Want to Start a Business, but Have No Ideas? Start Here.
So you want to start a business, but have no ideas. Don't worry. It happens to every entrepreneur at some stage.
Embarking on the entrepreneurial journey can be daunting, especially when you're unsure where to start or what business to pursue.
This guide is designed to help aspiring entrepreneurs like you uncover the best idea for you.
Key Takeaways
Start with introspection. Identify your unique skills and interests to find a business idea that aligns with your passions and expertise.
Learn from established entrepreneurs and adopt their strategies to mitigate the fear of starting your own business.
Use market research to validate business ideas with your target audience.
Understand the financial aspects of starting a business, including estimating costs and exploring funding options.
Step 1. Start with Introspection
Instinct often leads people to look outwards for business inspiration, as is proven by the 90,000 monthly searches on Google for ‘What business should I start?’. Countless articles online try to inspire you with everything from drop shipping to pyramid schemes.
While this approach can occasionally generate moderate financial success, it’s not the way to identify a fulfilling business that will inspire you and others.
Your journey needs to start with understanding the unique blend of experiences and values you bring to the table. These elements will guide your business vision, mission and even marketing strategy as they come into focus later.
Before a logo, website, or product, even before the business itself, there's always a story. Your story.
It’s your unique and authentic differential that no-one can take or copy. It’s your unfair advantage that binds together everything you do, and will enable you to stand out in any marketplace.
No-one shares your exact story, but millions of people will identify with it.
Your story is a combination of:
Your past experiences.
Your values that were created as a result of those experiences.
Your passions & curiosities.
Your vision for your life.
Your strengths & weaknesses, and
The causes you care about.
Your story becomes the compass that guides what your business should stand for, who it will serve, and the impact it aims to create.
When we intertwine your personal story with your business and create that cohesive, coordinated narrative, it becomes your brand story.
Understanding the importance of your brand story
Imagine the business you are going to launch as a house. Your brand story is the foundations of that house.
In nearly 20 years of being an entrepreneur and teaching others, I've met very few entrepreneurs who even attempt to build these ‘foundations for their house’ on their first attempt at starting a business. I certainly didn’t with my first business. I wasn’t even close. It isn’t instinctual to do so.
And we all know what happens if we build a house without solid foundations.
Uh oh.
But if you do start by building your business upon the foundation of a brand story, great things will happen when you get going:
You create emotional connection with customers: People buy from brands they feel connected to on an emotional level. Your brand story fosters this connection, making your business memorable and relatable.
You stand out: There are tons of businesses out there. Sharing where you come from and what you stand for helps people remember you.
You build trust and loyalty: Sharing your journey, values, and causes creates transparency that builds trust. Loyal customers are born from a belief in what you stand for, not just what you sell.
Your marketing shines: People don’t remember ads. People remember stories. Grab your audience’s attention and stick in their minds.
You’ll inspire: A clear brand story aligns everyone involved with your business with your mission, enhancing their commitment and passion for what you’re doing. Employees who believe in the 'why' behind their efforts are more motivated and productive.
It guides your choices: Your story reminds you of what's important when making big decisions. It's like a compass pointing you in the right direction.
It attracts partners and collaborators: Other businesses, investors and influencers are more likely to collaborate with brands that have a clear, compelling story and shared values.
You turn customers into fans: People who love your story will tell their friends, spreading the word more effectively than any ad could.
Starting with your brand story isn't just a nice-to-have. It's a powerful tool that helps every part of your business, from marketing to team morale, and even guiding your big decisions.
So what is a brand story?
Here's an example:
Meet Beth and Maggie. Two IMPCTDRVN clients and sisters with a shared dream who reached out to us after they had already launched their business - a marketing and communications agency.
Their early days were a struggle to attract clients as they tried to sell their services to anyone via ads and cold-selling.
Like all entrepreneurs trying to sell their services to everyone, they quickly found themselves in competition with thousands of other design agencies and freelancers offering the same services. They were struggling to get clients, and had no idea what their ‘brand story’ could be based on.
