Want to start a business but have no ideas? Here’s some inspiration

Perhaps you’ve always wanted to start a business, or maybe entrepreneurship is a goal you’ve only recently added to your bucket list. Whatever your circumstances, scoring a good business idea is the first step in your journey.

If the words, ‘I want to start a business but have no ideas’ have played on your mind, we like to think we’ve got you covered. After all, a winning business idea may be just under your nose - you just need to find it.

In this blog, we’ll cover how you can find ideas for starting a business to kickstart your new adventure. From reflecting on your strengths and weaknesses, to common mistakes you should avoid, our tips will help you uncover a business idea that aligns with your interests and makes the most of your skills. You’ll be saying ‘eureka!’ in no time.

How to come up with a business idea on your own 

Have you ever wondered what is a good business to start? Perhaps being an entrepreneur has always been your dream but self-doubt has crept in. Or maybe you’re simply stuck for an idea that you truly care about. After all, your business is likely to take up a lot of your time, so you’ll want to feel passionate about it. Try to choose something you care about, not just what you think will make the most profit. 

A successful business idea is often generated by market awareness, some creativity and identifying your interests and skills. We’ve put together some considerations to help you find your business idea below. 

Reflect on yourself: What can you offer?

Self-reflection can not only help you with your business idea, it can also allow you to identify your motivation for starting a business too. Why exactly do you want to start a business? Try to picture yourself in those entrepreneurial shoes and think of what motivates you. Maybe it’s to help others, become financially independent or fill a gap in the market. Having this self-awareness can guide you towards a business concept that aligns with your values and aspirations. Maybe you’re an avid cook, or try to live as sustainably as possible - your passions could be the building blocks of a business idea that takes the market by storm.

Next, assess your skills and background - we’re not just talking about your education or qualifications, but the skills you have in your personal life too. Would your friends describe you as a good listener? Maybe you’re great at giving advice, and mentoring others for a living could be your calling. Your skills could open the door to new opportunities when you least expect them. 

Are there any hobbies that you can monetise? 

Your business idea may be closer to home than you initially thought. You may have a hobby that fills you with joy in your personal life, that could be the perfect business opportunity. Some hobbies that may have earning potential include:

• Crochet: Crocheting is a creative way to calm your mind, with 78.5% of people reporting that crocheting helps them to relax. But have you ever thought of the earning potential of crocheting? Your talent could earn you a loyal customer base, and you could get paid for doing what you love.

• Writing: Been praised for your way with words? If magic happens when you put pen to paper, starting a writing business could be your calling. Perhaps you’ll help businesses market their products as a copywriter, or help others improve their writing as a proofreader or editor. The options are endless.

• Baking: If the kitchen is your happy place, why not make your apron your uniform? Starting your own baking business will put your skills to good use and you’ll get to taste test your hard work! Sounds pretty good to us.

• Photography: Prefer to see life through a lens? If capturing the perfect shot makes your heart sing, starting a photography business could tick all the boxes.

What skills do you have?

Make a list of your key skills, and any expertise you possess, even if you doubt your ability. Has a colleague praised your problem-solving skills? Maybe you’re great at communicating with others and getting your message across. Once you’ve put your list together, you can research the market to identify gaps or problems that your skills could solve. Maybe you’re a skilled programmer or developer, and you’ve noticed a gap in the market for a particular tool - what’s stopping you from building that tool yourself? 

If you’re currently working a side hustle, an additional job you do for some extra cash, have you considered the possibility of making this your full-time occupation? This could work especially well if you currently have freelance clients, as you’ll already have several customers who know you and the value of your work. 

Think about common problems you could solve

Your new business could be the solution to several problems across the market. Here are just some examples of how solving a problem can secure your business growth in different industries: 

• Technology: Such as offering tech support to local businesses, developing software or an app to improve efficiency, or building websites to help brands grow online. 

• Health: Introducing fitness classes to the local area, starting a counselling or mentoring service to support those struggling with their mental health, or creating natural toiletry products to reduce skin irritation. 

