If you’re thinking about going into business for yourself the first thing you’ll need is an idea. To some people business ideas come naturally and that’s what we believe makes entrepreneurs unique. “Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.” – John Steinbeck. However if you haven’t thought of one yet this guide will give you some “ideas” on how to think of a business idea.

Normally an idea will come in the way of a product or a service however you’ll know which one it is when you think of it. You can’t decrease your odds by only thinking into specific areas such as only wanting to provide a new product, you could, but it would be silly too. The great thing about a business is that it can be about anything at all. We’ve included some good business examples for each point you have a better understanding. Most businesses people create reflect themselves in some way, to help start your idea process think or write down things about yourself for example your good at or what you love to do and that might frame your mind in an enthusiastic direction.

Write it all down

You’ll need to think of lot ideas before you get one worthy of actually considering. You need to think and write down as many as you can over the next few months, run through them and throw away the bad ones. Then that leaves you to pick out of the rest. Remember everyone thinks that their own ideas are great so be sure to share it with Family and friends to see what they think however as always don’t be put off if they don’t like it. “If at first, the idea is not absurd, then there is no hope for it.” – Albert Einstein. All businesses start with a single thought, You can think about what interests you to see if there is anything you’d like to start. A simple example is if someone likes fixing cars they start a mechanics garage.

Niche Market

What is a niche Market? BusinessDictonary.com defines it as “A small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.” You can analyse a specific area and see what’s missing to find a niche market.

Whether it’s a product or a service it’s important how popular the niche would be and if the business would have enough custom. You could find niches in a family business, your education background or even your current career.

An example of a niche market would be sendapackage.com, maybe not the best example but it shows it doesn’t matter what it is, as long as it can make money. Sendapackage.com takes out the hassle of sending packages to inmates. A niche market allows you not to spread yourself too thin, it’s easy to become an expert in it, marketing is easier and it’ll be more unique so less competition.

Find a solution to a problem

This is a simple Idea that works the best. All you need to do is think of something that people want but is not being done. If you can’t think of something yourself do some consumer research. Everyday loads of people are in search for products or services that don’t even exist. A example for this would be Ashley Madison, The online dating website for married people to have affairs. It simple, some married individuals want to have an affair, you supply a confidential service that allows this.

Cheaper or Better (Build upon a business)

This is always a good way to find a new business idea. Seen a service or product that you think is good? You think to yourself “I could do it better” or “why don’t they do this”. If it’s a product, could you source it and sell it for cheaper? If it’s a service can you supply it better, or again, cheaper? This method quite simple, you just go through one product/service after the next and see if it can be done cheaper/better. Try and focus on areas that you enjoy, if you are interested in it yourself it will give you much more motivation.

Consider Trends (What’s next)

Trying to think of what’s next is pretty impossible unless you analyse a specific area. For example, think of technology and where it’s going. A lot of people make money by making accessories first for new product from companies such as Apple. They know that a new product will be out soon whether it be a new iPhone or iPad. They will normally import the products as soon as possible from overseas such as china and they sell it in their country. Make sure to find one that you can dominate as like the example, apple product accessories has many competitors and it’s likely if you tried to go in to something of that size you wouldn’t even get seen.

Apply your skills in a different way

What we’d like to do is give you an example for this type of idea. We’d like to use Chris, He was an IT admin. He was also a computer programmer. He ended up making programs to help him in his job and other IT admins. Therefore using his IT skills to write programs and make a lot of money doing it. Have you got a skill that could be applied in a different way? Again try and find a niche, If you’re a mechanic and you can see that more and more cars are needing to be plugged in to a computer and having to get car electronic technicians to fix them then maybe you should consider that area too.

Find a solution to a problem

Time and time again different things frustrate us. You can use that as a business idea. Can you solve what’s causing irritation, if so, could you turn it into a business? For example, Colin Barceloux thought textbooks were for too expensive for a student so in 2007 a couple of years after graduating he started Bookrenter.com. It allows students to rent the books instead of buying them which reduces the cost by around 60%, he now has 1.5 million users.

Franchise

If you would consider a franchise as a business then finding an idea will be easy as it’s already there. You’ve just got to look through different types of franchises you could do. See our article about “How to start a franchise” to find out what kind of businesses which you might be interested in. You’d be surprised about how many different franchises are available and the benefits that can come a long with one.

Start up by yourself

Probably a very common one that people talk about however very few actually do it. If you’re working for a company or another individual and you think you could make more money yourself doing the same thing. A lot of trades do this and that’s why companies struggle to get people to work for them as they’ll be better off working for themselves. Although it can be risky to start if your already doing it there should be no reason why you can’t do it on your own.

Ask for help

Professional, family and friends or consumer research. If you can’t think of a new business idea then ask your family and friends to see if they can help you come up with, they might already have an idea in mind which they’ve been thinking about which they might offer to you. Along with family and friends you can even try the money making expert forum, we have a sub-category dedicated to businesses ideas.

Tips
  • Take breaks
  • Get plenty of sleep
  • Always be in the business idea mindset. ( As a true Money Making Expert you should be in this mindset 24/7).
  • Go travelling, although it might be hard in the situation you are in. It’s a great way to broaden the mind.

Ideas come and go and sometimes you’ve just got to pick one and commit. Make sure to do a reasonable amount of research with the area that you’re going into and be sure you have the funds to get you there. When you’ve thought of one be sure to run it through with trusted friends and family, add up the basic figures in your head and do some basic secondary research like searching online.