If you want to start a business but do not have a great business idea, how do you develop a business idea that has the potential to be sustainable and profitable?
First of all, answer these 5 questions:
1.What problems can you solve for self or others?
Business is simply creating solutions for problems. These problems are universal. Usually the solutions make the client’s lives easier, efficient, and convenient. For example, Jami Kern Lima developed IT Cosmetics to help her with her hyperpigmentation and rosacea. Sarah Blakely created footless hosiery that was more comfortable for her which led to Spanx.
2.What skills or certifications do you have?
Skills, competencies, certifications, licenses and degrees as well as training provide you with knowledge. You can monetize this expertise to help others and generate a profit. If you are a health care professional, you can establish medical practice or be a medical consultant or medical expert witness for malpractice cases or case review. If you are an aesthetician, you can start a medical spa.
3.What do you love and would do for free?
Hobbies or passions like traveling, cooking, baking, or photography can be turned into a profitable business idea. Friends Sophie LaMontagne and Katherine Kallinis transformed their love for baking cupcakes into Georgetown Cupcake, a bakery store in Washington DC. Lea Shearer and Joanna Teplen are friends and mothers who enjoy home organization and created the Home Edit empire which includes home organization tips, products, and services.
4.What can you do faster, cheaper, or better?
Technology like applications, artificial intelligence, Wi-Fi, and 5G were created in order to make people’s lives more convenient or to accomplish something faster or cheaper. For instance, telemedicine was created with video or audio conferencing for health care access in remote areas. Applications for our smartphones and tablets were created to make dating easier or to make communication easier, cheaper, or faster.
5.What makes you mad or sad? (What are your passionate about?)
Something that evokes emotion is a passion and can become a profitable business idea. A cause that you feel strongly about like income disparities between women and men or health disparities between minorities can be developed into a business idea. For example, a lawyer or activist can create a non-profit organization to help clients obtain legal advice or justice. An artist can open an art studio or create a graphic design business.
Summary: There are questions that you can ask yourself to determine a business idea you can possibly develop and implement. A business is providing a service or product that solves a problem or pain point for a target audience. The idea solves a problem with convenience, ease, or efficiency. Focusing on developing a skill or utilization a certification you have can be developed into a business; a hobby or passion you have can also be a potential idea.
Call to Action: Use these questions to develop business ideas. Once you have at least 3 business ideas, you will need to analyze if that business idea is sustainable and profitable in the current market.
