This blog is all about providing you with ideas on how to start a new business and what to do once you have started.
I Want to Start a Business But Have No Ideas: Starting your own business can be both exciting and terrifying at the same time. Exciting because you’re finally doing what you’ve always wanted to do, and terrifying because you don’t know where to start or how to make money doing it.
I Want to Start a Business But Have No Ideas
But here’s the good news: whether it’s your first or 10th, there are plenty of resources available to help you plan and launch your business. In this guide, we’ll take you through everything from coming up with business ideas to making sure they’re profitable enough to launch in the first place.
Start With Why
If you’re looking for your first entrepreneurial venture, figuring out what you care about and why you want to work on it is one of your biggest priorities. You need something that’s meaningful—something that will keep you motivated when things get rough or when someone tells you why your idea won’t work. That doesn’t mean that everything else goes on hold while you try to figure out why; it just means taking a step back and looking at where all of your skills, hobbies, and interests intersect.
Once you have an idea of what you care about most, find ways to demonstrate those passions in new products or services. For example, if you love animals but don’t want to go into veterinary medicine (or can’t because of time constraints), create a business that uses your passion as inspiration.
Maybe start a nonprofit that takes unwanted animals off shelters’ hands or runs adoptions programs? Then focus on creating some kind of unique value proposition around your passion. After all, no one cares about why you do what you do; they only care how well you do it!
Define Your Customers
Many new business owners make their first mistake right off the bat: they try to please everyone. That’s not only impossible, it’s also counter-productive. If you try to appeal to everyone, you’ll end up appealing to no one in particular. So, start by getting clear on who your customers are and what they want. Try writing out a simple profile of your ideal customer and think about everything from income level and age range down to gender, and hobbies.
And even food preferences (hint: if you want an evergreen marketing tactic that almost always works—find out what people like before selling them stuff). Once you know who your ideal customer is, you can create a product or service that caters specifically to their needs and desires. From there, all you have to do is find ways to connect with them and share your ideas with them! The rest will take care of itself.
Do Market Research
Before you even start thinking about what kind of business you want to launch, take time to research your idea. Most likely there’s already something similar in existence—and chances are it’s dominating in its niche. You don’t have to be an expert marketer or an industry insider. If you don’t know everything there is about your target market or industry, that’s okay.
What matters most at this stage is getting a solid grasp on what people are buying and why they’re doing so. Pay attention to trends, see how products and services compare and find out which businesses people love and hate—you should be familiar with all of these things by now. The more information you gather before diving into your business plan, the better off you’ll be down the road.
What Niche is Best for You?
Sometimes it’s not just about having a good idea; it’s about picking an idea that you can succeed in. It’s easy to think wow, everyone loves pizza and Instagram! I should make an app that lets you order pizza by posting pictures of what you want! That might sound like a solid plan, but…the market is already saturated with food apps.
Before starting your business idea search, take time to consider who would be interested in your product or service and how they could use it—not just what they have now, but what they don’t have access to yet. After all, why are you better than your competitors?
What niche are you really filling? What problem do you solve for your customers? How will they know if they need your product or service before even using it? These questions will help guide your research so that when you come up with an idea, it’s something people actually need and want.
Can you handle the workload?
It’s easy to get distracted by ideas, but it’s vital that you think about how your idea scales. One good way to test an idea’s scalability is to create an income statement before diving into business planning. To do so, list all of your estimated expenses and revenue for your first year. Then estimate how many years it will take for you to reach breakeven (when you’re earning enough money from your venture that its ongoing costs equal its ongoing revenue).
If your business isn’t going to hit break-even in fewer than three years—or sooner if it has any debt—it may not be worth pursuing further. Remember: It’s better not to start a business than fail at one. You can always revisit an idea later when you have more resources or experience.
Is Your Business Scalable?
One of the most important things you can do is ask yourself if your business idea is scalable. Are there customers out there who will pay for what you’re selling? Is it something that could be implemented with little to no start-up capital? Or does it take an enormous amount of money and/or people to implement it?
There are many businesses that simply can’t scale, which means they’re just bad ideas—at least if you want them to eventually bring in enough income for you to quit your day job. In other words, if your main goal is entrepreneurial freedom, think twice before diving into any business venture.
How Long Will it Take to Get Started?
The amount of time it takes to get your business up and running will depend on how large your project is. If you’re starting small, with just a side hustle or two, then you can start in just a few hours. The more elaborate your plan is, though, the longer it will take. The first step is figuring out what you want to do (business) and why you want to do it (mission).
This should help clear things up for you as well. You’ll also need an understanding of your niche market, so research them and think about ways that people in that demographic would be able to use what you’re planning on selling. What kind of business makes sense for someone who’s interested in XYZ?
What Will be Your First Steps?
I know, that starting a business can seem like an impossible task. You might feel overwhelmed by information that you don’t even know where to begin. The good news is, that starting and running your own business doesn’t have to be hard! It starts with taking action and making progress towards achieving your goal every day. What will be your first steps? Write them down!
Sometimes we overcomplicate things but it all boils down to one thing: get started! Nowadays there are so many tools available for businesses and entrepreneurs from accounting software (Quickbooks) to shopping cart software (WooCommerce). Don’t let anything hold you back, get started today!
Who Will Help You?
If you know what kind of business you want to start, but can’t think of anything viable, there are numerous online communities where you can post your idea and see if anyone thinks it will fly. For example, Reddit has an entire subreddit devoted to helping people come up with startup ideas. Many entrepreneurs say they often rely on their networks—especially friends and family—for help brainstorming new business concepts or testing out potential product ideas.
You might also find that giving away all your ideas before you’ve actually started a company is freeing; in fact, it may give you enough momentum to get started! If nothing else, having someone challenge your big idea may prove it’s not as perfect as you think.
Here are Resources, Guides, and Courses For YOU!
One of my favorite ways to start any kind of business is with something called an ‘information product’. What’s that? Well, it’s pretty much any digital content out there on how to start a business or get more traffic or find customers. It could be a video course, e-book, audiobook, pdf guide – anything! You might be saying: Who buys stuff online?
Isn’t everything free online now? Yes and no. Sure there are tons of resources available for free… but have you ever tried reading 10 different books on how to start your own business? Some people prefer having all that information at their fingertips in one place… especially if they are just starting out and aren’t sure what they don’t know yet!
This is by no means an exhaustive list of ideas or topics that you can write about. If you are interested in learning more, we suggest keeping a running list of things that you see or hear about that get your wheels turning. The more places you look for inspiration.
And different sources you tap into, (like radio shows or podcasts, industry events, and activities) will increase your chances of finding something original and valuable to say. There’s always something interesting happening in business – if you look hard enough. And if not today – tomorrow.
How should I market my business?
If you’re starting your own business, it might seem like you’ll have an endless amount of time and money to invest in marketing.
What is your business idea?
The first thing you need to do is identify your business idea. The only way you can start a business is by identifying what problem or gap in the market you are going to fill, or what value are you going to provide.
How much will it cost to start a business?
The cost of starting up will vary depending on your business type. A small software firm might need an initial investment of just $500, while a high-end retail store would require hundreds of thousands or even millions.
How much money will I make?
When it comes time to start your business, you have one main goal: making money. It’s hard enough trying to bring in sales and stay afloat as an entrepreneur.