Your small business idea could be the next big thing. Whether you’re just getting started or looking for that next big breakthrough, most businesses struggle to grow year after year. Even with all the tools and resources available, it can still be challenging to sustain growth. According to Lending Tree, 18.4% of private sector businesses in the U.S. fail within the first year. After five years, 49.7% have faltered, while after 10 years, 65.5% of businesses have failed.
Fortunately, finding an idea that will launch you into success isn’t as challenging as you might think. Finding a new small business idea doesn’t have to be difficult or complicated; in fact, it can be quite the opposite. The sooner you start searching for ways to create a new idea, the sooner you’ll see results and begin seeing growth again. In this blog post, we’ll explain everything you need to know about finding and creating your own small business idea that will launch you into success.
What makes a small business idea worth pursuing?
Before we dive into the details of finding and creating a new small business idea, let’s quickly discuss what makes an idea worth pursuing in the first place. Although there are many things you can do that might be successful, only a few will truly help you grow. Accomplishing these four things will make your business idea worth pursuing:
A clear market need
Your business idea should solve a real problem in the market. Your target customers need the same solution you offer.
A viable product or service
Your product or service should solve the problem in the market, as well as offer value to customers. Market research is critical to understand how people want to be served and helped.
A sustainable business model
Your business model must be able to sustain growth and profit. For example, you can’t simply sell products online and hope to make money. You also can’t rely on the same customers re-purchasing products over and over again. Understanding how customers want to be served is just as important.
An expansion plan
You must have a plan for continued growth. Even the most successful businesses experience periods of slow growth. However, when it’s not part of your business model, growth is difficult or even impossible.
Start with a problem you want to solve
The beginning of your search for a new small business idea should start with the problems you want to solve. The challenges you want to address in your community, industry, or niche should be at the top of your list. Once you identify problems you want to solve, you’ll want to dig deeper to understand the potential customers behind them. This process helps you identify potential customers, who are often in need of the same solution you’re offering. There are a few ways to begin the process of identifying potential customers. The first is simply by asking. Ask your customers, your network, and your team for feedback. Get their input on the types of problems they face, the products and services they use, and their wants and needs. With this information, you’ll be well on your way to identifying potential customers.
Identify potential customers
After you’ve identified potential customers, you’ll want to dig deeper to understand who they are. Who do they look like, how old are they, where do they live, how much money do they make, what are their problems, what are their wants and needs? With this basic information, you can begin to build a market and product strategy, as well as plan your sales and marketing strategy. While these two steps are important to identifying potential customers, they don’t really help you find a new business idea. This is when you want to move onto the third step, which is to look for ways to create a new small business idea.
Create a valuable product or service
Once you have a better idea of who your customers are, as well as their problems and wants, you’ll want to dig deeper on both sides of the equation to find a valuable product or service. It’s critical to find a product or service that provides value to your customers and solves their problems. This is where your research and market research come in. It’s possible to find a idea that offers a valuable product or service. If you’re looking for something that’s truly scalable, you’ll want to look for industries and niches that are highly profitable.
Build your brand and team before asking for money
As you continue down the path of creating a valuable product or service, it’s critical to build your brand and team before asking for money. Branding is important to ensure you’re positioning your business in a way that represents who you are as a person and a business. Once you have a product or service that’s valuable and solves a problem, you’ll want to continue building your brand. Positioning your company in a way that represents your new small business idea. You can do this through social media posts, blog posts, and other online content.
What are some things you can do to find a new small business idea?
Now that you understand what makes a small business idea worth pursuing and have a clear path to finding a new idea. There are several ways to find a new small business idea. One of the easiest and most effective ways is to use the internet. You can find a great number of resources online that help you find new small business ideas. You can also use social media to help you find new business ideas.
What are some ways to find a new small business idea online?
When you want to find a new small business idea online, you’ll want to dig deeper into the internet. There are many different ways to find new ideas online, but digging deeper is the most effective.
Search engines are one of the most common ways to find new ideas online is to use various search engines. Google, Yahoo, Bing, and more are all great resources for finding new business ideas as well as new products and services.
Forums and social media groups
Another resource that can help you find a new small business idea is through forums and groups on social media such as Facebook, LinkedIn, and Twitter. These groups often help people share new business ideas and products.
Online directories and databases
Many directories and databases are available online, such as Business Registry, Inc. and Business Name Availability. You can use these resources to find available business names and trademarks for your new small business idea.
Investigate options
One last method for finding new business ideas is to investigate potential options. This can help you identify potential business ideas that haven’t been considered yet
What are some ways to find new small business ideas on social media?
As you start looking for ways to find new small business ideas online, you can also use social media to help. There are several ways you can use social media to help you find new business ideas, including these:
- Scroll back through your posts. Find new business ideas is to scroll back through your posts on social media, such as Facebook, LinkedIn, and Twitter. You can use this method to see what types of posts you’ve made and what types of content you’ve shared.
- Look at your audiences
- Another method is to look at your audiences, particularly your followers and friends. There are usually patterns that emerge when you look at who your audiences are and what they like.
- Research industries and niches
- The final method for finding new business ideas is to research industries and niches, particularly those that are profitable.