Do a Bit of Research
There are plenty of business ideas. Some are good, and some are not. Before starting a business, take time to generate more than one idea.
A great place to start is Google searches. You will quickly find websites that provide a long list of businesses you could start. We recommend doing specific searches such as “business ideas for carpenters.”
Customer Trends
Analyze new customer trends as they often provide ideas for new businesses.
For example, people have recently become worried about climate change and want to be environmentally responsible. This environmental trend creates new opportunities.
We have an aging population. As people get older, they are more inclined to purchase certain services, creating new business opportunities.
Keep an eye on what is happening around you, and you’ll get ideas.
Market Research
To determine if your idea can be transformed into a profitable business opportunity, do a bit of market research.
There usually are market reports for just about any industry. For example, if you search “market for ping pong tables” you will quickly find something such as “Table Market Research Report – 2019”. These reports will quantify current and future trends in the selected market.
Do a bit of customer-related research. You need to know as much as you can about your potential customers. What age group is most likely to purchase your product? What is the best way to reach them? How much do they spend? Stats Canada often has statistics available on many industries.
Talk to people about your business idea. Discussing your idea with potential customers will let you determine the level of interest and give you an idea of how much they would be willing to pay.
It’s a big world. Someone else probably had a similar business idea as you. Read up on what they are doing. Also, find out who you competition might be and learn from them. If there is too much competition around one idea, it is sometimes better to move on to another business idea.
When possible, it is recommended to test the business idea by offering the service to a few customers, and in the case of products, build a prototype to get honest feedback.
Imitate or Innovate
There is nothing wrong with imitating another successful business, especially when that business is in another geographical area. Why reinvent the wheel if you don’t have to.
This said, society tends to reward innovation, and new ideas are great.
Interesting Resources
Check out the following links if you need help finding the right business idea.
19 Fresh Way to Find New Business Idea
How to Find Business Idea – The Ultimate Guide (video)
How to Come Up With Your Winning Business Idea (video)
950 Businesses You Can Start Today
300 Best Small Business Ideas