Where do small business ideas come from?
Now and then, a great small business idea seems to come out of nowhere. But in fact, there are 5 common sources of small business ideas. Have a look at these sources of small business ideas – maybe your next great business can be found in one of them.
Small business idea source #1: Your own life
Approximately 60% of new business ideas come from our own life or work experiences. Think of past jobs you’ve had – was there one thing that always bugged you about a process, or one way you always thought a service could be delivered more efficiently? And in your personal life, have you had experiences with businesses or brands that made you think, “Hmm, what if they did/sold this instead?” And don’t overlook hobbies, either. The passion and interest we have for our hobbies means they could be sustained as long-term, money-making endeavours.
Small business idea source #2: Other people
As you may know from your own experience being a consumer, sometimes existing customers have new product ideas or ideas for improvement. Get feedback from your own customers, or customers who are active in industries that you might want to start a business in. Don’t overlook people you work with, either! McDonald’s products like the Filet-o-Fish, the Big Mac, Egg McMuffin and Hot Apple Pie were each created after feedback and ideas from company operators.
Small business idea source #3: Literature
By “literature” we’re not necessarily referring to novels. We mean literature like books, textbooks, research journals, trade magazines, patent registries, databases – even the internet. Reading business blogs, websites, and magazines might stimulate your creative thinking, too.
Small business idea source #4: Organizations
Business ideas can be found within all levels of government, non-profit laboratories and associations. Your public library can help you find the government departments relevant to your business ideas. Organizations can help build on your small business idea, too.
Small business idea source #5: Serendipity
Anyone can happen across a new product or service idea seemingly at random. Being in the right place at the right time was the turning point in the careers of many entrepreneurs. Serendipity can’t be forced, but stay open-minded and curious, and consider ideas wherever they may come from.