How To Come Up with New Business Ideas (5 Ways)

There are numerous ways entrepreneurs have come up with their ideas, and the way you will find yours might not be on this list. These ways can change the way you think, even a little bit, to push you towards breakthroughs in your business invention journey.

Most of these things are based on problems, or combining already existing ideas, not re-inventing the wheel. Even if you thought everything had already been tried and considered, there is still room for new businesses around the world.

And even if someone has already tried the idea and failed, that doesn’t mean the issue is the idea. You could do it better and succeed that way. Let’s take a look at the ways you can find your new business idea.

1. Think of a problem you have

Often, new inventions come up when entrepreneurs have certain problems, and they try to solve it for themselves. The outcome can be so good, it can be the next big thing to build a business around.

The problem can be literally anything, and it doesn’t have to be common. It can be for a certain group of people, for example, golfers. If you spot a problem in the golfing industry, that could be done better, smarter, or easier with your products, you might have yourself a new idea for a business.

No problem is so small it couldn’t be solved. What ever you can invent to make peoples lives easier, it can make a business these days. Even that the world is already full of great inventions, there is always room for more.

2. Think about your education

If you have an education in a certain field, you might have more knowledge on that than the average person. You can use that knowledge to figure out, what people are missing out on. The average person who doesn’t have the knowledge you have, might not even know that they have the certain problem.

Solve the problem that they don’t even know they have with the knowledge you have from your past education or work experience. Do you think people 100 years ago would have said they wanted smart phones if you had asked them?

3. Think about your hobbies

Hobbies are another thing to build businesses around. The good thing about hobby-related businesses is that you probably already like the hobby you are in. This way you get to do what you really like for a living.

This again comes down to problem solving. Solve a certain problem for your hobby. It helps if you are really experienced in your hobby, and you know every trick there is to know. Then you can spot, what could be done even better.

Experience is they key here. If you just last week started bowling, it might be good to learn at least the basics before starting to re-invent the bowling ball.

There are things around the world, that are every-day items in there, but are not so popular where you live. Exploring the world and seeing what they are doing better can help you to bring that way into your local business field.

That might be a product that has made drying clothes easier. It might seem weird at first, but after people see how it really can make their lives easier, that might be worth a shot.

Around the world, I mean other countries and continents. Even in the less wealthy countries, there might be some local inventions that can work even in more developed countries. Googling can get you far, but seeing the local culture and things yourself can be even more eye-opening. This way, traveling can be considered as an investment for the future.

5. Explore other businesses

You don’t have to reinvent the wheel. You can explore other businesses, you local or global, and figure out, what could be done better. If you see a profitable business that has a lot of room for improvement, it is possible to set up your own shop where you do things better, more efficiently.

This way you use an old business format with a new twist, and this way you get yourself in to the game. It is not so unusual to make business based on already existing businesses that are already around. Just do it better and attract customers that way.

Let’s think of Netflix as an example. Netflix didn’t invent movies or the internet; they just combined those two. Combine two fields that are already invented, and you might have the next big business idea. Think about trends that are hot nowadays and figure out if you can use them in your new business.

Final words

Hopefully you can get some value out of these methods of finding your new business idea. Even if a lightbulb in your head didn’t light right away, weeks, months or even years from now, you might come up with a new idea.

This list is not supposed to give you all the answers straight ahead. It is supposed to help you think, now and in the future, when new things cross your path, about how you could turn those things into profitable businesses.

That’s about it, have a nice day.