Ideas for a Business

Every small business is created from that initial spark of an idea. Ideas for a business can range from spotting a gap in the market to coming up with a brand new product or service.

Ideas for a business could come from your skills or experience - perhaps from a particular job or your hobbies.

Consider the personal skills and knowledge that you already have.

Your expertise in one subject area could become the basis of your small business.

After all why not work at something you enjoy or already know a lot about

Starting up a small business is also an opportunity to create something you truly believe in.

After all if you aren’t enthusiastic about the business how will you convince anyone else to be?

Spend some time focusing on those around you.

Talk to friends and family ask them how they see you, how would they describe you what would they say are your strengths and weakness.

Often is quite an eye opener as other people see things about you that you don’t think about, maybe you’re always helping out others doing a certain job. You don’t think of your self as skilled at it but they love the job you’ve done and would recommended you to others. A great place to start … Remember an artist is their own worst critic

Perhaps you've spotted a demand that has no supply or know how to solve a particular problem.

Your preferred location may have an impact on the type of business you want to run. Are you the kind of person who needs the structure of going to an office everyday or do you welcome the chance to spend more time in your home?

Taking your ideas for a business further

Your ideas for a business is as individual as you are but no matter what your ideas for a business are it's vital that you research your market if you're thinking of starting your own small business.

Research is the key that unlocks business success, so it’s worth finding out as much as you can about your future market and competitors.

You can also get plenty of information on how to start a business from the following places:

• Business Link
• Professional institutions
• Your local Enterprise Agency
• Trade and industry publications
• Read a few books by successful entrepreneurs.
• Major Banks have extensive guides.

Tip: Many business owners have practical advice to share on how to start a business. It's worth asking local business people about their experiences ..

When researching your ideas for a business, ask yourself:

ideas for business

• Is your market growing?
• What is the value of the market?
• Are there any gaps in the market?
• What do your competitors charge?
• What don’t your competitors do very well?
• What is the catchment area for my business
• Has anyone else already developed your business ideas?
• How would your business differ from your competitors’?
• How much competition will you face when starting a new business?

Analysis

Look at your ideas for a business from four different angles:

1. Company.

Think of your ideas for a business in terms of what they provide, their product/service features, the benefits to customers, the personality of your company, what key messages you'll be relaying and the core promises you'll be making to customers.

2. Customer.

There are three different customers you'll need to think about in relation to your business idea:

• Purchasers (those who make the decision or write the check).
• Influencers (the individual, organization or group of people who influence the purchasing decision.
• End users (the person or group of people who will directly interact with your product or service).

3. Competitor.

There are three different groups you'll need to keep in mind: primary, secondary and tertiary. Their placement within each level is based on how often your business would compete with them and how you would tailor your messages when competing with each of these groups.

4. Collaborators.

Think of organizations and people who may have an interest in your success but aren't directly paid or rewarded for any success your business might realize, such as associations, the media and other organizations that sell to your customers.

The next step:

If still don't yet have an idea to work with, we can help with that check out our list of business ideas.

Looking at what else is out there is a good way of generating ideas and seeing whether your idea will have a market.

Once you've researched your ideas, it's time to create a detailed business plan. Learn more about creating your business plan and putting your ideas for a business into action.