Finding Your Business Idea

One of the most common conversations I have with people is how they have always dreamt of starting their own business but are unsure of what to do.  However, most of the time the answer is much more obvious than it seems, and all it takes is a bit of self-reflection!

Firstly, think of any skills you have, including very specific skills as well as broader ones. (Read our blog post on Self-Employment to learn more about these skills) How might these be applied to a business idea? Then, consider what you are passionate about. This is important because this passion will help weather the potentially challenging times as you start your business. For instance, if you are excellent at woodworking and passionate about vintage furniture, a good business idea might be a furniture restoration service.

Next, study the environment around you, including your job, daily life, and hobbies. What problems do you encounter that are not currently being solved? Consider how you’re business idea might solve any problems you’ve found in a way that taps into your knowledge, skills and passions.  If your hobby is to hike, for example, you could start a hiking gear rental company or a hiking tour company.

The next place any entrepreneur should look when coming up with new business ideas is their own network of family and friends. After all, these are the people who know you best and will be most likely to support your new venture. By asking those closest to you for ideas, you’ll not only get some great suggestions, but you’ll also get an idea of what kind of business would be a good fit for your skills. Your friends and family will also have very different perspectives than you. They have their situations they deal with every day that you may not have thought of.

A great way to come up with new business ideas is to think about ways you could make existing tasks easier or more efficient. For example, let’s say you’re a real estate agent. You could come up with a service that helps people find their dream home by doing all the research for them. By thinking about ways to make everyday tasks easier, you’ll be able to come up with plenty of new business ideas that have the potential to be successful without all the mental effort.

There are millions of business ideas out there. Here at Ards Business Hub, we can provide you with the skills to become your own boss. If you are interested in starting a business, but unsure where to begin, contact one of the business support team to discuss how to turn an idea into a reality.

To find out how you can turn your dream of being a small business owner into a reality, get in touch with us today!