- Entrepreneurial Wisdom
4 Ways to Find the Idea for Your Business
Lots of people have the drive and determination to start their business.
For many of you, this will be one of your most significant ambitions for the next 10 years.
But you lack the business idea, and you aren’t proactively searching for it.
Most people are just hoping their business idea will just magically come to them.
It probably won’t so you need to be proactive
Here are 4 ways to find the idea for your business:
1. Constantly Look for Business Ideas in your Personal Life
Problems are the root of most new business ideas.
You should always be looking to solve a problem because people will always pay to solve their problems.
The first place you should look for this is in your personal life, whether at home, relaxing with friends, or even tidying the house.
You should look at this from 2 angles:
- You can try to create a solution for something that you personally find annoying or painful in your life.
- You could also create a better solution for something you do every day — e.g. make the process more efficient, cheaper, or more fun.
Get 500+ Hours of Research and business ideas into your inbox every week.
2. Observe Issues at Your Work
This is similar to point one but in the workplace. Many of the world’s biggest companies are B2B (Business to Business), which means they solve problems for other companies. Think Slack, Salesforce, or Mailchimp.
The best place to spot business issues is obviously at work.
Throughout your work day, look for issues you have and speak to others.
People LOVE to moan and complain at work – this is an excellent opportunity for you to learn. See if you can spot any issues other people have that you could solve.
You can also ask what is bothering them at work and see what you can learn.
The pain-frequency framework is a way of identifying whether a problem is worth solving. The challenge for new companies lies in identifying and focusing on frequent and painful problems enough to warrant investment of time, attention, and money.
Get 500+ Hours of Research and business ideas into your inbox every week.
3. Exploding Topics
Exploding Topics is a great (if expensive) option for finding new business ideas. It is a great tool for finding fast-growing topics before they go mainstream. Businesses use the service to predict what products and services will be the next big thing. The tool analyzes the latest trends using search engines and social media data.
You can use this tool to look for trends and data points to identify critical topics.
Where there is data and trends, there is opportunity.
This tool is used by many top investment funds and companies to find the latest trends.
There are two issues, though.
- The main plan is $1200 a year, which is very expensive
- You need to spend hours dissecting and analyzing the data every single week.
This can be very restrictive depending on how much money you have and especially how much time you have.
4. The Hustletrack Report
The Hustletrack Report gives you 5 areas of analysis conducted by their team with over 500 hours of research time a month. Each area of the report can give you new business ideas backed by data.
This means you save hours on research and can do one super impactful thing every week to prepare to start your business.
The Hustletrack team looks at 20+ data points every week (exploding topics is just one of the 20), which means you don’t have to pay for all of these tools, which cost $10000+, and you don’t have to do the research.
Also, only 3000 new people worldwide get access to the Hustletrack Report each year, so the ideas and research are kept to a very small number of people.
The 5 areas the report analyses are these:
- Trend Watch – This is where they specifically look at trending topics and all the opportunities that could be made from this trend.
- Venture Spark – This area focuses far more on problems that are getting funded by Venture Capital, they break it down and analyse this so that you can learn.
- AI Frontier – This section focuses on all AI updates that can help you build businesses. They don’t care about the latest piece of AI code or general news update but only how it can impact and be used when starting a business.
- Social Pulse – This is where they highlight trending products and any other trends from hours of social media footage. There is so much content out there and most of it is trying to sell you stuff. They filter through this to show you the true gems.
- Idea Ignition – This section gives you concrete new business ideas fully broken down so you can understand how to grow that type of business.