How Do You Find Great New Business Ideas? Advice from Successful Founders

You might have a natural ability to network, negotiate, and bring people together. If so, these skills are invaluable when you’re trying to market yourself to potential customers. As we just discussed, one of the biggest downsides of running a service-based business is that you’re paid strictly for your time, skills, and effort. Emily Newman of If I Made productized her classes into digital courses, packaging the recordings from her live sessions and selling them at a lower rate.

You’ll need to chat with potential customers, run tests, and explore the financial implications of starting your chosen business. If that sounds tough, don’t worry, the next section of our startup guide will help you understand if you have a good business idea. Whether it’s a new technology, a fashion statement, or a change in consumer behavior—spotting and capitalizing on emerging trends can lead to successful business ideas.

Most entrepreneurs, however, are motivated by a problem, pain point, or passion, counting themselves among their customers. They love nothing more than seeing people enjoy their products. The problem is, many people don’t want to put in the time to learn how to use website builders like WordPress to do it themselves. If you’re savvy with technology and enjoy graphic design, try operating a web design service from home. You don’t have to work for an agency to dive into social media marketing. As you dive in and think about the best products to list in your storefront, consider convenience as part of your seller strategy.

business ideas intitle:how

Sometimes they will even ask for a say in your business or be willing to invest sweat equity as an employee as well as funds. Additionally, look nationally for trends and see if you can bring them locally to your city. For example, ramen restaurants initially started mainly in large cities like Los Angeles and have since been spreading quickly throughout the US. We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf.

Which home business is most profitable?

On the product side, take the example of SPANX founder Sara Blakely who created an original undergarment when she realized she didn’t see anything like SPANX in stores. It was her “a-ha” moment that revolutionized the underwear industry and today, SPANX can be found in nearly every female household in the U.S. When coming up with a business idea, our mind can run in circles and we often feel like we’re hitting a wall. When this happens it’s probably a good idea to take a breath, and then start brainstorming.

Ask Family & Friends

For more on this topic, please take a look at our article about
types of business ideas. Having considered what you want to do, and what your strengths are, your business is ultimately not
completely for you. Perhaps your business is much more for your customers than it is for you. Always think about your clients because without them no business can exist for long. Every business needs customers and your job is to
find something you can do to make someone’s life better. You can solve someone’s problem, entertain them, teach them something, etc. You have to ultimately provide a great enough benefit to
your target customers so that they would be willing to pay you for your
offering and/or come back to use it again.

Entrepreneurs get their ideas from various sources, including personal experiences, hobbies, market trends, customer feedback, and industry knowledge. They often identify gaps in the market or find innovative ways to improve existing products or services. Make it a point to listen to family and friends when they’re having issues.

Read more about how to start a small business here. If you have an extra room or piece of property to rent out, being an Airbnb host is a great business model to get passive income. If you’re a beginner, you can get some great tips from other Airbnb hosts and even learn from Airbnb success stories. According to ZipRecruiter, the average annual salary for a freelance writer is just under $70,000 a year. In a survey done by Elna Cain, the top three writing niches for 2023 are digital marketing writers, SaaS/ecommerce writers, and health and lifestyle writers. The average salary of a social media manager hovers around the $70,000 to $80,000 mark. With a TikTok following of one million and a strong presence on Instagram and YouTube, she was able to quit her job as a hairdresser and run her social media business from home.

When pet owners go on vacation, they need reliable and responsible pet sitters. Now, you can choose to either go the retail route and sell dog grooming items with a store or go the service route and do the grooming yourself.

As your business grows, you can recruit contractors and send them to scout garage sales and thrift stores to source higher-value items worth listing. As an at-home business, flipping items on online marketplaces is one of the easiest businesses to start. Once you open an account and figure out how to list your prices and upload images, you can be well on your way to selling your first item. If you’re good with children, consider opening a day care business. The day care market is currently valued at over $60 billion and is only expected to grow over the coming years. You need to have a general idea of how cryptocurrency and blockchain technology work. That way you can confidently create NFTs to sell on marketplaces like OpenSea, SuperRare, and Foundation.

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