How To Find Business Ideas with 5 Simple Methods
The idea of starting a business might sound difficult but it’s not. It does take a lot of hard work, passion and perseverance to propel your business to reach a level of profitability but it’s not impossible. It all starts with that one idea.
If you want to start a business but you don’t know where to start, read this article till the end. We will be discussing the 5 simple methods on how to find business ideas. Without further delay, let’s get started.
How To Find Business Ideas with 5 Simple Methods
Here are the methods you can use to find business ideas with ease. Using these methods will help you bring out the best business idea that will work out for you in the long run.
1. Identify and Solve a problem
The best way of coming up with a business idea is to look at the problems around you and find out what you can do about them. You don’t need big solutions for a start, smaller solutions are equally good. When you look around you and notice what you use every day, you realize that they are solving a particular problem.
For example, a hot water bottle. It helps you keep warm during those cold days. That’s just a smaller solution to help you deal with cold environments. The hot water bottle is movable and efficient. It only requires you to boil some water, pour the hot water into the bottle, close it, and keep it in your bed or sofa, so you can find warm sheets.
The bottle is covered with cloth fabric that guarantees safe contact between your body and the bottle. I bet you are wondering why we would waste your time talking about a water bottle. But there’s a catch here, see such a solution is simple, effective, affordable, and solves an actual problem. The solution doesn’t have to be big; it could be as small and as simple as a hot water bottle.
Look around your environment and note the things you complain about or other people complain about. Find innovative solutions for them and that’s how you’ll find your business idea. Edward Penkala, the person who invented the hot water bottle must have identified this problem, and created the innovative solution that made him really good money.
2. Adapting to the Changing Needs
In this time and age, one has to adapt to changes quickly, not be left behind. Technology and Social media have caused a lot of lifestyle changes that have affected each one of us one way or another.
Some needs are constant, for example, physical needs like water, food, shelter. Emotional needs sometimes change and other times they can be constant. The solutions that change are services and products that fulfill these emotional, psychological, and physical needs.
Other needs that you can fulfill are our contemporary needs. For example, phones used to have SD card slots to cater to storage for your files, photos, etc. You will still find SD cards sold but they are not as popular as they were before.
Cloud storage has changed the game because people needed more space to store their memories. They can now store their videos on various cloud storage available on their devices. Furthermore, they get to view their videos on any device, anywhere. There are google cloud storage, apple, Microsoft, Dropbox, and many more companies that have adapted to people’s needs.
What can you create that is innovative and adapts to the ever changing needs? Or can you find an already existing product and improve on it? Continue reading unto another method on how to find business ideas.
When you have more experience in a field of interest, you find that you understand it better when you know which places need improvement. That’s why successful people read far and wide. Millionaires and billionaires are always knowledgeable on numerous topics that help them innovate new products.
Curiosity is very good when it comes to business. Don’t be limited to things that you know. Coming up with good ideas means trying out new adventures, travel, and seeing the world from another angle. Always look outside your area of expertise for new motivation and integration to come up with new ideas
For example, if you are working in a marketing firm, you get to experience a culture of employment. You meet clients, negotiate, make presentations, and so on. After a while, with the experience you’ve gained, you can feel ready to venture out on your own because you know how the business works.
You can handle clients and negotiation, you can focus on one niche of the business and be exclusive to a client. It’s the experience that helps you come out and redesign your product or service.
4. Solving Something that May Become a Problem
Identifying and solving a problem is a great way on how to find business ideas and it is not the only way. Why not find a solution to a problem that you know will happen? A lot is evolving and changing in the world right now. I understand it is very futuristic but this can be a great business idea.
One person that is in this business is Elon Musk. His passion is very unique. He has a sense of the future in his projects like Tesla Motors or Solar City. He understands that soon, fossil fuels will be a problem and he has the means and expertise to fix that. He’s taking steps to find solutions before something happens.
The advantage is that he has time to innovate and he has the market share. Sometimes you might think there is no market for a product but you can create your market if you think this way. Speak to people about what you see happening in the future. There will be people that share the same beliefs and as time goes by the popularity of your idea grows.
Turn these people to be your market and your business idea is solid. Numerous problems are predicted in the future. For example, Climate change and changes in weather patterns could be a niche one can choose. There are diseases like Ebola and COVID, and some that can recur in the future and others that can be preventable.
5. Exploiting Emotions
It’s believed that we make decisions based on our emotions. When we are angry, happy, envious, greedy, gluttonous, lustful, jealous, you get to purchase certain services or products at that time. You can exploit that.
Think about it! How many businesses exist today that have somehow exploited or appealed to people’s emotions? If you look in your room or bathroom, how many things do you have that have exploited some of your emotions? Do you want to grow hair quicker? Well yeah, there are numerous products in the market for that.
Your hair will grow whether you shave it or apply oils on it. But this specific hair growth product will make it grow faster and there is a market for that. Lightening products, slimming teas, also have a huge market that’s created by social media ideas of beauty. People that promote lighter skin tones, tanned skin, and well-manicured bodies are selling you a product that is taking advantage of your emotions.
Just think about it! Exploiting people’s emotions can be a manipulative approach to business but if you can find a product that you can help improve people’s emotions why not try it? What an excellent idea on how to find business ideas.
Most people enjoy partaking in numerous activities and spend most of their free time doing things they love. You can now think about how to turn your passion into a business.
Usually, when you are free, you occupy yourself in different activities If you enjoy writing, painting, researching, gardening, taking photos, traveling amongst other activities, turn them into a business.
I hope with these 5 brilliant methods, you will understand and have an insight on how to find business ideas. Cheers to being a successful entrepreneur.
Do you have any methods on how to find business ideas? Do you want to contribute to the ones above? Let us know your thoughts in the comments section. Kindly subscribe to Waptutors below. Thanks for reading.