The question “How do I find or decide on the right business idea?” is always a recurring question by many would-be entrepreneurs. You are probably one of those intelligent and self-motivated people out there who believe that a business or side hustle’s success depends on the idea. This has been an obstacle for many enthusiastic people looking to start a side hustle.
Finding the best idea for additional means of income requires serious self-searching. What can you do well? What are you motivated to do even if all hell is breaking loose? This self-examination is the right place to start when thinking of what will be the right idea for a side business.
The following are great kick-starters for ideas generation;
Find a time when you are not distracted by anything and anyone. Get your PC or pen and paper ready. Sit back and do serious brainstorming. Remember, an initial self-examination of your existing skills, talents, and what you are best at will help you significantly during your brainstorming sessions.
Know Your Strengths and Passions
Knowing and taking advantage of your strengths, passion, experience, and skills are one of the great ways to identify a business idea that will work best for you. At least start with 5 things you have passion, talent, experience, or skill for. List them down in order of their priorities.
You can also ask people very close to you – your parents, siblings, close friends, relatives, and colleagues in the office (if you are currently working in an office). They are likely to give you meaningful hints about your strengths and passion.
Become a Problem Solver
In solving problems, either for yourself or others, you can generate a business idea eventually. For instance, if it comes easy and natural fixing your bicycle anytime it has an issue, it could be a pointer that you can make money from doing the same task for others.
What you need to do is to learn more about bicycle repairs. Before long, you would become the most sought—after bicycle technician in your neighborhood. Tons of sought-after products and services today are ideas from people who solved real problems.
Leverage Existing Ideas
One of the things holding aspiring entrepreneurs from taking a step in launching a business is the misconception that their idea must be original. In fact, there’s barely anything like a 100% original idea. This can keep you in a perpetual and self-caused drawback for a lifetime! Get up and think of an existing idea and how you can improve on it to attract more customers.
Finally, you should identify heroes in the niche of business you are interested in. Contact them and learn how they started and have kept them going.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams