At some point, many of us have thought, “I want to start a business, but I have no ideas.” Starting a business can feel scary and overwhelming, especially at the beginning, because there’s no clear path. You don’t have a job description or a boss telling you what to do or when to do it.
Coming up with a good idea can be challenging, but once you have one, what’s the next step?
It might seem overwhelming at first, but let’s take it one step at a time. Soon, you’ll have an idea, do some market research, and be on your way to landing your first client or customer.
1. Learn from Successful Entrepreneurs
To discover great business ideas, learn from successful people. Start by reading some top books on entrepreneurship aimed at new business owners.
Today, you can learn almost anything for free or at a low cost through blog posts, podcasts, books, and YouTube.
You can also start following the most influential women who tweet about entrepreneurship.
Try to spend at least 10 minutes each day reading and learning. You’ll be amazed at how much you can learn in just a few months!
2. Understand When You Need to Start Earning Money
Understanding when you need to start earning money will affect the type of business you choose. For example, if you need to make at least $500 by the end of the month, consider options like freelance writing, selling items on Poshmark or eBay, or offering consulting or coaching services.
If you have a day job or can wait a few months before needing to make money, you might consider starting a blog or podcast, trying affiliate marketing, or beginning dropshipping.
3. Think About How You Will Get Customers or Clients
Begin by looking at your social media accounts to see where your ideal customers spend their time online. Do they mostly use TikTok, Instagram, or Facebook? Using social media for marketing can be a cost-effective way to connect with these potential customers.
Besides social media, there are other ways to connect with your ideal customer or client. If you’re unsure where to begin, try sharing your business with friends, family, and people you meet. Even if they aren’t the right customers for you, they might know someone who is.
4. Do Some Market Research
As you come up with ideas, talk to people and ask for their thoughts. Pay attention to what they like and where you can make things better.
In business, you often come across the term “minimum viable product,” or MVP. This is a basic version of your product or service. Making an MVP helps you test your idea and see if people will be interested in it and if it can make money.
You can also check social media to find out what issues people are facing and see how you can help them.
You should research your potential competitors to understand what they do, how they sell their products, and how they launch their services.
After doing some market research, create your own Minimum Viable Product (MVP) to start gathering feedback.
5. Stay Open to New Business Ideas
If you’re just getting started, keep an open mind and avoid judging your new business ideas. You can narrow them down later, but for now, focus on brainstorming and exploring your options.
At this point, have fun and stay open to new opportunities. Inspiration can come from anywhere when you least expect it.
As you scroll through social media, check out the businesses that others have started. Notice the ads, and see which ones grab your attention.
Is there anything that makes you think, “That looks like fun”?
6. Understand Your Current Skills and Interests
We usually enjoy our work more when we’re good at it. Starting a business can be tough, so it’s helpful to choose something that matches your skills or interests.
My first job as a freelance writer was creating articles about entrepreneurship for small businesses. Although it was my first paid writing position, I already had a master’s degree in Entrepreneurship, had been blogging for several years, and had been self-employed for four years.
Reflect on your past jobs, volunteer work, and hobbies. Consider the skills you’ve developed, the courses or subjects you’ve studied, and what interests you naturally.
7. Don’t hesitate to change direction when necessary
Most successful businesses don’t stay where they began.
Many people hesitate to start their own businesses because they worry they don’t have all the answers and fear failing.
You might be surprised to learn that almost every business makes changes and adjustments to some extent.
Experience is the best teacher. Even if you do a lot of research and talk to others about their experiences, you might start something and find out after a few months that it’s not right for you. That’s perfectly fine. Just take what you learned and try something new.
8. Do as Many Informational Interviews as You Can
An informational interview is a short chat, usually lasting about 10 to 15 minutes, where you ask someone questions about their job, company, or industry.
When you gather ideas, reach out to people in industries or businesses that interest you. You can do this by sending them a direct message or an email.
This will hopefully help you get more excited about your interests or save you time by showing you that you might want to explore something different.
Talking to different people helps you grow your network of business owners and gives you advice on what to do next.
9. Make a list of business ideas that interest you
Every day, you probably notice many businesses on social media, online, in your email, or even while you’re out for dinner. If you come across something that catches your eye, make a note of it.
While doing this, you may begin to see some common themes in the business ideas that you like or dislike.
You might enjoy working with your hands and want to open an Etsy shop to sell products. Or, you could be interested in a service-based business, such as consulting or managing social media.
There’s no right or wrong way to do it; it’s all about finding what works best for you.
Summary
Starting a business from scratch can feel overwhelming, especially if you think, “I want to start a business, but I have no ideas.” But that’s not the case! You probably have more ideas than you realize.
Starting a business isn’t about being perfect. It’s okay to explore different small business ideas until you find one that works for you. That’s a normal part of the process.
What you really need is persistence, the ability to fail quickly, and the motivation to keep improving. Each mistake is simply a chance to learn.