“HELP! I want to start a business but don’t know what to do or where to start…”
Are you struggling to come up with an idea for your own business? Don’t worry, you’re not alone.
Small businesses are the backbone of the American economy, accounting for 84% of all new jobs created in the last decade.
One of the hardest parts of starting a new business is coming up with a small business idea. You might feel like you’ve been brainstorming for hours with no end in sight. Trust me, I know how frustrating it can be! But don’t worry, there are some things that you can do to increase your chances of having a lightbulb moment.
Check out these 5 steps for how to launch a business when you don’t know where to start!
1. Figure out what you are good at
There’s no easy answer when it comes to figuring out what you’re good at. Sometimes it takes a bit of trial and error to find your niche. But there are a few things you can do to help point you in the right direction and help you find new business ideas.
First, take some time to think about the things you enjoy doing. Ask yourself these questions and write down your answers:
What activates your passion?
What work or other activities gets you excited and keeps you engaged?
What do you have experience doing? Do you like doing that thing?
What could you spend a lot of time doing even if you weren’t getting paid? Dig a little deeper, what is it about that thing that you enjoy most?
Answers these questions and more will give you clues about where your talents lie.
Another approach is to consider the compliments you’ve received from others. What do people you trust say you’re good at? Chances are, they’re seeing qualities in you that you may not even be aware of.
Make sure you don’t take feedback from people you don’t trust or people who are assholes. Their opinions don’t matter. So what are the compliments you have been receiving?
Maybe you give great advice and feedback. This could lead you to become a business coach
Maybe you have exceptional organizational skills. This might be channeled into a home business helping others organize their life or business.
Maybe you always know the best places to eat and the coolest things to do. This could turn into a new company helping people plan trips, parties, or experiential activities.
Who know where this will lead but the point is to be open to thinking and exploring all possibilities.
And finally, don’t be afraid to experiment. Trying new things is a great way to discover hidden talents and interests. So go out there and explore new activities, places and things. You never know what you might discover about yourself.
2. Narrow down your interests
Now remember, the goal of this exploration is to start a business. It’s one thing to be passionate about your hobby, but it’s another thing entirely to turn that passion into a profitable small business. Making the leap from what you are good at to what people will pay you, as a small business owner, a premium for requires careful consideration.
A lot of businesses make the mistake of trying to be all things to all people, but that usually ends up in failure. It’s much better to focus on a specific niche and become an expert in that area. Not only will you be more likely to succeed, but you’ll also be able to charge more for your services.
So look at your list of all the things you are good at. Ask yourself these three yes or no questions about each item.
Does this bring item or activity make me smile thinking about it?
Could I commit to actively pursuing this item or activity for 1 year?
Would someone pay me to do this?
Cross out anything that doesn’t get a yes on all three questions.
Get help with this if you need it. Sit down and go through the list with a successful entrepreneur friend or a hire business coach for an hour.
If you talk this through with an entrepreneur friend, make sure they are a successful small business owner. Not Instagram successful, but actually successful. These are small business owners who are making money, and consistently serving clients and customers.
Narrowing down your interests, skills, and passions can be overwhelming. But try to take the pressure off. This is an exploration. It is about finding a good business idea, one that will start making money and that you will enjoy doing.
It is not about finding perfection, it’s not inked in stone. It is not a test, there is no right answer – there is only the right answer for YOU.
3. Research the market
Every small business starts with an idea. But not every great small business idea is born equal. The best small business ideas are ones that solve a problem in a unique or innovative way. If you’re passionate about solving a particular problem, then you’re already halfway to starting a successful small business.
Now that you have narrowed down your niche to something that brings you joy, you can commit to, and that you think someone will pay for, it is time to back it up with some market research.
Market research helps you to understand who your target market is, what their needs and wants are, the problems they are struggling with, and how to reach them. It’s an essential part of starting and growing a successful business venture.
The good news is that there are plenty of resources available to help you with your market research. The first step is to identify your target market. This can be done by considering factors such as age, location, gender, and interests.
Once you have a good understanding of who your target market is, you can begin your research. This can be done through online surveys, focus groups, or simply by talking to people in your target market.
The job of your research is to discover if there are enough people who will pay you to solve their problem with the new business you want to provide. Keep in mind, the answer may be yes, but it may also be no. If there is no market for your new business idea, you will have to pick a new one.
4. Spend your money wisely
Starting a business is a big endeavor, and it’s not something you should take lightly. One of the most important aspects of starting a business is making sure you spend your money wisely. There are costs associated with starting a business, and if you’re not careful, you can end up wasting a lot of money.
One of the best ways to spend your money wisely when starting a business is to plan ahead. Get help from experienced professionals who can help you figure out what costs you need to anticipate and how to manage them.
