“I am having a hard time trying to find a business idea or product to sell. What should I do in order to find a business to start or a product to sell? I need something I can put my time into and work on, so I don’t have to work for other people.”
Coming up with ideas to find a business to start or a product to sell is easy. Finding an idea you’re genuinely interested in, passionate about, familiar with, and profitable is challenging.
While brainstorming sessions may yield a plethora of potential business ventures or products to sell, sifting through these to find the “golden nugget” that aligns with your interests, expertise, and market viability is a more complex endeavor.
Firstly, the aspect of genuine interest must be balanced. Starting a business is a long-term commitment requiring time, energy, and emotional investment. If the core idea doesn’t excite you, the likelihood of burning out or losing motivation is high. Your passion for the subject will sustain you through the inevitable challenges and make the journey more fulfilling.
Secondly, deep familiarity or expertise in the chosen field can be a significant advantage. This knowledge base will help you navigate the industry’s complexities and lend credibility to your venture. Whether it’s understanding customer pain points, knowing the ins and outs of product development, or being aware of regulatory hurdles, your expertise can be a critical success factor.
However, more than passion and expertise are required. The idea must also have a profitable market. No matter how enthusiastic you are about a concept, the business is unlikely to succeed if there’s no demand or the market is oversaturated. Conducting thorough market research, understanding your target audience, and identifying a unique value proposition are essential to assessing profitability.
Lastly, it’s worth considering the scalability and long-term viability of the idea. Is this a business that can grow and adapt to changing market conditions? Is it resilient to economic downturns or shifts in consumer behavior? These critical questions must be addressed to ensure that the idea is not just a fleeting opportunity but a sustainable venture.
One of the Quora rockstars James Altucher advocates the “10 daily ideas” methodology: The Ultimate Guide for Becoming an Idea Machine – Altucher Confidential
The fastest way to adjust your brain workflow on a brainstorming wave is practicing idea generation daily.
Allocate a few weeks or more, buy an old-school physical notebook, and jot down your ideas the moment they come up. Don’t forget your minimum limit—a day shouldn’t pass without at least 10 ideas—however ludicrous they may be—in your notebook.
The longer you practice, the more your mindset would stick to the idea generation mode. You will start noticing trends and problems around you that seem to be bothersome. Keep writing them down.
- You will find some of your daily activities tedious. Some mechanical or design problems in the subway. Inefficiencies in getting some tasks done all the time.
- Many of those ideas would be outside of your control or nearly impossible to overcome. That’s fine.
But some of them would be worth pursuing. And it makes sense to focus on one of them and make it a reality.
You’ve already come up with the idea of rebranding a product. Are you really intrigued by making that work? If so, find the right manufacturer or contact. Meet companies and offer a branding package. Scale it. Start manufacturing mascots, swag, and items tailored to a specific niche.
Once you have the right idea, you can expand on it and target different verticals that could be profitable and interested in your idea.
If you still fail to discover ideas on a daily basis, use some of the idea generation tools out there.
Just switch your mindset to idea generation mode, find the right venture you want to pursue, and make it happen.