a less risky venture option compared to building a business from scratch. If you want to push through with that gym business lifestyle, go ahead and pursue fitness franchise opportunities.

Accept defeat and failures

Not everything will go smoothly in your business. Along with the good days and triumphs, there will be bad days. There will be people who don’t believe in you, as well as rejections along the way. There might be no assurance of putting food on the table. There’s a possibility of hitting rock bottom. You need to accept this reality as early as now. By being fully aware, you’ll be able to prepare better and keep yourself humble through the years. Should you experience the most significant defeat, losing everything in business, profits and reputation, accept it wholeheartedly and start over again.
Again, success begins with the mind If you’re able to tame your thoughts and direct them to your goal, you can win half the battle. Internalize these success mantras every day.