Finding the Right Business Idea When Starting out on Your Own

You’ve worked for many years for someone else and decided to strike out on your own. But when you sit down to generate a business idea, you hit a mental obstacle. That’s not uncommon. Coming up with business ideas is not a weekend project.

Thankfully, there are tried-and-true processes you can follow to generate great business ideas that can generate the income to power your dreams, create jobs, and add value to society. Here are processes you can follow:

Prepare Your Mind for Moments of Inspiration

Inspiration can come from anywhere, even from mundane things that people don’t care about. Below is a story that illustrates this perfectly.

Was there ever a time you were charged for returning a video you rented late? What did you do about it? That’s not hard to guess; you did nothing. Reed Hastings experienced the same thing and did something about it. He was charged as much as $40 for returning a video he rented late. That was his moment of inspiration.

Reed thought, “Why don’t movie rentals adopt the same pricing model as a health club whereby you pay the same amount whether you use it less or more?” From that simple thought and flash of inspiration came the media behemoth we now know as Netflix – a virtual DVD rental service. In 2018, Netflix revenue was in excess of $15 billion.

Be Prepared for Anything

To generate the right business idea, you need to stop looking at the world as it is and start looking at it the way it should be. Observe things that are not working properly, watch out for things people are complaining about, look out for things that frustrate you or your friends. These are opportunities in disguise.

Starting out as a small business often means that unexpected things can happen. It would be a great shame to see your entire enterprise thrown into jeopardy because of something small catching you out. Having the right type of contents insurance in place will insure you are protected against some of the unexpected things that can befall a small business.

Transform Your Day Job or Side Gig Into a Business

This is about the simplest process you can follow to find the right business idea. Your day job or part-time job can become a full-blown business.

Let’s say you are a social media manager; you can turn it into a service you provide for other businesses and get paid for it. Another example is if you work as a financial analyst or planner in a firm, you can go into financial consulting and build a business based on it.

It’s even a better route to starting a business because you have the experience, know-how, and network to fast-track your success. If you don’t want to offer it directly as a service, you can teach or train others and build a business around it. You can even create a mobile app based on it and smile to the bank.

In Conclusion

You can find the perfect business idea that works for you, but you will need to be patient and trust the process. It won’t happen overnight. You need to keep at it, deploying every method. Once you set your mind on it, it will surely catch something which you can turn into a full-time business you can be proud of.