Want to start a business?
It all begins with a great idea — right?
Wrong!
Maybe it does in the movies. The main character hits a wall, they’re down and out, then… BAM.
THE IDEA.
The big idea hits them, and it’s clear as day! They get to work and they do the big thing and it’s DONE!
Well, I hate to break it to you but not everything works out like it does in the movies.
What if you know that entrepreneurism is for you, that you have the drive, the desire, and the disposition, but you just lack a good idea to get off the ground?
There are plenty of resources to help an aspiring business owner navigate their entrepreneurial journey, but what do you do if you don’t even have an idea to get started?
Here are a couple of steps you can take to help you come up with ideas for a new business…
1. Start with your passions
It’s always best to start with what you love.
Make a list of all your passions and don’t leave anything out.
Even if you think some of your hobbies are unimportant, list them.
Take notice of any patterns that seem to emerge. Patterns might indicate the field or industry you should be pursuing.
But don’t worry if NO patterns seem to emerge. In fact, if your interests are diverse, you might come up with a hybrid idea that few (if any) other people are well-suited to do.
Do you like social media and new tech? Maybe you should consider launching a podcast.
Do you like teaching, design, and baking? Maybe you should launch a cake decorating course.
Do you like flying small planes and photography? Maybe you could sell a unique brand of aerial photography.
Being an entrepreneur is challenging at the best of times, so if you are not pursuing something you are seriously passionate about, you will make things harder for yourself down the road.
So, for this part of the exercise, don’t be afraid to let your imagination run wild. Anything is possible. Trust that your passions will lead you to success.
2. List your material assets
Once you’ve done listed your passions, it’s time to get a little more practical.
What are your material assets? List everything from your computer, office space, and equipment.
Also get real about how much money you have in order to purchase more stuff for your business, should you need to.
Don’t worry if you don’t have too much in the physical world. Remember, Uber was started without owning any cars. Airbnb was launched without owning any properties.
Just make a list of what you do have, and remember that necessity is the mother of invention.
Whatever you think you may be lacking at this stage might only make you more creative when it comes to developing your business idea.
Or, it will at least help you determine what you need to focus on getting to make your vision a reality.
3. Who do you know?
If you’re going to run a business, you’re going to need people.
Family and friends are great, but they don’t always have the influence you need to help your business ideas get off the ground.
You might need to hire a team to help you get your dreams off the ground.
Even if you plan on running the business yourself, you will need to find suppliers, customers, and advisors.
You might need to delegate things like accounting and bookkeeping, copywriting, printing, and marketing.
Take stock of everyone you know and of everyone THEY know.
What connections can you leverage to help you grow your business?
4. Assess your skills
Now it’s time to go deep.
What are you good at? What are you GREAT at?
What computer skills do you have? Can you fix furniture? Do you make incredible French food?
What skills have you accumulated over the years?
If you are thinking of changing tracks, and leaving a long-held job to start a business that has nothing to do with your old career, DO NOT WORRY.
Skills are transferable.
If you’ve been working a desk job in administration and finance, and now want to bake cookies for a living, have no fear.
Chances are, you developed some serious skills while working in administration and finance, that could help you own and run a bakery.
For one thing, you might be incredible at organizing, budgeting, and sourcing suppliers. Maybe familiarity with certain softwares could transfer into a new career as a business owner.
I know someone who thought she wasted years of her life working at a customer service counter for a big box retail store, but it turned out that those years in the trenches taught her all about reading the customer, determining their needs, and diffusing conflict like a pro.
These so-called “soft skills” helped her tremendously when it came to interacting with clients for her business years down the road.
5. Come up with a product or service that serves a niche market
By now, you should be able to brainstorm some ideas about what kind of business you could launch.
Again, it’s important not to limit yourself at this point. You’re just coming up with ideas, you’re not investing in anything yet.
Don’t be afraid of focusing on a very specific niche business.
Don’t be afraid of coming up with a product or service that is so unique and so different that, while it might not interest a lot of people, it will be considered very valuable to a certain group, and there will be little competition for you.
6. Get to know that audience
Now that you’ve figured out some ideas for products and services, it’s time to find out if there is a market for you.
Find out everything you can about your potential target audience.
Is there a demand for your product or service and will enough people be willing to pay for it?
Are you able to reach this audience? Can you see yourself interacting with them and winning them over?
7. Get to know you competition
It is time to be brutally honest with yourself.
What is the competition like? What are you up against? Are you planning on offering a product that can be provided by someone else for a fraction of the price in half the time?
Can you justify charging more because your product is unique and special in some way?
At this point, if things don’t look good, it might be time to go back to refining your product or service, and come up with something that will be more in demand.
8. Come up with a plan
By now, you’ve got a product or service in mind, you have a list of all your assets and skills, and you have a good sense of your network and audience.
It is now time to get strategic.
You are finally ready to put it all together and write a business plan.
This plan will allow you to leverage everything you have, and set out a strategy for obtaining the material assets, skills, and people you don’t have.
Set deadlines and budgets to get you closer to your well-defined goals.
Things should really start to take shape now, and you should have a clear vision of what your business and typical workday will look like.
Do these align with your values? Can you see yourself living and working like this?
If not, it might be time to re-assess what you want to do.
9. Just start
This part if often the hardest.
It is important to plan as much as you can, but at some point, you just need to take a leap of faith and start.
And — this might not be easy to hear —but the truth is, things are not likely to go exactly according to plan.
You are going to encounter hiccups along the way and be forced to pivot and try something different.
It is important not to get stuck on your original vision. Part of being an entrepreneur is learning to adapt and going with the flow.
Remember when Netflix used to mail DVDs to their clients? They don’t do that anymore. Remember when Blockbuster didn’t want to change the way they delivered movies to their customers? They became the giant dinosaur that went extinct.
Never be afraid to go back to the drawing board and switch things up. You won’t be able to plan for everything.
Recessions, pandemics, and industry trends are going to happen whether you anticipate them or not.
Just start. And figure it out as you go along.
Coming up with business ideas can be challenging. To get the ball rolling, make a list of all your passions. Then, take stock of your material assets, your network, and your hard skills and soft skills. After you’ve done that, brainstorm some ideas for products and services. Then, study your audience and determine if there is enough demand for your product or service. Analyze your competition and determine if you have a place in the market. Come up with a plan, and get started. Don’t be afraid to figure out the rest as you go.