How To Find A Business Idea

August 21, 2018 Social Media News

Do what you love…

It’s a great concept when it comes to running your own business.

Or even working for an organization that allows you to do what you love.

But there is a catch to this concept…

You can do what you love, but only if what you love is in demand by consumers.

So let’s say you’re looking for a new business idea. It’s common, I’ve done it incorrectly in the past lots of times, to think of something that you would love doing. Something that seems fun and cool.

But taking this approach is risky.

Here is a better way to approach business idea brainstorming…

Venn Diagram Method For Business Ideas

A Venn Diagram is the one with two intersecting circles.

Where they intersect is where your winning business idea is!

What you want to do when brainstorming business ideas is use a Venn Diagram.

First, brainstorm all the things you like doing. The things you love. The things you’re passionate about. The things you’re good at doing.

Second, look for things people want. This isn’t as easy as “look for”. It can take a lot of looking to see what people want. And sometimes people don’t even know what they want until they see it. And even then the timing may not be right.

But there are ways to find demand. One of my favorites is to look at job listings and on job boards. Look through job listings and see what jobs are most in demand. This clues you in on what business need and you can certainly form businesses around those needs.

Example

Let’s say that you love pets. Playing with them. Feeding them. All of it.

Now you go on a job board, like Craigslist, and see that people are looking for someone to watch after their pets when they’re at work or on vacation.

These two things may intersect.

You love dogs. You can start a business offering to look after pets while people are away. You’d be competing with kennels, but you can probably find a niche of people that would rather their pets stay at home instead of going to a kennel.

It can be just you, but you could certainly create processes and hire and train people as you get more clients.

If you only focus on your love of pets you may come up with a lot of ideas that seem great, but that don’t have demand.

Final Thought

Coming up with an idea for a business is really only half of the task when it comes to business idea brainstorming. The second half is the one that’s often overlooked.

If you’re looking to start a business doing what you love make sure you’re researching what is in demand. You can still do something you love and it may take more effort, but if you find where your passion and consumer demand intersect you can really be on to something that’s a winner.