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How to Find Your Small Business Idea?

Small Business Idea

Small business owners, new e-commerce entrepreneurial/start-ups for example in lifestyle, beauty, health space etc.

As someone who directs several businesses, particularly in health, lifestyle, beauty and e-commerce I’ve had the opportunity to make and learn from a lot of mistakes. With the added benefit of hindsight, I thought I would go through some of my tips for finding your small business idea, and with that succeeding as a small business owner and entrepreneur.

To clarify before beginning, there are a few things to keep in mind:

  • The following advice is merely my personal perspective based on my own experience
  • Some may seem obvious or cliché as you would have it, especially to those ‘in the know’ – however they are often easily forgotten about when you’re trying to ‘think differently’
  • There are always exceptions to every rule and the tips may not be mandatory

So where exactly do our business ideas come from? How can we find a way to create our own start-ups?

 

Biggest Frustrations

It helps to start by having a big vision. Your big vision is your master plan, how you want to change the world….

Now forget your big vision. Instead figure out a very specific, very real problem. A problem that impacts a substantial amount of people or companies that would benefit from a solution. More importantly though, is that the problem is one you personally experience or are extremely passionate about solving it. That’s where you should start.

The greatest business ideas are born out of solving problems. Someone confronts a problem, comes up with the solution, and sells it. Constantly asking yourself “What’s the problem? And what’s the solution?” Something eating the chips in your pantry? Create something to trap the mice (mousetrap).

 

Greatest Satisfactions

My school guidance counsellor, and my dad for that matter, used to tell me all the time “Find something you love doing and find a way to make money from it”. The principle is quite simple really. At the end of the day, you have to do something you enjoy doing. If you enjoy what you’re doing, you’ll flourish but so will your business.

Ask yourself “what gives you fulfillment and satisfaction in life?” – you can probably do that (or some variation) for a living. It’s a solid principle: “Choose a job you love, and you’ll never work a day in your life” (Confucius). Turning your greatest satisfactions into a business idea is just finding a way to monetise what you love. Maybe you find fulfillment in organising spaces? Become a productivity consultant!

I love to self-educate and am surrounding myself in luxury, health, beauty and e-commerce, and started a business in these spaces and am now running a blog to help other people achieve their goals with my expertise.

Find what you love. Do it and turn it into a business.

 

Do Something

Sometimes just doing something, anything is the best and even the fastest way to the perfect business idea. Of course you can’t expect the best idea to just come to you first try. You may have to try several times. But you know how this works. You fail, and then you try something else. And you fail again and again, and you fail a thousand times, and you keep trying because maybe the 1,001st idea might work.

You might avoid starting a business because you fear failure but maybe failure is what you need.

Go find your 1,001st idea!

 

Do Something… Different

New ideas need creativity. Creativity comes from novelty and diversity. So yes, sometimes you need to just do something… sometimes you need to do something different. You could find your next great idea while on vacation. New experiences, new destinations, new sensations are all things that will inspire new, creative ideas. You’ll never brainstorm new unless you experience new.

If you can’t find something new to do, try reading new. The more you read and learn about different things in a variety of areas, subjects and disciplines, the more ideas will just come flying towards you.

By expanding your personal knowledge through new experiences or reading something outside your usual knowledge-base, you also expand your capacity to develop business ideas.

You can come up with an idea, one that could change your world for the better. Great ideas aren’t exclusive property of the rich and famous. They’re accessible to everyone; including you. While I’m always coming up with ideas, I’ve found when I have been stuck, these tips have helped me thrive in my businesses.

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