Why would you want a new business idea?

Are you itching to build a new business but don’t have an idea to start with? Well this is not uncommon, and this article provides some simple-to-follow tips to start looking for that next business idea (product or service).

How do we find ideas for a business?

It’s not as hard as you think. Here are three easy steps to get your started.

1. Identify pain points

A product (or service) has a larger chance of commercial success if the market (customer) needs the product and knows that they need it. Psychology suggests that people are (unfortunate, but true) more motivated to avoid pain then to attracted to pleasure.

What that mean for us? If we find situations that cause pain to a person, there might be a gap to fill. A great saying that I heard second hand (so don’t know the original author) is “Follow the swearing!”, and this can not be more true when it comes to finding ideas for products (or services). Where there is swearing there is an unmet need, where there is a unmet need, there is a gap that can be filled with the right product (or service).

Start by looking at your own life and situations that have caused you pain or discomfort? Are there any you can identify straight away? What about during your interactions with other people during normal life? Have they complained about something?

Action tip: keep an eye and ear out for situations that cause pain or discomfort – FOLLOW THE SWEARING!

Business idea

2. Follow news and trends

With the changing world, new problems and obstacles pop up. One way to keep ahead of the curve is to follow the latest news and trends. For example, here in Australia (and most likely many other countries), there are some common trends that might sparks some ideas

Examples:

  • The aging population: as our life spans get extended with the advances in medical technology and improved healthcare, there will be a larger population of older people. What are the challenges that this will bring?
  • The increased awareness of global warming & importance of sustainability: this will have a major affect on transport, energy, manufacturing etc. What would the world look like in 10 years time? What products (or services) will be required that are not available now in the required quantity or quality?
  • Remember COVID? Early on in the pandemic, many companies switched to producing products to address the COVID issues: masks, hand sanitisers, covid-safe barriers etc… Are you agile enough to take advantage of any sudden shifts?

Action/tip: I highly recommend reading the book “The Fourth Industrial Revolution” by Klaus Schwab for the trends that are coming.

3. Start with your own expertise

Starting up a business for the first time, requires a specific set of skills and expertise, so why not make it easier for yourself by starting with using what you already know – you’re own experience and expertise!

You know what you are good at! Have you thought of applying your skills in a different application? Or what about a completely different area?

Example

My original area of expertise is electronics engineering. Recently, we teamed up to work on a project that merged electronics and art! (sorry can’t disclose the details yet!)

What next?

Now that you have these tips to follow, what are you going to do next?

Keep your eyes and ears ready for the next un-met need! And once you have found a new business idea, here are some tips to quickly evaluate whether it is viable: Is my product idea viable?

If you like these tips, please like, comment and share with anyone you think needs to know this!