Finding the Ideal Business Idea: Procedure, Tips and Example

Do you have a business idea, but aren't sure where to start? Or are you looking for tips to help you find the perfect business idea? Then this is exactly the place for you! In this blog post, we will give you more than 10 tips to not only help you find the ideal business idea, but also put it into action.

Because ideas are everywhere. The challenge is not in finding ideas, but rather in filtering out those from the flood of possibilities that make sense for your specific skills and your situation. To do this effectively, it is helpful to have a framework for evaluating ideas. We want to provide you with this article.

What is a business idea and why is it important? 

A business idea is a thought or a suggestion about how something could be done. It can be big or small, simple or complex. But the most important thing about a business idea is that it is feasible. That is, it can be converted into an action plan.

A business idea is important because it is the seed from which a business is born. It is the starting point for creating something new and innovative. And it is the first step towards success.

What makes a successful business idea?

There are many factors that contribute to a successful business idea. Some of the most important are finding a need that is not being met, finding a clever and innovative solution for this need, and targeting a market that is willing to pay for your product or service. In addition, you need to ensure that your business is viable and has potential to generate profit.

Finding a business idea and identifying trends

There are different types of business ideas. The first kind are completely new business ideas that have not previously existed in the market. An example from the past would be companies like Volocopter, who started developing flying taxis, even though they didn't exist in that form yet. 

The second kind of business ideas are improved ones that already exist. Here, existing business ideas can serve as inspiration. Here, it's best to look at where the previous businesses have hit their problems. It's important to make sure you don't just copy existing companies 1:1, but instead get to know the problems of the "competition" through problem analysis and interviews with potential customers. With this approach, you ensure that you will really create added value with your product later on!

The third type of business idea is to use proven ones for yourself. Here, it's important to previously consider whether the market you want to operate in is large enough for you to also get a foothold. An example here would be fitness studios or franchise concepts in general. 

10 tips for finding your business idea

In the following, we will show you how you can first collect ideas in order to subsequently find concrete business ideas. In addition, we give you a small overview of tools and resources that can help you.

1. Collect initial ideas

Now that you have a better understanding of what a business idea is and why it is important, let's develop some ideas! The following methods will help you to find a variety of possibilities 

• Brainstorming: This is a good method to quickly collect many ideas. Start writing down everything that comes to your mind, no matter how crazy or far-fetched it may seem.
• Free writing: This is a similar exercise to brainstorming, but you just write down your ideas on a piece of paper for a certain period of time (e.g., five minutes). Don't worry about editing or evaluating your ideas in the first step.
• Mind-Mapping: This is a visual method for brainstorming. Draw a big circle in the middle of a piece of paper and start jotting down ideas from there.

Make a list of all possible business ideas. Write down everything, no matter how crazy it sounds. The more ideas you have, the better. Because you never know which idea could be perfect for you. So think outside the box and come up with as many ideas as possible.

Once you have a good number of business ideas, you can narrow them down and find out which ones best suit you and your skills.

2. What are your skills & strengths?

When it comes to recognizing your skills and strengths, it's important to take an honest look at yourself. What are you good at? What do you enjoy doing? What are your passions? When you have identified your skills and strengths, think about how you can monetize them. There are probably many ways to monetize your skills and strengths, so think outside the box. 

3. Look for needs that are not yet being met.

There are always needs of people that are not yet being met. So think about problems that need to be solved. What can you create to meet these needs? 

To do this, you can research what people are talking about on social media or other online channels.

You can also use the Google Keyword Planner to get data on popular search queries and see if there's an opportunity to start a business around one of these keywords.

Remember, the most important thing is to find a business idea that excites you and that has the potential to be successful. So research and then go for it!

4. Filter your collected ideas

Now that you have a large number of ideas, it's time to filter them. This step is important, because you don't want to waste time pursuing an idea that is not a good choice for you. 

Here are a few questions you should ask yourself:

• Are you attracted to the idea?
• Does the idea fit your strengths and capabilities? 
• Is there a market for your ideas?

5. Set Priorities

After you've filtered your ideas, it's time to set priorities. This step is important, because you shouldn't pursue more than one idea at a time in order to always focus on it.

Here are a few questions you should ask yourself:

• Which of your ideas are most attractive to you? 
• Which of your ideas can you realistically pursue? Which of your ideas are most feasible?
• Is your idea economically sensible and can it bring in revenues for you? 

6. Assess Your Ideas in the Context of the Situation 

Now that you have ranked your list of ideas according to priorities, it's time to evaluate them in the context of your situation. This step is important, because you want to make sure that your idea is a good one for you.

Here are a few questions you should ask yourself:

• Does this idea fit your goals?
• Is this idea something that is close to your heart? 
• Do you have the means to pursue this idea?
• Is this an industry that you understand? 
• Can you imagine pursuing this idea in the long term? 

7. Research the Market

Before pursuing an idea, it's important to investigate the market. This step is important, because you want to make sure that your idea is feasible and that there is a market with as little competition as possible for it. To do this, ask yourself both of the following questions:

• What is your target market? What needs or problems does this market have that you can solve with your product or service?
• Who is your Target Group? When it comes to determining your target market, it's important to take a honest look at your ideal customers. Who are they? What are their needs and what problems do they have? What do these people want or need and what can you offer them? 

