3 Minute Read | Topic: Entrepreneurship

How Do You Find the Perfect Business Idea?

The answer to this question is that the perfect idea probably doesn’t exist. Your aim should be to choose an idea that is practical and workable, given your skills and experience, and your long-term goals. It should also be an idea that fires your
enthusiasm and something that you can really believe in!

Some new business people find it hard to settle on a single business idea because they are worried about missing out on new opportunities or narrowing their options too early on. But remember, even when you have started your business, it is possible to add new services or products, or even to begin a second or third business. You and your businesses will continue to grow and develop – so in selecting your first business idea you are not saying ‘no’ to other opportunities. However, to give your first business idea a really strong start you might need to put other ideas on hold for a while!

Inspiration for your new business may come from:

  • Inventing something new – some people are naturally good at finding original solutions to problems. Others come up with completely new ideas based on new technology or other developments. Sometimes people are driven to invent a solution when they are faced with a problem in their own life and realize there is no solution… yet.
  • Copying someone else’s idea – this can be a great starting point. If an idea is working for one business there’s a good chance it could work for yours too. However, this one needs to be handled with care. If the marketplace is already overcrowded, you will need to offer something really special to earn your share of customers.
  • Spotting a gap in the market – this often happens by accident. Perhaps you look everywhere for something you need, only to realize that no one in your area is providing it.
  • Developing your own skills and interests – building on your own areas of expertise can be a great starting point, not least because you probably already understand the market and the needs of your potential customers quite well. Many people dream of earning a living doing something they love, and there is no reason why they shouldn’t achieve this goal, given careful planning and hard work.