Are you looking to spark your entrepreneurial brain and come up with a business idea that will bring you financial wealth? If so, then there is no better place to do it than at home.
Being stuck at home is a regular occurrence nowadays. But it might be a silver lining when it comes to starting a business. Thus, we’re here to help you do just that.
If you have loads of free time, then doing this one will be no problem. To start a business, you need to find a niche. But not just any niche, a niche that you’re good at it.
Maybe you have no idea that you’re good at something, so that’s why you need to start exploring. So what’s the best way to do that? Well, grab a pen and paper and start writing down a list of potential niches for a business.
Sooner or later, you’re bound to come up with a few good ones.
Look For A Problem Within That Niche
To come up with a viable business idea, you have to find an idea that solves a problem. Unless you happened to come up with the new iPhone, identifying a problem within an industry and finding a solution is the best way to come up with a business idea.
The reason why we mentioned the iPhone example is that most people didn’t know they needed the iPhone. Nowadays, Apple sells more than 200 million units each year!
And while your business idea doesn’t have to be the next iPhone, identifying small problems with the iPhone might prove to be a viable idea.
Research the Market
You’ll quickly notice that most people that go through the processes of finding a business idea give up the moment they see just how complex the process is.
But you can’t have success overnight. More so, you’ll need to cope with the many psychological issues that arise on the way. Stuff such as losing productivity while at home, lacking motivation, and generally being off-track are a regular occurrence.
That’s why many people don’t come up with great business ideas. But do you want to know the next reason why people’s businesses fail? Lack of market research.
Let’s assume for a second that the first two steps have helped you truly identify a business idea that works. The next logical step is to research the market.
But why do we do this? Market research is by far the most important step in your entrepreneurial career. Why? Well because how would you know that there is a need for your idea? The only way to know that there is a demand for your potential business idea is to look at the market.
Consider Problems You’ve Regularly Faced In Your Life
The business idea that you just had happens to have zero hype around. That’s too bad as you’re back to square one. Fear not, allow us to present to you another way to identify a potential business idea.
We mentioned at the start that you have to look for problems and your business idea will solve that problem. There isn’t an easier way to identify problems than to look from experience.
Can you think of anything that’s been bothering you in your life? Maybe it’s something at work or at home? Does it bother you that you can’t find any good documentaries about aliens and the pyramids?
While the example we’ve given you is indeed a far fetch, it is an example nonetheless. Curiosity Stream, one of the leading platforms for documentaries, identified a need for a place where people can come and watch documentaries about any subject.
From Ancient Rome to WW2 to aliens and the pyramids, you can find everything there. And more importantly, the guys that build the platform identified a problem and came up with a solution for it.
That’s exactly what you need to do to come up with a business idea that can potentially secure your future.
Look Towards Known Waters
At the end of the day, we are not experts on all topics. If you’re a good graphics designer, then chances are you have no idea how the coal industry works or how heavy machinery is assembled.
So that’s why you need to look for business ideas in the areas that you’re familiar with. Not only that, but you can go as far as areas that you’re truly passionate about. Maybe it’s sports, maybe its’ history.
Regardless, the reason we do this is that the process won’t feel as challenging once we identify our idea.