More and more now, people, especially the millennials and gen z are preferring to set up their own businesses rather than be a worker for a running company. Thus why the growth of small business and startups are increasingly significant. Being their own boss is more thrilling and exciting rather than following a daily work routine even when the paycheck is much more secure when working at a settled company.
Are you among those who prefer to build your own business? If you are, then you have to brace yourself because building a business is not as easy as you might think. You might even have to encounter the issue even before you try to establish your business! Capital constraints, business location, and operational issues are some of the obstacles that are often encountered. However, there are also other obstacles that are no less difficult for young entrepreneurs to face – which is trying to find the business ideas itself.
Without great ideas to begin with, how can you build a successful business? To help you figure out this key aspect, read below to find the 6 easy tips to inspire you and get the best business ideas.
1. Research and identify trend analysis
Research and trend analysis is one of the main foundations that you must do when looking for business ideas. To do research and trend analysis, first, distribute questionnaires to your target market. Afterward, process the results of the questionnaire into data that can support your business in the future.
Next, observe what businesses are currently on the rise, especially around your area or among your target market. Do small coffee shops still attain their popularity as the “it” business? Or due to the growing work-from-home regulation, do you want to try to venture and open a coworking space business?
No matter what kind of business type you establish, don’t forget to analyze the business potential. Think about whether the business can run for a long time, about the competitors, how much capital needed, where is the right business location, and so on.
2. Start a business based on something you like
Still confused about what business to establish? The next step you can do when trying to find the best business ideas is by identifying what hobbies you enjoy. For example, if you enjoy writing – you can offer your services to clients who need articles, ad copy, movie scripts, and so on. From this hobby, you can start slow and eventually run a business out of it.
3. Learn from many sources
Everything around you has a lot of potential to become your learning resource. For example on YouTube, all you have to do is search for business material that you want, and you can get it easily for free. You can also take part in various seminars. Usually, during seminars, you can get an opportunity to chat and talk directly with other entrepreneurs who have already succeeded in their line of work.
4. Absorbing ideas from community problems
Finding the main ideas for the business often becomes a problem, even when the entrepreneur already has the capital to begin their business journey. Lack of ideas is something that hinders them from doing business.
If you encounter the same problem, the easiest way you can do is to look at the problems that most people are currently or often experiencing. Find the solution of the problems and use this as your main idea to open the business. It won’t only bring profit to you, but can also help to fix ongoing problems among the community.
5. Conduct product research
Even though most governments encourage the existence of SMEs, many people still don’t know what kind of business they should run. Business ideas can be obtained by finding out what products are currently in great demand among the community.
6. Follow the latest trends
The easiest way to find business ideas is by tuning in with what is popular in the wider community. There’s nothing wrong with following trends when opening a business. What’s important is for you to know how to make the business unique and thus able to survive for a long time.
Following the latest trend is not only related to the product. The latest trend strategy can also be applied to your marketing strategy. Thus it will be easier for you to raise brand awareness and retain sales. Some trends that you can follow are among these:
- Use Reels or TikTok to promote your brand or company
- Cultivate Ads to raise brand awareness
- Conducting a giveaway strategy on social media.
- Collaborate with influencers to raise awareness and promote your business.
- Join an event and share free merchandise such as water bottles for the attendees of the event. Check out myownwater.com to purchase customized water bottles according to your event needs.