Have you've been wondering what type of business might be a good fit for you? Here are nine different things you can do to research and brainstorm a winning entrepreneurial idea:
1. Get Book Smart: Start your entrepreneurial brainstorming by taking a look at some of the many books that provide a general overview of home-based business options. Books such as Best Home Businesses for People 50+
by Paul and Sarah Edwards, Moonlighting on the Internet: 5 World-Class Experts Reveal Proven Ways to Make Extra Cash
by Yanik Silver and 202 Things You Can Make and Sell for Big Profits by James Stephenson, will give you a flavor of the different types of businesses worth investigating
2. Peruse the Magazine Stands: In addition to getting ideas from books, magazines such as Entrepreneur or Inc. are a great resource for entrepreneurial inspiration. You'll learn about successful new business ventures, growth industries and services/products that can help you start your own business.
3. Attend adult education classes: Many community based adult education programs offer low-cost workshops and classes for entrepreneurs interested in starting their own business. Some of the classes I've seen include How to Become a Wedding Planner, Website Design, Medical Billing, Small Business Management and Screenwriting (among others).
4. Get ideas from friends: Call up five or six friends who know you well and ask them to join you for an evening of brainstorming. It's amazing how many innovative ideas can come out of a night of "group think" (especially if you provide good wine and desserts!).
5. Design a better widget: Have you ever bought a product and thought, "It would be so much better if only it was smaller... or had larger buttons... or came in more colors or..." The next time you have one of those "what if" moments, stop and think about ways you might be able to turn that problem into a marketable service or product.
6. Capitalize on trends: The rapid pace of change in our world drives a constant demand for new products and services. For example, as the Baby Boomer generation ages, there will be an increased demand for health care services, retirement counseling and niche travel services. The escalating rise in obesity has fueled the need for more nutritional counseling. Savvy entrepreneurs know how to leverage these trends into profitable business ventures.
7. Transform your talents into cash: Do you have a unique skill or ability that could be the inspiration for a home-based business? Perhaps your beautiful penmanship could be parlayed into a calligraphy venture, your artistic flair could be used to design websites or your soothing voice could help you transition into a career as a commercial voiceover artist.
8. Make lemonade out of lemons: As the saying goes, "When life hands you lemons, make lemonade." Use the knowledge you've gained as the result of a personal hardship to help others faced by the same challenge. For example, if you are the parent of a child who has successfully overcome learning disabilities, you could start a newsletter about this topic for others faced by the same challenge. You'll be providing a needed service to others while building a viable business model for yourself.
9. Niche for Success: Sometimes all you need to do to come up with a great business opportunity is to create a mini-version of an existing business idea. For example, instead of running a full-service catering firm, you could specialize in preparing gourmet box lunches for small businesses in your town. Or in lieu of being a general party planner, you could run birthday parties for children, tweens and teens.
Remember, there is no need to reinvent the wheel when you are looking for a great business idea. Look to the world around you for clues, see what works for others, and then figure out a way to leverage your unique talents and skills into entrepreneurial success.
