Are you stuck trying to figure out how to come up with a business idea for your next startup? This post will help you, based on my current experiences tryin to figure out a new business that I will launch.
Take Time to Think Through Your Business Ideas
In my post yesterday, I talked about how I recently sold my previous startup business, and I am now in the process of transitioning to move on to another idea. So this post is just as relevant for me right now as it is for you.
I’ve been reflecting on what sort of things I want in my next venture. What sort of factors should I consider for it? What makes it a good business idea versus one that will suck and won’t work?
3 Factors For Your Next Business Ideas
Here are 3 things to think about to help you brainstorm some business ideas for your next startup:
1) What are Your Passions & How Could You Turn That Into a Business?
Think about what you are passionate about. What gets you excited? What turns you on? Do you have a hobby that fixates your mind and attention? And what if you somehow turned that passion into an actual business?
It’s certainly not impossible. That’s something that I am personally trying to do right now. I love languages!!!!! So for my next venture, I am certainly thinking of ways to get into the language learning industry because I feel that I naturally am inclined in this area, and I would do well in it compared to others who aren’t passionate about it.
2) What are Your Skills & Connections & How Could You Use Them For Your Startup?
Consider your skills and connections. Even though you may be passionate about something, you may actually suck at it in terms of your skills. So another area to be brutally honest with yourself is in regard to your skillset, and your connections.
I’ve actually been learning languages for 10 years, and am very familiar with all the different ways to learn foreign languages. Not only that, I recently began teaching English in foreign countries to high school students, businesspeople, diplomats and lawyers. Therefore, I have skills in learning and teaching languages and I also have a number of networks and connections in the field.
3) What are Markets or Industries That Fascinate You & What’s Their Market Size
You MUST think about the market you’re going to get into and its market size. This is very important. It’s crucial in fact. Don’t just be selfish and consider your personal passions and skills. Also, take into account the market that you will help with your passion and skills. The market must be big enough.
If you don’t know how big your market is, you can check out this 5 minute sniff test to quickly sniff out whether your proposed market is big enough and has profit potential.
Don’t Waste Your Time on Startup Ideas That Will SUCK
Overall, there’s a bit of an art and a science to coming up with business ideas. Just consider these factors to get you started and to screen your ideas so that you don’t get too overwhelmed. Screening your ideas in this fashion can also help you to save time and money!!