Once you've identified your target group and your target market, you can later focus your marketing efforts better and develop a product or service that meets the needs of this target group and the market.

You can only make informed decisions for your future business and avoid common pitfalls after researching these points.

8. Take Advantage of Online Resources 

There are many online resources that help entrepreneurs in starting and growing their business. On websites like Entrepreneur.com and Businessinsider, you'll find tips and advice on starting, running and growing your future start-up. On OMR Reviews ContentHub you'll find loads of articles on a wide range of business areas and OMR Reviews gives you an overview of software solutions including real user experiences.

A promising way to get industry knowledge and insights is also reading blogs and listening to podcasts (OMR Podcast, Doppelgänger Podcast, GrowUp Podcast). Here you'll learn the latest news from experts and get insight into industries that you would probably not normally have access to.

9. Set Milestones

Once you've chosen a business idea, it's time to create a plan. This step is important, because you want to make sure you have milestones that you can track. Here are a few things you should include in your plan:

• Your Company Goals: What are your goals for your company? 
• Your Marketing Strategy: How will you reach your target? 
• Your Financial Planning: How much money do you need to establish your business and how do you intend to finance it? 
• Your Timeline: When do you want to reach your goals? 

10. Now it's time to get started!

This step is important, because if you do not act, nothing will happen. However, having a plan does not necessarily mean that your business will be successful. You need to take action and work hard. Here are a few tips to make your startup easier:

• Stay organized: Set up a system that allows you to track your progress.
• Establish a routine: Follow a routine so you can focus.
• Stay Motivated: Stay motivated by setting goals and celebrating milestones.

Found a business idea, what's next?

Even if you follow all these steps, there can sometimes be downers that knock you down and make you thoughtful. Don't worry here. That's normal! Everyone who tries to implement their business idea sometimes comes to a point where things get tough. 

Keep the following tips in mind:

1. Be creative and have fun in this process! 

So never let yourself be dragged down and try to see setbacks as learning experiences rather than mistakes. If you change your attitude to setbacks like this, you will notice that not only will the whole process be more fun for you, but you will also be able to grow stronger beyond yourself.

2. Don't be afraid to ask for help 

This step is important, because you don't have to do it alone. There are many people out there who are willing to help you. A possibility is for example to get a Mentor*in. Find someone who can guide and advise you and be an inspiration to you.

3. Be patient and try to stay positive

Don't be discouraged if things don't happen overnight. Keep going and you will achieve your goals. Don't let negative thoughts stand in the way of your success. Here are a few tips to stay positive:

• Set goals: Set small, achievable goals that will motivate you.
• Surround yourself with positive people – people who support you and continually encourage you.
• Visualize your success: Imagine yourself achieving your goals and feel the feelings associated with it. You'll notice, such small things work wonders!

3. Join an entrepreneur or networking group

Joining an entrepreneur or networking group can be a good way to connect with other entrepreneurs and learn from them. There are many great entrepreneur or networking groups out there.

Try to find one that suits you well. Some groups are more business-oriented, while others are more social. Some groups are geared towards people who have already founded a company, while others are meant for those who are still in the initial phase of their ideas.

No matter which group you choose, make sure it suits you well. The people in the group should support and help you and you should feel comfortable asking them for advice.

Examples of successful business ideas

There are a number of successful business ideas you can get inspired by. Here are a few examples:

1. Virtual Assistance

A virtual assistant (VA) is an entrepreneur who provides professional administrative, technical, or creative services to clients from a remote location. As the internet has allowed people to work from anywhere in the world, demand for virtual assistants has skyrocketed.

2. Web Design

As a web designer, you are responsible for designing the appearance of a website. In addition, you need to ensure that the website is visually appealing and easy to use. To become a web designer, you need to know the principles of web design and graphic software well.

3. Social Media Marketing

If you want to start a business in Social Media Marketing you need to be familiar with the latest marketing trends and know how Social Media works. You also need to have excellent writing and communication skills.

4. Graphic Design

As a graphic designer, you must be able to create visually appealing graphics for websites, ads, and other marketing materials. To be successful in this area, you must have a good understanding of design principles and Graphic Software. You should also be able to work under pressure and meet deadlines.

5. Online Tutoring

As an online tutor, you are responsible for teaching students from a remote location. You need to have a good knowledge of the subject you are teaching and have excellent pedagogical skills.

6. E-commerce Shop

As an e-commerce entrepreneur, you are responsible for operating an Online Shop. This includes managing your shop's inventory, setting prices, and processing orders. You should also be able to create attractive and user-friendly websites.

7. Video Production 

As a video producer, you are responsible for creating videos for websites, advertisements, and other marketing materials. To succeed in this area, you should know more than just the principles of video production and Video Editing Software.

8. Event Planning 

As an event manager, you are responsible for the planning and organization of events. This includes setting dates, booking venues, and organizing catering and other services. You should also be able to handle last-minute changes that may occur.

9. Consultant

As a consultant, you are responsible for providing professional advice to clients. This may include helping clients with business decisions, developing Marketing Plans or providing training and support. To be successful in this area, you should be able to think strategically and have excellent communication skills.