One of the main challenges that every entrepreneur faces is determining what business to put in.
If, like many other entrepreneurs, you find yourself in the situation of wanting to start your own business, but you don't know what business to start, in this article we present 12 ways to find a business idea that will help you find the right business for you.
1. Identify your passion
Identify what you are passionate about, what you really like to do, what you would do if you had all the money in the world and you would no longer need to work, what you would dedicate yourself to even without anyone paying you for it; And then think of a business where you do it, or is related to it.
For example, if you are passionate about pets, your business idea could be a pet spa, pet daycare, or pet accessories store; Or if you are passionate about cars, it could be a car repair shop, auto parts store, or a business dedicated to buying and selling cars.
2. Identify your talents
Identify where you stand out or stand out from others, what you do or where you perform better than anyone else, where you are the best; And then think of a business where you dedicate yourself to doing it, or where you can profit from it.
For example, if you have a good taste for fashion and good dress, you could open a fashion design school, a tailoring workshop, or a clothing store; or if you prepare tasty hamburgers, you could set up a restaurant where you sell them.
3. Identify your advantages
Identify where you have an advantage over other people or companies in terms of abilities, skills, knowledge, experiences and/or resources; and then think of a business where you can take advantage of it.
For example, if you have knowledge that few have about the production of a certain product, you could take advantage of this advantage by creating a business dedicated to the production and sale of that product.
4. Identify your knowledge and experience
Identify what you know or know how to do very well, what you master, what you could consider yourself an expert in; And then think of a business where you dedicate yourself to doing it, or where you can profit from it.
For example, if you have worked for several years in a company, you could start a business in a similar field, or where you do the same as you did in it; Or if you have worked for several years in the sales area, you could start a sales school, provide sales advice, or write and sell books on sales.
5. Identify a need or want
Identify a need or desire in people, and then think of a business, product or service that is responsible for satisfying that need or desire.
For example, if you have identified people's need to walk their dogs, you could start a dog walking business; Or if you've identified people's desire to travel with their pets, you could start a business dedicated to traveling with pets.
6. Create a new need or desire
Think of a product or service that other people or companies do not offer, and that due to its originality, novelty and innovation could be well received by consumers and, therefore, create a new need or desire in them.
For example, a product capable of performing a function that other similar products do not perform, or a service that can be provided through an application for smartphones that does not exist on the market.
7. Identify a problem
Identify a problem that people or companies in your area have, and then think of a business, product or service that is responsible for solving that problem.
For example, if you have identified the problem of the lack of security in the people of your locality, you could open a personal defense school, or set up a business dedicated to the sale and installation of iron bars.
8. Identify a product that you could do differently or better
Identify a product or service that other people or companies already offer, but that you could add something to it that allows you to differentiate or distinguish yourself from them, or do it much better.
For example, a product that someone already makes, but that you could make with higher quality supplies or with a more attractive design; or a service that someone already provides, but that you could provide more quickly and efficiently, and also at a lower price.
9. Research the market
Whether visiting commercial areas, doing small surveys or interviews with family, friends, acquaintances, or anyone else, or analyzing statistics or market reports on the Internet, try to identify:
- Products or services with the highest demand, but for which there is not much supply or competition yet (demand is not being satisfied).
- The products or services most sought after or requested by consumers, or that they always look for, but never find.
- The products or services that people would like to exist, and that no one has ever thought of creating.
- The businesses that people would put up if they had the time and resources.
- Businesses that could be successful today, or that could be successful in the near future.
- The most profitable businesses today, or that will be the most profitable in the near future.