Being wise with your money doesn’t mean being cheap – it means being smart about where you spend your money so that you can get the most bang for your buck. Keep your eye on the prize and don’t let yourself get distracted by unnecessary costs. If you spend your money wisely, you’ll be well on your way to success.
Invest in yourself
It’s common knowledge that starting a business costs money. But what many people don’t realize is that starting a business now can actually save you money in the long run.
By investing in yourself, you’re setting yourself up for success. There will always be risks when starting a business. But if you’re smart about your investment and think long-term, you’ll will see a return on your investment. So if you’re thinking about starting a business, don’t let the cost deter you. Invest in yourself and watch your business grow.
They say that it takes money to make money. And while that may be true, it doesn’t necessarily mean that you have to go into debt to start a successful business. In fact, there are a number of ways to invest in your business without breaking the bank. For example:
Take time to learn about the industry you’re interested in, invest in quality books and resources.
Talk to people who are working in your industry and who are the clients the industry serves.
Invest in your network by attending industry events and meeting potential clients and partners.
Invest in a business coach. You can try and go it alone but it will take you more time and cost you more money in the long run. A good business coach will pay for itself by cutting through the noise, providing tactical advice and mentorship, and reducing the time it takes you start making a profit.
You can also choose an industry that doesn’t need a lot of up front or daily expenses to launch and run. This will help you start making a profit faster.
Here are 6 Businesses You Can Start without a lot of upfront or daily costs.
Starting an E-commerce Store
If you’re looking to sell products online, setting up an e-commerce store is a great option. You’ll need to pay for web hosting and a domain name, and you’ll also need to invest in some e-commerce software. However, once your store is up and running, the only thing you’ll need to worry about is marketing and shipping your products.
Freelance Copy Writer
If you have a knack for writing and want to work from home, freelance writing may be the business for you. All you need is a laptop and an internet connection to get started. Once you build up a portfolio of samples, landing clients will be easier than ever.
And with nearly 60% of businesses expected to increase their spending on content marketing strategy in 2020, there’s never been a better time to enter the industry.
Personal Shopping Service
With online shopping becoming more and more popular, there’s been an increase in demand for personal shopping services. If you love to shop and have an eye for style, this could be the perfect business for you. To get started, all you need is a phone and internet connection—oh, and access to some great deals!
According to MarketResearchFuture, the global personal shopping market is expected to grow at a rate of 5% through 2025.
Offer coaching or consulting services
If you have experience in a particular industry or area of expertise, offering your services as a coach or consultant can be a part of your business plan.
According to IBIS World, for the past 5 years the business coaching and life coaching industries have increased on average 2.8% and 3.2% per year respectively. And are expected to continue increasing.
All you need is a phone and internet connection—you can run your entire operation from the comfort of your home office.
As more businesses move online and into virtual spaces, there’s been an increase in demand for virtual assistants and home based business, in general—and that trend isn’t slowing down anytime soon.
In fact, according to research firm GlobalData, the virtual assistant industry will be worth $27 billion by 2025 .
If you’re organized and detail-oriented with great people skills, becoming a virtual assistant could be the perfect low-cost business opportunity for you .
Mobile Pet Grooming
HOLD ON, What now? That’s right! For animal lovers with an entrepreneurial spirit, mobile pet grooming is a great business option. All you need is a van or SUV outfitted with pet-friendly features like tubs, ramps, and dryers, and you can start servicing clients in your community.
According to Global Market Insights, the mobile pet grooming industry is expected to grow by 8% between 2021-2030, so now is the perfect time to get started.
The most important thing is to choose an idea that resonates with you and that you're passionate about; with the right mindset, you can achieve anything!
5) Take Action!
Inaction is the silent killer of dreams. The busy-ness of life gets in the way, and before you know it, years have gone by without taking a single step to start a business. But inaction is a choice. You can choose to take action now. And here’s why you should:
Inaction breeds inaction. The longer you wait, the harder it becomes to take that first step. But once you do take action, momentum starts to build and it becomes easier to keep going.
Inaction leads to regret. Don’t wait until it’s too late to start living your dream. Act now and avoid looking back with regret.
Inaction prevents you from reaching your full potential. By taking action on your business idea, you’re opening up a world of possibilities and setting yourself up for success.
So don't wait any longer. Get out there and start taking action on your new business ideas now!
So there you have it, the five steps to finding your new business idea. You now know where to start and how to come up with new business ideas that are perfect for you and that people will pay for.
Becoming your own boss is an amazing feeling. And it all starts with coming up with a great business idea.
By taking the time to:
Figure out what you’re good at
Narrow down your interests and find your niche
Research the market
Spend your money wisely and invest in yourself
and TAKE ACTION!
You will be on your way to building a new business idea that will chance your life and the lives of your customers or clients!
If you need help getting started, I’m here for you. Book a call with me now and let’s chat about how I can help you turn your business dreams into reality.