Hustle

How to Brainstorm Potential Business Ideas

January 25, 2018

Some people want to start their own business but they just can’t figure out what that business would be. They think to themselves that they can’t make anything special so how are they supposed to start a business?

But every business starts as the same thing…an idea. According to a report by Forbes, there are over half a million new businesses founded in the U.S. every.single.day. What is keeping you from starting your business?

 

Here is how you can brainstorm potential business ideas:
 
Keep an eye out for potential opportunities. For those of you with a ton of lists with business ideas, this might not be as much of a problem. For those who have trouble thinking of even a single business idea, maybe you’re just not aware of potential business opportunities. Try to stay conscious and aware of the daily frustrations or annoyances you go through, look at every thing you experience as a potential business opportunity. The best businesses often solve a problem, so that’s a great place to start. Blue Apron, Uber, Amazon, all of those businesses are solving problems for people who can’t cook, need to get somewhere but don’t have a car, or need a new pair of headphones before they go to the gym tomorrow, they’re giving people what they want or need but they couldn’t get as easily before these businesses came around. If you have something you have to do every day that you complain about or can never seem to get right, is there a business opportunity there? Be open to any and all potential new ideas.
 
Think about how you can solve the problem. Once you’ve identified the problem, think about how you might be able to solve that problem. If you don’t know anything about coding, and the problem you want to solve is keeping online passwords secure, you’re probably not going to be able to build a program that automatically changes your passwords every day and keeps track of them for you, at least not without outsourcing the product build. But maybe you are allergic to nuts and you have taught yourself how to make some amazing baked goods that are nut free, could you sell those to local grocers? If you don’t know how you could solve the problem you’ve identified, you might want to keep looking for another idea.
 
Get feedback from other people with the same problem. It’s always a good idea to do some market research before you spend too much time starting a new business. Take time to talk to other people who are experiencing the same problem you are. Ask them what really bothers them about this issue. Propose your idea to solve the problem, do they think it would help them? If the answer is no, maybe you just haven’t come up with the right solution yet, don’t abandon the idea, keep thinking about other ways the problem could be solved. If everyone you talk to thinks your solution would help their problem…
 
Do you like your idea? You identified a problem. You came up with a solution. But do you really care? Just because you came up with an idea for a business doesn’t necessarily mean you should start that business. Is this something that you would enjoy putting your time and energy into for months and years to come? If you’re not passionate about your own idea, go NO FURTHER. Don’t start a business just to start a business, start a business because you really believe in the service and solution that you are providing to your customers. This will make a huge difference for your happiness in the long run. 
 
Start planning and get started! Once you’ve identified a problem, thoughts of a solution, gotten feedback from potential customers, and you feel fully committed and passionate about this business idea, it’s time to START. Grab your planner and get started on deciding exactly what you need in order to build and market your small business by setting some S.M.A.R.T. goals.
 
So what are you waiting for, start looking for a problem that you can solve and start your business now. Having trouble getting started? Shoot me an email to find out about my one-on-one coaching!




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2 Comments

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  • Reply How to Define Your Target Audience - Hustle & Flo June 4, 2018 at 10:53 am

    […] how can you know if they even need the product or service you will be selling? The first step in defining what your business is to decide who is your target […]

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