• Retail or Ecommerce: Introducing a certain product or service online that isn’t currently available or using AI to offer personalised shopping experiences. 

• Finance: Building a budgeting app for a specific age group, offering financial advisory services in your local area, or becoming a finance writer whose blog offers financial advice. 

Remember the key to solving customer problems is market research. Asking your target market or potential customers about their circumstances can ensure you develop a product or service that resonates with them and meets their needs.

Think about what’s trending right now. Could you do it better?

Look, we’re not saying create a direct replica of a product or service that already exists (the last thing you want is to be labelled a copycat!). But there may be something that’s trending right now that you could capitalise on. After all, if there’s already high demand for a particular product or service, you may find it easier to attract customers. 

Is there a popular product or service out there that you could do better? Maybe you’ve found a way to offer something similar for a cheaper price or better quality. 

Do your own research

If you’re stuck for a business idea, research could unlock ideas you hadn’t even considered. Getting to grips with the market, your potential competitors and market niches and trends can prepare you for life as an entrepreneur. You’ll gain an understanding of your target market so you can identify customer needs and address them. You can also identify what others in your potential industry are doing well, and what they’re missing for you to develop your own competitive advantage. 

You could read books written by entrepreneurs, attend conferences to introduce yourself to the industry, or even explore online courses - many of which are free. Brushing up your knowledge doesn’t need to break the bank! You may stumble across a business idea when you least expect it.

Learn from others

Don’t be afraid to reach out to like-minded people - those successful entrepreneurs you admire were once in your shoes. Perhaps you have a mentor, colleague or local business owner that you look up to - why not reach out to them? Soak up their knowledge and ask how their business journey evolved. There’s no harm in brainstorming business ideas with someone you trust - they may think of something you haven’t, or offer their advice on how to make your concept even better.

Mistakes to avoid when looking for good business ideas

So, we’ve covered what you should do when searching for good business ideas. But what about the mistakes you should look to avoid?

Considering 35% of failed businesses went wrong due to a lack of market need, and 19% failed due to a flawed business model, you’ll want to set yourself up for success from the get-go. 

Here are some common mistakes you should watch out for when deciding on your business idea: 

Don’t rush your idea

What good ever came from rushing? You wouldn’t buy a house without going to see it first! Taking the time to research your industry, understand the needs of your potential customers and weigh up the pros and cons of each idea could save you significant time and money in the long run. 

Not only does rushing often lead to unnecessary stress and anxiety, but the more you’re prepared, the better chances you have of success. Take the time to get to know your industry, flesh out your idea and learn as much as possible. 

Don’t steal from others

While other businesses may inspire you, try not to overtly copy them or steal their ideas. The business may spot your efforts to replicate their work, and customers are likely to see it too - which won’t show you in a good light! 

Don’t be afraid to ask those you admire questions about their business for inspiration, but make sure you avoid copying what they do. Your own ideas are just as special, so try not to doubt yourself!

Perfectionism

While it’s often easier said than done, you should try to avoid striving for perfection when fleshing out your business idea. Perfectionism could even cost you a winning business idea, due to self-doubt. One way to avoid perfectionism when it comes to trialling different business ideas is to seek feedback from your network early. Share your business ideas with your most trusted friends, family or even potential customers. From there, you can make changes to your idea from the valuable insights you gain, with the reassurance that others responded well to your business model. 

Above all, learning to let go is all part of the process of becoming an entrepreneur. Mistakes do happen, and instead of dwelling on them, you can use them as opportunities to make your business idea the best it can be. 

Not starting

One of the biggest mistakes when it comes to business ideas? Not following through with your idea and making your business come to life. With 43% of aspiring entrepreneurs not believing they’ll set up their business, you’re not alone in feeling apprehensive. Many people get to the research stage of their business idea, but fail to get their business started, often due to a fear of failure. Remember, if you’ve got your business idea mapped out but are hesitant to press ‘go’, our friendly team are always at hand to help you, whether you need to voice your ideas or simply have a question about how company formation works. 

