How Do I Find A New Business Idea?

How Do I Find A New Business Idea

How do people come up with business ideas they love and that are successful? Why is it that some ideas you hear of, you know are destined for success, and others are assigned quickly into the waste basket.

Is finding that killer business idea, an art or a science?

From my research and interviews with many business owners over the years, I have discovered there are four ways that business owners discover that magic idea. And they are all a combination of art, science, luck and great timing!

If you are searching for that fab idea to start your business, remember these two essentials:

1. Always have a notebook on hand so you can jot down your insights, observations and flashes of insight
2. All ideas are great ideas! Don’t discount any idea, as no matter how crazy it seems now, with some time and a few shifts, it may evolve into ‘the’ one.

Use these tried and tested methods below to kick start your thinking!

You can have an epiphany

Epiphanies are a bit like buses – there is never one a round when you need one, and then three turn up all at once! The light bulb moment will happen when you least expect it, typically in the shower, as your brain churns through lots of disparate pieces of information, making sense of it all. Then ‘kapow’ you have that light bulb moment, and suddenly you get that idea or insight about what to do next.

Leverage your experience

Doing more of what you love and what you are good at is also a solid way to build a new business. You may have been an HR Director for the past 10 years, and love developing people and leading change. You also have a great list of contacts in the industry. It would be easy for you to leverage your expertise and network to create an HR consulting business.

Solve a problem

Fed up with a product or service in the market? Think you could do it better? Maybe you could! Or perhaps you keep wishing that someone had invented something that would make your life easier. Take some time to think about what you wish for, or that frustrates you, and that will be the beginning of your new idea.

Follow your passion

What do you love? What do your friends always ask for your opinion on? What are you always reading and learning about? What do you lose yourself in? Chances are if you are passionate about something, you will know a lot more about it than anyone else. How can you turn this knowledge into a compelling business idea?

Critical to this stage of developing a business is to keep an open mind, keep observing and maintain a sense of wonder. Always be asking yourself ‘what if?”

I would love to know what ideas you spark off! Let me know below.

And if you want to take the development of your business idea to another level, and check out if it will fly, then join me for my new “Discover your business idea” course. All details can be found here.


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