6 Top tips for coming up with a business idea
Perhaps you have aspirations to run your own business, but you haven’t yet hit upon the right idea. Ideas can come to you in several different ways but here are some tips to help inspiration come to you.
1. Keep a diary
Keeping a note of your daily frustrations can often be a good source of ideas. Note down everything from tangled coat hangers to difficulties finding the right suppliers at work. If something is a problem for you, it may be the same for other people. This can be an indication that there is a gap in the market for a product or service which solves that problem.
2. Consider your unique combination of skills, knowledge and experience
For example, you might be a musician who also has great IT skills or an engineer with excellent writing skills. Think about how you could combine your skills and knowledge in a different way to create value.
3. Look for inspiration
If you naturally follow your interests you will find books, podcasts, social media influencers and events which keep you up to date with a particular industry or topic. It is easy to feel overwhelmed by the amount of information available, so be strategic and curate the information you want to focus on.
4. Test out ideas
Take opportunities to test out your ideas in a low-risk way. This will give you valuable information about how potential customers respond and help you learn about the logistics of running a business such as dealing with suppliers.
5. Talk to people
Discussing ideas with others helps us to make connections and come up with solutions. You could even have a brainstorming session with some friends to help you come up with an idea.
There is a lot of information available. Libraries such as the British Library have databases with research reports on different industries. This is a great way to see trends in different areas and potentially to spot opportunities.
Before you start a business, you need to properly research your competitors and customers. It is not enough to ask your friends and family if they think you have a good idea. You need to be sure that there is a demand for your product or service.