Business ideas for you to consider

Feeling stuck for inspiration? We’ve put together a list of potential business ideas for you to explore. 

1. Start a dropshipping business

When selling goods online, the seller is usually responsible for sourcing the products, as well as renting a warehouse space and then shipping the products to customers. With  dropshipping, the seller uses a third-party supplier to ship the product instead - allowing you to cut the costs of storing your products. In some cases, the dropshipper also takes care of handling your inventory and stock-taking, so you can focus on the fun stuff like taking care of your customers, improving your products and building your brand.

By starting a dropshipping business you can usually get your business up and running quicker than other types of businesses. You won’t need to keep products in stock or worry about your inventory. Instead, you’ll sell your products and pass the order on to a third-party supplier, who ships the order to your customer. 

The downside to consider, however, is the low profit margins that are often associated with dropshipping. You’ll likely have to put a lot in to keep your business running and generate profits, as a lot of the money you make will go to the supplier. It can also be tricky to differentiate your products from others also being sourced from third parties. To stay competitive, you may choose to lower your prices, but this can threaten your ROI. 

2. Start a dog walking business

You’re sure to wake up every morning feeling pawsitive as a professional dog walker. Not only will you get paid for taking care of precious pups (the dream, right?), starting a dog walking business will also keep you fit and active. 

While there aren’t any qualifications you’re legally required to have to start a dog walking business, there are several costs to keep in mind. You’ll need to have dog walking insurance in place, to protect not only your reputation but to cover the cost of your equipment and the cost of medical treatment should a dog face injury or death while you’re working. You’ll also need to factor in the cost of branding and getting your business’ name out there - you may choose to set up a website to boost your professionalism. 

3. Start a cleaning business

There are around 66,500 cleaning companies in the UK, making it a popular industry to be a part of! If you’re looking for a rewarding career that offers flexible hours and financial freedom, starting a cleaning business may be right for you. Of course, there are some safety considerations to keep in mind such as slipping over and potentially hazardous cleaning products, but provided you keep safe, it’s a job you’re sure to love. 

4. Start a crafting business from home

Always been the creative type? Let your imagination run wild and get paid for it by starting a crafting business. First, you’ll need to identify your craft. Perhaps you’re a natural with woodwork, love making jewellery or decorating spaces for parties. Whatever you’re drawn to, there’s nothing stopping you from monetising your talents. Be sure to research your target market to understand who your potential customers are, their pain points and how much they’d pay for your service. From there, you can get to work bringing your crafting business to life. Even better? Provided you have the space, you may be able to work from home.

5. Start a gardening or landscaping business

Put your green fingers to work by starting a gardening or landscaping business. If you feel most at home when you’re outdoors, this could be the perfect business idea for you. You’ll experience the joy of bringing your customer’s gardens to life, as well as the financial freedom being your own boss brings. Perhaps you’ll specialise in a certain area such as lawn care or landscape design, or maybe you’re versatile enough to offer all types of gardening services. Make sure you invest in quality equipment and take out the right insurance to protect you and your business’ reputation. 

How do you know if your business idea is a good one? 

So, you’ve found a business concept that you feel passionate about - how do you know if it’s a good one? To make your business the best it can be, critiquing your idea and asking for feedback from others is vital. Use your market research to gauge the demand for your product or service to assess its profitability. Also ensure you have a unique selling proposition (USP) to give your business a competitive edge. 

But as well as profitability, you’ll need to ensure you have the passion and drive to succeed. Does your business idea make you excited for the future? Is it something you could see yourself doing long term? Ultimately, a thorough assessment of your business idea, along with others’ opinions, can help you decide if your plans have the potential for success.

What happens now you have your business idea?

Ready to turn your business idea into a fully-fledged company? We believe you have what it takes to thrive. Starting your own business can be truly lifechanging. All you need is some self-belief, a great idea and the determination to get you where you want to be. 

Once you’re ready to form your company, our professional company formation service is there to guide you through the process. What are you waiting for? Form your company today with SUAZ.