How to Find Your Perfect Business Idea in Just One Weekend

By Olivia Angelescu

There are many small and big businesses that start based exclusively on whether they will bring in high profits. But should profits be the main reason for starting a business? I don't think so. Building a successful and meaningful business should begin with finding the perfect idea--one that builds on all the things you enjoy doing while also allowing you to reach and even exceed .

There are many people who think that finding a great business idea is a complicated task. In fact, it may even cause some people to reject their entrepreneurial dreams.

If finding a business idea that suits you is overwhelming, or if you have a list of ideas and don’t know which one to focus on, I have developed a very efficient system that will get you to the implementation phase in just a few days. Now, go to a quiet room, grab a pen and some paper, and take a deep breath. I mean it . . . close your eyes and take that deep breath. . . don’t start until you do this. It will prepare your brain for this exercise.

Step #1: WHY do you want to start a business? (20 minutes)

It all begins with YOU. First you need to write down your motivation for starting a business. It might not seem like a valid first step, but trust me-- it is very important to be clear about your big WHY. Your startup will probably not generate very much money in its first few months (or even years), and it is going to take a lot of effort and continuous dedication--and at some point you may even want to just give everything up. But if you have a strong WHY, this will help you to carry on until you reach the sweet spot.

Step #2: What are you good at? (up to 60 minutes)

Think about the things that you are good at. These could be:

• Skills you've developed (e.g., being proficient at Excel)
• Knowledge you've acquired (e.g., art history, statistics, financial management, or how to use big data to support business decisions)
• Challenges you have overcome (e.g., overcoming chronic pain, becoming an effective social networker if you're an introvert)

Don’t censure yourself here. Something that might seem easy and natural to you without any added value may be something that someone else might happily pay for! And no, you don’t have to be an expert on the topic--just write everything down.

If you can’t find many things that you are good at, you can always ask your family, your friends, your coworkers, your clients. Remember that in this phase, it’s just a brainstorming exercise, so please write everything down, even if something seems worthless.

The first time I did this, I wrote down things like “baking cookies for my kids” and “preparing to-do lists." So there is no room for self-judgment here--just try to capture whatever crosses your mind. Don’t stop until you have 20 business ideas written down. I know it may sound like a lot right now, but you can do this, trust me.

Step #3: What kinds of business do you like? (up to 2 hours)

Next, include on your list every business you admire.  Also, go online and browse for business ideas that appeal to you. Remember to write everything down, even if the businesses require a lot of capital to start and you don’t have that kind of a budget. You are not choosing your business idea just now, you are just brainstorming everything. You should generate at least 10 to 15 business ideas here.

Step #4: What do you enjoy doing for fun? (1 hour)

Now, the next step to finding a business idea is to add to the list all the things you enjoy doing. These could be hobbies or other things you do in your free time. Also, a good exercise is to look at the books on your shelf and see what kinds of non-fiction books you have. What subjects interest you? What websites are you following? Which blogs do you subscribe to? What would you want to learn about if you had the time? What kinds of things did you enjoy doing when you were 10 years old? What would you do if money was not an issue?

Step #5: Business model? (40 minutes)

Decide on your business model. Will you sell a product or a service? An e-commerce business or offline? Small or big? Home-based or office building?

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• Does Your New Business Idea Solve a Real Customer Problem?
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• Should You Start a New Business Solo or With a Business Partner?

Step #6: Pare down your list. (1 hour)

Next, you are going to eliminate those business ideas which are not practical or are not in line with your chosen business model. This means that if you listed that you are good at preparing Excel business reports, but you don’t want to spend the next few years doing that for a living, cross it off your list.

So, for every business idea, think a moment if it’s really something you resonate with and whether you actually see yourself doing it as a career over the long term. Also, if a business idea on the list requires a lot of startup capital which you don’t have or is not in line with your chosen business model, cross it off the list. The objective here is to have only three business ideas remaining.

Step #7: Prioritize. (10 minutes)

Write down the remaining three business ideas in rank order; number 1 should be the idea that excites you the most. This will be the final list that you are going to finally test.

Step #8: Test your idea. (4 to 8 hours)

For every business idea remaining on your list, ask the following question: “Is there a clearly defined need or market for this business?” Or more simply: “Are there people already spending (a lot of) money on this?” This is actually the most important part of the process--and I am sure you have heard it before.

A good technique would be to ask yourself: “Who are the people who would be interested in this and would they spend their money on my product/service?” You can browse websites selling the same types of products/services like you want to sell and research their sales, or you can go to websites like Amazon and see what types of products people are buying. For example, what are the most purchased books?

As a quick tip, coming from my own market research phase, the three broad categories of products/services that most spend their money on (at least online) are dating, health and fitness, and earning more money (not necessarily in that order).

Ready, set, find your business idea

Wow, this was a long article, I know. But if you are still reading this, I congratulate you! You’ve taken one step more than many "wantrepreneurs" out there. And sometimes, one step more actually makes all the difference.

Building your business is, indeed, not a game, so you have to make sure you are heading in the right direction. Of course, this will not guarantee that you are going to succeed, but it will definitely ensure you are off to a good start. Enjoy your ride!

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