business ideas

How To Find Business Ideas: 7 Proven Methods For Entrepreneurs

Elena Hudgens
By Elena Hudgens 6 Min Read

So you’ve decided to take the leap into entrepreneurship and start your own business. Congratulations! You’re on the road to success and I’m sure you’ll be very successful with whatever it is you decide to do. But right now, you need to find your first business idea. I’ll tell you how to do that in 7 simple steps.

Become a student of your industry

Before you start your business, it’s important that you really understand your industry. You should start by learning about the “Big 3” industries that are growing the most at the moment. And the “Big 3” industries that are growing the least at the moment. After that you should find out what are the trends in the industry you’re interested in for the next 5 years. Now, once you know which industry you want to go in, you can start taking a course in your chosen profession. Find out what others are doing in your chosen field of study and learn how to be an expert in that industry. And lastly, look at your competition and try to figure out why they are doing what they are doing.

Brainstorm

The next step is to brainstorm the most genius idea ever. No, that’s not quite true. You only need to find an idea that, when you put all of your talents together, will give you the greatest return on investment. No, not investors, that’s too much pressure. You need to give yourself enough time to explore a wide range of ideas before narrowing it down to the best of the best. I would suggest somewhere between 2-5 days, because you want to be thinking in a variety of different directions and exploring different ideas before you pick the one that’s going to be the most successful. 

Research

So what do you do first? Find your business idea. You want your first business idea to be as unique as possible. Just like in school, there is a very good chance that someone has done the exact same thing you’re going to do already. So start with one. After you find your first business idea, find out everything you can do about it. You want to know who your competition is, and how your business compares with your competition. You also need to find out how much money your competition makes, their business model and more. You want to make sure that you’re taking market share away from them and not missing out on potential profits. 

Pick a business idea

Once you’ve determined that you want to start your own business, the next step is to decide what type of business you want to create. After all, you can’t start your own business unless you have a first idea. So to help you narrow your search, I’ve put together a list of 30 great business ideas that you can easily start your business with.

Validate your business idea

Before you spend too much time on your idea or start turning something into a business, it’s important that you validate your idea. You need to make sure that people are interested in what you’re building or selling. You can do this through forums, surveys, or even by asking friends and family for their honest feedback. It’s important to start by building your Minimum Viable Product or MVP, which means you start by building the most basic version of your product or service that you think people would want to use. You start with an idea and you just build it in the simplest way possible. Then you just get it out there and start getting feedback.

Action plan

Once you have your idea, you need to make a plan that will help you turn your idea into reality. A lot of people will think that you need to have a massive budget to make things happen, but that’s not true. All you need is a pen, paper, and your idea. Write down three key things: what you want to do, how you’re going to do it, and why you’re going to do it. 

Conclusion

The point of all this is to make sure you’re ready to start a business. Now that you have the knowledge you need, you’re ready to start your entrepreneurial journey and make the necessary preparations before you start out. That’s the next step after you figure out your business idea. 

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Posted by Elena Hudgens
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Elena Hudgens is an entrepreneur with 10+ years of experience. She started her journey by building her own e-commerce website on Shopify and turned her $1000 savings to millions in just 2 years. Soon she started different ventures in which she failed and succeeded. And now, she's on a mission to help other entrepreneurs with her life and business lessons.
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