When deciding what new businesses to undertake, some people will explore and make use of their current resources, experience, skills or even assets. For example, some interior designers started by working for bigger companies as their first few jobs. After they have accumulated several years of experience and customer base, they may decide to leave and setup their own interior design company.
If this is not possible for some reason, then there is a need to look around for new ideas that could turn into a potential business opportunity. The following are some questions or areas that may help to trigger ideas, or lead you into further research of new areas.
1) Fill up a need or solve an existing problem.
Do you often come across something that you need, but could not find any products or solutions to fill this need? If you have, quickly jot down the problem and find out if there are alternatives in the market where others are currently using to fill their needs.
Is there any reason why no one has developed the product or solution yet? It is always good to be a devil’s advocate and doubt that you just hit a jackpot idea. It could be due to the high cost versus low demand for the such a product or services, or there could be another better alternative that you are not aware of.
Always find out more and be skeptical.
2) Study existing business and assess if you can do better.
Is there a huge market demand where existing businesses are struggling to cope?
What is their weakness? Can you do better than them?
3) Target hobbyists
Hobbyists do not always shop because of a “need” or “problem”. They shop because they love the hobby so much that they are more willing to spend more on related products.
4) You’re passionate about
It is always a good idea to start with passion. As you are going to spend a lot of time and energy building a business, being passionate about what you are doing will keep you motivated.
5) Currently Trending
If there is a demand, there is a business. Watch out for the things that are currently trending or predicted to be trending in the future. Invest your research on it and start developing your ideas from it.
There has been a rise in awareness of living as a minimalist. Moreover, people are getting concern about how the world’s climate has been changing. Hence, it is predicted that a sustainable business has a higher chance to stay in the long run. Selling eco-friendly products or preloved items for more sustainable shopping could be another idea.
After you decided on your business ideas, the only way to make your plan a step closer to perfect is by fixing the imperfects. The most common method to determine the challenges and plan out how to tackle them in the future is using the SWOT model. Some thoughts to consider:
- What is it about your business’ unique selling point that differentiates with competitors?
- What are the limitations in your business that competitors could be doing better than you?
- What other marketing strategies that could boost your business for more opportunities?
- Will there be any changes in customers’ preferences that could be a threat to your business?
As mentioned in the introduction, to launch a business you will need at least enough capital to stock in products if you plan to sell goods. Planning based on your financial status is a good tool to decide when to launch the business.However, there are also businesses that need no cash, to begin with, at all. You might want to consider:
- Affiliate Marketing: the process of earning money every time you promote someone else’s products or services.
- Blog Writing: online diary or journal focusing on one or several topics with frequent updates. Write about something you know well!
- Website building: These days there are a lot of platforms that allow you to be a professional website builder. Explore your creativity and discover new skills as well.
- and more! Click here to find out 15 other business ideas.
Once you have everything all planned out, you may realize that you will need fundings immediately or in the near future. For immediate business funding, research on crowdfunding platforms. Crowdfunding is one of the ways for businesses to raise money. These platforms are funded by individuals or organizations who are interested to invest, or sometimes donate, in. Some of the famous crowdfunding platforms are:
For extra fundings, after the business has been developed for a few months, consider getting your business a flexible business credit line. A business credit line or line of credit allows your business to have an extra support of fundings for whenever sudden expenses arise. Even better, you only pay interest for what you drawdown from your agreed credit limit.