As we began to work together, we delved into their past. Almost as an afterthought one day an astonishing and poignant fact unfolded. Younger sister Beth couldn’t speak until the age of three. And it was older sister Maggie who helped her to learn (herself only 5 years old at the time).
They shared a ‘lightbulb moment’ that this process, nearly 30 years before, had, in both of them, sparked a profound but previously unidentified passion for helping others communicate and express themselves.
We’d been working together for weeks trying to uncover their motivations before this story came to light. Both women had never associated its relevance to their chosen business, but as soon as we began to discuss it, the relevance became clear.
So what did they do with this information?
They positioned themselves as the marketing and communication agency for speech therapists.
Quickly their direct competition dropped to near zero. The speech therapists loved that they had a deep, meaningful connection to, and understanding of, their work, and Beth and Maggie were deeply inspired and driven to make a real difference to a cause very close to their hearts.
Your turn: Discover the elements to your own brand story
There are numerous methods and reflections you can use to begin to uncover the introspective elements of your brand story.
The quick start method is to do the following:
List the main events of your life and identify which passions, values, or characteristics you developed as a result.
Reflect on what you are naturally good at and the expertise you've gained from previous roles or life experiences.
Get everything down on paper. The goal here is quantity, not quality. We’ll narrow down your options in the next step.
A great tool at this stage is to take an ‘Ikigai test’ - ikigai is a Japanese concept which means ‘reason for being’ and by focusing on what you love to do, what the world needs, what you can be paid for and what you’re good at, is a fantastic foundation to find your business idea.
An example of Ikigai guiding someone’s choice of business would be Maria - who grew up in a small town and loved her grandmother's ability to bring the community together with her cooking. After years in a corporate marketing job, Maria realized her true passion lay in creating a space for people to connect. She opened a café that not only serves locally sourced coffee but is a hub for community events. Her ikigai lies in bringing community ties together and supporting local farmers, which gives her incredible satisfaction every day and gives her a great unique identity so she stands out from her competitors.
Step 2. Generate your Business Idea
Brainstorming for Inspiration
After listing out your skills, interests, passions etc. that you listed in the first step, the next thing to do is to look for intersections. While passions alone are powerful, combinations and intersections of passions are much more so.
What we’re looking for here is the basis of an ‘ikigai’ for your business - or, as we mentioned above, a combination of:
What you love
What you’re good at
What you can be paid for, and
What the world needs
And on that final point, a great way to discover what the world needs is by looking for pain points.
Pain Points
Identifying a pain point is a great way to source a valid business idea. Pull together all possible topics that have come up from the first exercise. Then, think of frustrations that relate to these topics and explore possible solutions that could help others.
Beth and Maggie had a clear pain point identified which aligned with their intersection of their backstory and professional skills - Speech therapists are busy helping people speak, and don't have the time, or often the inclination, to do their own marketing - which as any service professional knows, is a big part of the job.
Talking to the potential audience is essential once you’ve identified a potential pain point.
Identifying pain points is powerful, but there are other ways to identify a potential business idea. These include:
Improve Existing Products: Identify flaws in products you use and think about how they could be improved.
Market Gaps in Your Area: Look for successful businesses or products in other areas that haven't been introduced to your local market.
Customer Feedback and Reviews: Read reviews of existing products and services to find what customers are missing.
Think back to products or services you are passionate about, and ask yourself, or complete the following sentences:
I wish my favorite brand would ______.
If I was in charge of my favorite brand, I would add ______.
I wish I could buy ______ here.
My favorite brand should also sell ______.
My daily life would be so much easier if ______ did ______.
By embracing these techniques, you'll not only come up with new business ideas but also create a foundation for a business that resonates with your personal strengths and the needs of the market.
Remember, the goal is to aim for quantity in your brainstorming sessions. The more ideas you come up with, the higher your chances of finding that one viable, market-changing concept. Have fun with the process and let your imagination run wild. After all, every successful business once started as a mere idea.
