Want to quit your day job but no idea what for? Feeling the
entrepreneurial spirit but no idea what to do with it? Overwhelmed by
the prospect of starting a business from scratch?
Landing a business idea is actually not as hard as you think. If you
think about it, most businesses are in business because they claim to
serve and un-filled niche or do something better or different than the
competition. And, more often than not, these businesses succeed
(business planning and acumen aside) because they didn’t reinvent the
Here are six tips for finding a business idea and turning it into an
1. What Floats Your Boat?
Stuck looking for a business idea? Oftentimes the best ideas stem
from doing what you enjoy doing most – which is why hobbies often lead
to rewarding businesses.
Do you have a hobby that is an idea generator? Even minor hobbies can
lead to innovation. For example, if you live for dogs, could you extend
that love to other people’s dogs with a doggy day care or pet store?
Also consider whether what floats your boat also has market appeal? Try
to put yourself in your potential customer’s shoes – what do they need, what
can you offer that is different and would make their lives easier,
happier, more productive or economic, and so on?
2. What Have You Got to Offer?
In addition to doing what you enjoy, ask yourself what aspects of
your work do you do well and what you don’t do so well. Yes, you may
live for dogs, but if communication skills aren’t your strong point,
could you really deal with the sales side of operating a doggy day care?
On the flip side, you may be a whizz with numbers, so could you still
pursue this business idea but take a different role for yourself,
perhaps on the operational side of the business while bringing in a
partner to handle sales?
Knowing what you have to offer, and understanding your limits is
essential to turning a business idea into reality.
3. What Do You Want?
One of the most important considerations when planning a business is
pinpointing what it is that you want to get out of it. Whether it’s
making millions, finding a better work/life balance, or just being your
own boss. Will your business idea give you the life you want? Think long
and hard about this. Talk to others who have made the leap into
business ownership. At the end of the day owning a business that you
hate is just as bad, if not worse, than having a job you hate.
4. What Trends are Hot?
Entrepreneurs always have their ears to the ground looking for the
next hot business idea. And while, these ideas don’t always have to stem
from what you already do, it certainly helps if you can combine a
talent for spotting what’s hot with your existing know-how.
Take for example, a product called LunchSkins – a simple, colorful, reusable,
dishwasher-friendly sandwich bag.
Developed by three mothers calling themselves 3greenmoms,
LunchSkins marries a conscientiousness among consumers to “go green”
with a simple yet appealing variation on an everyday essential. And
because each partner had previous experience in environmental marketing,
design and business management they were able to successfully match
their skills and passion to a hot trend – saving the environment with a
funky cool product – that is now sold online and in retail stores in
over 20 U.S. states.
5. Don’t Quit your Day Job Just Yet