Starting a business is exciting. It’s an opportunity to build something you’re proud of. But what if you’re not sure what that looks like? In today’s entrepreneurial world, it can feel like anything is possible. So why does it sometimes feel like an uphill battle when we’re trying to decide on a good business idea?
We understand how confusing this part can be – the beginning phase isn’t always as easy as it looks! To help you put those entrepreneurial dreams into action, we’ve listed a few steps for choosing a successful idea.
1) Follow your curiosity
You might have heard the saying, “Follow your passion and you’ll find your purpose.” Sometimes we don’t know what our passion is. So how do we find something that could potentially be a profitable business idea?
Simple. We get curious.
When we’re curious, we gravitate towards an idea. We explore more and we get clearer on the things we enjoy doing – and the things we don’t. Your curiosity might begin as a simple weekend project, a hobby, or a side hustle. It could look like baking or taking photographs, fixing cars or building furniture in the garage. When you give yourself permission to try different things, you tap into ideas you might not have discovered otherwise.
2) Get clear on your motivation
What’s your why? Why do you want to start a business and why is it important to you. Knowing what drives you, will help you stay committed to your dreams and inspire others to get on board too.
Think about what motivates you. What is the real reason you want to become an entrepreneur? Get to the heart of your story and think about what this means to you personally – beyond the financial aspect. When you do this, you’re that much more likely to follow through.
“You can only become truly accomplished at something you love. Don’t make money your goal. Instead pursue the things you love doing, and then do them so well that people can’t take their eyes off of you.” – Maya Angelou
3) Make room to brainstorm
Schedule some time to map out possible business ideas in a quiet space. You don’t want to be interrupted or distracted. To get those creative juices flowing, get comfortable and have a few pieces of paper or a notebook available.
When we physically write things down, we’re able to look at the big picture and remember what we’ve written. Make a list of all the things you love, things you don’t enjoy, and things you’re good at.
If you find this last part tricky, think about what people ask you to do or help them with. For example, maybe you’re the go-to person in the family for solving IT problems. You might not even realise there’s a gap or space in the market for what you’re already doing.
4) Reach out, ask questions
Before you decide on a business idea, it’s important to do your research. This means asking questions and seeing what people are talking about. What are they struggling with? What are some of their biggest challenges?
For any business to be successful, there needs to be a demand for it. Here are five easy ways to start researching:
- Use Google trends for popular searches
- Join Facebook groups to see what people are asking about
- Send emails to friends, colleagues, and family
- Share Google surveys to get feedback
- Create social media polls to gauge interest
5) Decide on the problem you’re solving
After the last step, you should have a better understanding of what business opportunity you could offer. If you’re still feeling confused, consider this: What can you make smarter or better? Remember, business isn’t about selling, it’s about solving a problem.
The last thing you want to do is launch a business where there isn’t a need for it. Do your homework, ask the right questions, listen, and build your business idea around solving a problem.
“To launch a business means successfully solving problems. Solving problems means listening.” – Richard Branson
And there you have it; five simple tips to help you choose a business idea when you’re starting out. All the best for putting those big dreams into motion, we know you’ve got this!
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