Step 3. Validate your Business Idea
Coming up with a great idea doesn’t mean it will be a viable business if only you think it’s a great idea. You’re going to have to prove that other people agree with you.
After 20 years of entrepreneurship experience, I can’t say this one often enough:
You need to talk to your potential customers - as much as possible.
Market Research Fundamentals
Embarking on the journey of transforming a business idea into a successful enterprise begins with understanding your target market. Market research is the compass that guides entrepreneurs through the viability of your different business ideas, helping to pinpoint where true north lies in terms of demand and opportunity.
Start here:
Identify your target audience: Who are the potential customers that will benefit from your new business idea? Get specific.
Analyze the competition: What are good business ideas already thriving, and how can you differentiate? For Beth and Maggie, this was relatively simple. There weren't any competitors specifically targeting speech therapists.
Explore trends: Which online business ideas or small business ideas are gaining traction, and why?
To conduct market research effectively, consider the following steps:
Define the objectives of your research.
Choose the right tools and methods to gather data.
Analyze the data to uncover insights about potential business ideas.
Apply the findings to refine your business ideas for better market fit.
This doesn't need to be complicated.
Beth and Maggie simply spoke to 30 different speech therapists to see what would help their therapy practices, and the results became apparent quickly.
The therapists didn't want to be taught how to market. They wanted someone to simply take care of the marketing for them so they could focus on what they did best.
The therapists invariably wanted to attract clients through education, reputation and authority, rather than cold ads or sales tactics.
Many therapists wanted to branch out their business to work online, rather than simply work with in-person clients in their local area.
Idea Validation: Ensuring Market Fit
After identifying what seems like the perfect business idea, the next critical step is to ensure it can evolve into a profitable business. This is where idea validation comes into play, serving as a litmus test for your concept's viability in the real world.
Start Small: Begin by creating a minimum viable product (MVP) or a basic service offering to gauge interest. This initial offering should be enough to spark potential customer engagement without requiring a large investment.
Pre-Selling: Test market demand by pre-selling your product or service. Early adopters can provide both initial revenue and valuable feedback to refine your offering.
Gather Feedback: Actively seek out opinions from potential customers, industry experts, and your personal network. Honest feedback is crucial for fine-tuning your business idea.
By methodically validating your business idea, you're not just guessing; you're making informed decisions based on real-world data and interactions. This process helps minimize risk and sets the foundation for a business that resonates with your target market.
For Beth and Maggie, this involved creating a package of their custom services.
Taking their research into account, they crafted a package for the therapists which:
Was focussed on creating educational blog content rather than Social Media or ads, with a guest posting and publishing strategy that would improve their professional reputation, ultimately attracting referrals from other practitioners.
Optimised the therapists' websites, with a view of attracting more clients online.
By being able to customise their product based around what the therapists had told them they wanted to achieve, Beth and Maggie had a perfect solution to the therapists problem.
And they didn't do anything any more complicated than simply listen.
Step 4. Learn from Successful Entrepreneurs
Pop quiz: Who would you want to teach you if you wanted to learn how to drive?
Answer: Probably someone who could already drive, right?
Yet it's incredible how many novice entrepreneurs launch entrepreneurial ventures without seeking any advice from those who have trod the path of entrepreneurship before them.
So much of running a business is skills which can be learned and getting mentorship or coaching is a very quick win to give you a huge leg up in your business journey.
Seek out stories of successful entrepreneurs: Many small business owners who have navigated the path to success are eager to share their stories. Look for interviews, biographies, and case studies that delve into their challenges and triumphs.
Take online courses and coaching: Ok, we're biased of course, but there is a wealth of knowledge available through online courses and coaching or mentoring sessions taught by successful business owners, like those we offer at IMPCTDRVN. These courses can offer structured learning and practical advice to apply to your own business ideas.
Join entrepreneurial communities: Surround yourself with like-minded individuals who are also on their entrepreneurial journey. Peer support and mentorship can be invaluable as you navigate the complexities of starting and growing your business.
