Start-up Ready

Start-up Ready Checklist: your business idea

Interested in starting up a business but don’t have a business idea? Many people like the thought of running their own business but don’t have a business idea to put into action. The good news is there are many different ways to come up with ideas to help you get started on creating your own business.  

Exploring lots of ideas is good practice before deciding on the one idea you will progressIt’s important to take time to allow your ideas to develop as you explore different areas, speak to others, identify market gaps and seek out new applications for existing products and services. 

Here are some areas to explore, to kick start your business creativity: 

Assess the skills that you already possess including any hobbies. What do you know a lot about? What skills could be turned into a business? Many people have applied their existing skills and knowledge into a business. Many hobbies have been shaped into a business idea and launched. A hobby is something you already know a lot about and enjoy so turn that motivation into a business. Using your interests to build your profile can be a way of earning an income in itself. Blogs, vlogs (video blogs), Instagram accounts and selfies can all offer opportunities to build up a business income. 

Unearth a gap in the market. Think about problems that have no solution and could be turned into a viable business. Lots of businesses start up in this way by solving problems faced by consumers. For example, supporting the sustainable economy by finding new uses for existing items, applying technology to create new efficient processes and services or designing a new product that can help reduce omissions or tackle some of the impacts of climate change. Like any new skill this can take time, but getting good at identifying problems is a helpful habit for business owners. If you experience a problem it’s likely that others will too and the more significant the problem and extensive the reach, the greater the business opportunity. 

As you work through the problems you have identified, others may already have produced a solution – could you provide a better solution? While existing products and services may be available, could you innovate to provide a solution which would compel others to prefer your product or service? Assessing current weak spots with products and services can help generate a business idea. Very few ideas are truly unique, businesses have succeeded simply by being better than everyone else in their market. 

Work out the next big thing. Think about current trends and what might be coming next. The internet is full of predictions on market trends and innovations. Look into the future presented by these studies and predictions and consider the products and services which might be needed or where there will be a growing evidence of demand. By reading recent business analysis, consumer trends and expert opinions, you may find a potential business opportunity is staring you in the face.

Likewise, consider international markets and think about how you could bring a popular product or service to the UK. Lots of businesses have been started in this way, inspired by travel and approaches in other countries which would also appeal to UK consumers. 

As your knowledge and insights grow, consider if there is a business sector which hasn’t moved with the times or seen much innovation. This can be the case in sectors where a profitable status quo has reduced the motivation to innovate and bring in change. 

These areas of business often have huge opportunities for disruption through the creation of new ways of working, especially through the application of technology. 

 

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Womens Business Centre
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