There are so many ways to come up with a business idea, but ultimately not every idea is a good business idea. However, writing down all your ideas down on a notebook or paper to just get the brain juices flowing can help with identifying the right type of business idea you want to pursue.
Below is one of our strategies to help you come up with a business idea:
1.Write down a long list of your strong skills or activities you are good at
Make sure that you write as much down because this will help with your process. The more you write down, the more you understand who you are a little bit better and you may sometimes be surprised to find out how much you know.
Remember to also include skills or activities that you know YOU are strong at – try not to add any biases in this process because it is extremely vital for the next step.
2. Cross off some of the notes on your list if you know you would hate doing that for a full 72 hours
This is a great way for you to assess and think about what your likes and dislikes are and what you are willing to do for long periods of time.
It may not make sense to do a business that you don’t enjoy or feel good doing, so take this time and really be honest with yourself and go through each skill and activity and see if you can picture yourself doing it long-term.
3. Collect the remaining few skills or activities and do some research
Research to see if there are any businesses out there that offer these skills or services as a business. You want to get a sense of what potential competition is out there and also assess if there’s a gap somewhere.
Make sure you keep this in a notebook or an excel sheet, just so you can reference your note on each item and proceed with the next step.
4. Review if it’s a profitable idea
There can be a lot of business ideas that pop into your head, but not every idea can be feasible or is a profitable idea. Running a business requires your to be able to work at it everyday, most people won’t be able to experience business success immediately and overnight.
Running a business requires long nights, flexibility, tears, hard work, and sacrifices. It’s important for you to take another look at the research you’ve done and see if there’s people out there willing to pay for this idea.
You can ask friends and family for their opinion and feedback. You can also hire a business consultant and coach that can help you assess your business idea and help you come up with a strategy.