Entrepreneurship can be hard, lonely and confusing, but it doesn't need to be.
Get a reputable coach or mentor and the support, guidance and lessons you'll receive will be invaluable.
Step 5. Overcome the Fear of Starting
Any experienced entrepreneur would have shared your feelings at some point in the past.
I’m not business-minded.
I’m not good enough.
I’m not experienced enough.
Other people will be better.
I can’t afford it.
It isn’t secure.
What if I fail?
What if I’m ridiculed?
I’ll wait for the right time.
The good news is that it’s normal to be nervous. Your brain is trying to protect you. Our brains are hardwired to steer away from attempting the things which could bring fulfillment, happiness, and success, because our fear of failure, ridicule, and rejection is too great.
Your brain is likely telling you “it’s not the right time”, “now is too risky”, “I should wait for a picture-perfect opportunity before I quit the ‘security’ and ‘safety’ of my job”. But in this moment, your brain ignores the job it’s trying to keep you in has been crushing your soul since the day you started.
Brain and soul aren’t always the best at communicating with each other.
Brains ‘protect’ us by convincing us to wait until we’re no longer scared. Guess what? That time doesn’t come. The people who accomplish great things face the fear head-on, and get comfortable with the discomfort, as you need to, and you can, too.
Here are some steps to help you move past these fears:
Acknowledge the fear: Accept that fear is a natural part of the entrepreneurial process.
Educate yourself: The more you know about the business world, the more confident you'll feel.
Start small: Begin with manageable steps to gradually build your confidence.
Seek support: Surround yourself with mentors and peers who can offer guidance and encouragement.
The path to entrepreneurship is a test of perseverance and belief in one's vision. It's about taking that first step, even when the destination is not fully in sight.
Remember, every successful entrepreneur started with a single step. By embracing the learning process and viewing challenges as opportunities for growth, you can diminish the power of fear and take control of your journey to start a business.
Conclusion
Embarking on the entrepreneurial journey without a clear business idea can be daunting, but as we've explored, it's far from an insurmountable challenge. If you're in the position where you want to start a business but have no ideas, don't despair. Follow these tips and all the details, and before you know it, you'll be a successful business owner.
By tapping into your passions, recognizing market gaps, and leveraging your unique skills, you can uncover a wealth of opportunities waiting to be transformed into a thriving business venture.
Remember, the key is to start with what you know and love, validate your idea with market research, and be willing to adapt and innovate.
Frequently Asked Questions
What if I don't have any business experience?
No worries! All successful entrepreneurs started without prior experience. Focus on your skills, passions, and willingness to learn.
Is my idea good enough?
Let your audience tell you! Gather feedback and see if there's a market for your product or service.
What if my idea already exists?
Good! That means there's a market. Let your brand story differentiate you from the competition.
What administrative support services are available for small businesses?
Many administrative support services cater to small businesses, including bookkeeping, virtual assistants, and legal assistance. Outsourcing these tasks can free up time for you to focus on growing your business.
How do I choose the right business model for my first business idea?
Research various business models and consider factors such as scalability, market demand, and your own strengths and preferences. Offering consulting services or starting an online store are popular options for first-time entrepreneurs seeking flexibility and potential for passive income.
How can I stay up to date with current industry trends?
Stay informed by following industry publications, attending relevant conferences and webinars, and connecting with other entrepreneurs on social media platforms. Remaining aware of market trends will help you adapt and innovate in your business.
How can I turn my business idea into a successful venture?
Continuously seek feedback from customers and adapt your business accordingly. Stay proactive in seeking new ideas and opportunities for growth. Remember that building a successful business is a journey, and perseverance is key.
What advice do you have for aspiring entrepreneurs leaving a corporate job?
Transitioning from a corporate job to entrepreneurship can be a daunting task but rewarding. Take time to research and plan your business thoroughly before taking the leap. Build slowly. Seek guidance from other entrepreneurs who have successfully made the transition and focus on building a strong support network.