How to Identify Unique Business Ideas for You
Do you dream of owning a business and living the life of an entrepreneur? All you need is some grit, funding, creativity—and a great idea. Coming up with unique business ideas can be a daunting task. It’s where everything begins, the first step in your journey to become your own boss. A good idea leads to a good business and is the key to your success as an entrepreneur.
So, where do you look for a good business idea? Start with finding something you are passionate about. This guide will show you how to find your career passion so you can identify unique business ideas.
Take Personal Inventory
Start with taking a personal inventory to help identify your passions. Some people automatically know what they are passionate about—if you are this person, follow your intuition and trust yourself. If you need some help digging to discover what industry or type of business will make you happiest, ask yourself these questions:
What do my thoughts drift to when there’s nothing on my mind?
Does your mind naturally gravitate toward your efforts to perfect your chocolate chip cookie recipe or more effective ways to teach people to prune their fruit trees? When there’s nothing pressing to think about, your mind will wander to what’s most important.
What gives me energy when I’m tired?
When you’re tired at the end of a long day at work, there’s not much that will get you excited to do more—except maybe the sewing project you started the other day. What activities and ideas motivate you to move and make you feel energetic, even when you’re exhausted? That’s the kind of passion that will keep you going through the challenges of entrepreneurship.
What would I do with a free Saturday or afternoon?
You’re caught up on the housework, and you don’t have any plans with friends or obligations. What do you do with the freedom? Read a fashion magazine, peruse a bookstore, go for a jog? When there’s no work to do, you naturally gravitate toward your passions.
What did I love when I was young?
Sometimes what we enjoyed as children or teenagers speaks to the core of who we are before getting bogged down with jobs and money. You might be surprised to discover these passions still inspire you.
Brainstorm Unique Business Ideas
Once you identify your passion and what fields you might like to work in, you can start brainstorming unique business ideas. Many entrepreneurs take one of these three approaches:
Consider the line of work you’re in now or what you’ve done in the past—for someone else. You can be your own boss by repackaging your skillset or starting your own business in a similar field. Be careful to check your company’s non-compete clause to make sure your idea doesn’t conflict with it.
Do it better:
What business models already out there interest you? Choose a type of service or product and find a way you can do it better, differently, or in a different market.
Solve a problem:
What is missing from the world around you? Identify a customer pain point or a gap in the market and how you can bring a new type of service or product to the industry.
Build Your Business from a Passion
Some of the world’s most successful entrepreneurs started out by playing to their strengths and passions:
The author of Harry Potter was a teacher on government support when she started writing her novels. Her passion was in writing, and she wrote everywhere and anywhere, believing in her dream until it became a reality.
Chris Gardner, whose life was portrayed in the movie The Pursuit of Happyness, started out homeless and is now a multi-millionaire stockbroker. His passion drove him through challenges to success, and he says his secret was finding something he loved to do.
One of the world’s most successful entrepreneurs, Steve Jobs believed that passion and enjoyment are the keys to success. He dropped out of school to pursue an idea he believed in and ended up creating a company that has changed the world.
Identifying unique business ideas starts with identifying your passion. But remember that just because you enjoy doing something doesn’t mean it will make a good business. Keep your mind open to exploring your interests and discovering something new along the way to finding a business idea. For help in developing your small business, sign up for a Daymond John’s Success Formula event today.