How to find the best business ideas for my business?
How to find the best business ideas for my business?
Business Growth

How to find the best business ideas for my business?

 

Every business starts with an idea. It might be a crazy concept that no one has attempted before, or a twist on a common product or service. It might be something everyone will want, or it might fill a tiny niche in the market. If you need help with the question; “how to find the best business ideas for my business?”, reach out and talk with one of MB+M’s top Business Advisors. They have helped many clients in getting a business idea to fruition.

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There’s no single way to find the best business idea – it’s about finding the one that suits you best. So how do you do that?

Find your passion
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The best idea will be something you’re passionate and excited about – it’s difficult to pour money, energy and time into something that leaves you cold.

Play to your strengths
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It should also line up with your existing skills and talents, so you can get off the ground without outside help. You don’t have to be an expert, but if you’re opening a café, experience in hospitality would be a must.

Check viability
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Think about how your idea could bring in revenue – is it a product you can sell, a service or subscription, a retail store, a food service business? Look at the existing market, start-up costs and margins, and work out whether your idea is likely to be profitable.

A great idea is just the beginning
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Finding an exciting idea that fits your talents and has the potential to turn a profit isn’t easy – and neither is starting a small business. We can help at every stage – get in touch for expert help with validating your market and setting your business up for success right from the start.

About the idea

Maybe you already have a lot of business ideas but you can’t pick one. Or perhaps you want to start brainstorming. There are just two things to remember about business ideas.

They’re allowed to be crazy
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  • Amazon started selling books online when everyone was perfectly happy going to the store and keeping their credit card details off the internet.
  • Airbnb invited users to let their homes to complete strangers – people they might never meet.
They’re allowed to be mundane
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  • You might take an existing product or service and do your own version of it at a lower price, or in a different location, or with some other minor tweak. 
  • Or you might find a weird little niche that no one else has explored yet. Throx did that. They sell socks in threes so people need not worry about losing one in the laundry. 

Tips for landing on the best business ideas

As you come up with ideas, a method of picking the good ones will be essential. It’s an important choice because your next step is to invest time, energy, and possibly cash exploring that idea. These three tests will help you decide on the best ones for you.

  1. Find ideas you’re passionate about
    Does the idea excite you? If you’re wildly passionate about your business, then you’ll have much more energy and focus.
  2. Choose a business idea that fits with your skills
    Do you have years of experience, qualifications, contacts, or a special talent to use to your advantage? The more you do, the greater your chances of success and the less you have to pay someone else.
  3. Make sure you can make money from your idea
    You’ll need a plan for turning your idea into revenue. Some ideas can be monetised in many ways.

Find a small business idea you’re passionate about

Examine the ideas circling your mind. Do a few stand out as something you’d really like to try? Bring those to the top of your list. If you’re only just starting to brainstorm small business ideas, then focus first on areas where you have a passion.

If you’re passionate about what you’re doing, business will be much more fun. You’ll also find it easier to get up early, work late, and battle through obstacles. Plus, your mind is better at absorbing information that genuinely interests you, which could help you learn faster.

Choose an idea that fits with your skills

It’s much easier to get a business off the ground if you can do a lot of the prior work yourself. Otherwise you must hire a lot of professionals, and that’s going to get expensive.

Idea for an app? You should be able to develop a minimum viable product on your own. Want to open a hospitality business? You should know a thing or two about the service industry.

You don’t have to be a total expert before you start. It’s okay to learn on the job. But when you look at all the steps required to start your business, make sure you can take responsibility for a good chunk of them yourself.

How to make money from your small business idea

Once you’ve chosen your best business ideas, you need to figure out how to turn them into cash. That’s what a business model is for. It’s your plan for making money.

Business models are many and varied. Some types of business make money by selling goods to consumers (retail), others by selling goods to shops (wholesale), and others by leasing goods. Some businesses make money by charging clients an hourly fee for a service, while others charge a flat fee. These are just basic examples of business models. There are all sorts of creative variations.

Business models fall into broad categories like retail, manufacturing, software-as-a-service, professional services, and so on. Many categories have general rules about:

  • what customers are charged for.
  • average markups on products or services.
  • reasonable operating costs.
Mixing business models
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Your small business idea might lock you into a particular business model. If you open a shop, you’re going to operate the way other retailers do. But your business might allow you to mix up a bunch of business models.

If you’ve invented a product, for example, you might manufacture it, supply it to retailers, and sell it directly to customers through your own store. Try to investigate the business models that apply to you. An accountant familiar with your type of industry can give you great insights. 

Remember that you’re just choosing between business ideas at this stage. You don’t need a full financial plan yet. But make sure you ask yourself:

  • can I realistically make money from this idea?
  • do I need special expertise (such as wholesale experience) to make the business work?  

Once you’ve picked an idea to explore further, get a Business Advisor to help work out the business model in more detail.

The best business idea is the one that fits you

When deciding on a business idea to pursue, make sure:

  • you’re genuinely excited by it, because you’ll spend a lot of time on it
  • you can carry it out (while doing a lot of the work yourself)
  • you have a plan for monetising it

Once you’re satisfied you can pour energy and skill into it, and you can see a financial return for those efforts, you’re ready to move to the next step. Start thinking about how to start a small business.

The MB+M Business Services team has extensive experience in helping clients to move through the startup process of a new business from idea to commencement of operations, and beyond.

If you are ready to move ahead with your business idea, then contact MB+M to help you run your own strategic planning session, and set business and personal goals into the future. We would provide the first hour of consultation free. Call MB+M on 03 5821 9177 and speak to an experienced Business Advisor.

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