3 Ways to Generate Business Ideas

Business Ideas, Idea Generation, Tamara Belvin

Nowadays, it seems like everywhere you look, there is someone who wants to start a business but doesn’t know which area they should pursue. Some have looked at other’s success and immediately thought that is the way to go. That is a wrong move! What works for one may not work for another. Plus, you don’t know what efforts, blood, sweat, and tears they put in to have their business at the level that they are currently.

I remember when I first started a business. It was back in 2015, and it was a life coaching business. I was at my wit’s end with my employer and thought that the life coaching business was going to be my savior from my 9 to 5. When I launched the company, Finding You Project, I was mimicking it off of others success in that field. I didn’t assess my skillset or even looked at what I was passionate about before I jumped in. That was a massive mistake because while others were still having success, I was always in the startup mode months and a few years later. It was until last year that I decided to focus on generating my business ideas by using these three ways.

1. Assess Your Skillset

You may tell yourself that you already did this, but in actuality, you probably haven’t touched the surface of your skillset. You may have overlooked a few not categorizing them as skills or thinking they are less important than others. Your skillset could start from when you were young, something that you’ve been doing for years without fail that you overlooked, to now. What are some things you think you’re good at? What are some skills you possess that you could do backward with your eyes closed?

Action Step: Take some time today to jot down your skillsets. Spend about 45 minutes to an hour, really honing down on what skills you have. Don’t leave anything off even if you think it is minor. You never know, that may become your business idea.

2. Ask Others What Problem Would They Come To You To Solve

We tend to downplay our skills, but others are willing to shine a light on them. Another great way to generate business ideas is to ask others what would they come to you for. What problem will they come to you to solve? Now, this may seem like a crazy way of generating ideas, but in actuality, it is a great way! What you see in yourself is different from what others see in you. Others may know a skill you have that you’ve been overlooking or underutilizing because it is not what you like. You may not be using it in the form you, but it is a skill that others see in you no less.

Action Step: Write down 3-5 people you would like to ask these questions to and then take notes. Make sure you write it out the exact way they are saying it because if this becomes a great viable idea, you may need these words to talk in your audience language when marketing (i jumped ahead but stay with me). What problem would you come to me to solve? What would you say is 3-5 things that are my highest skillset? What skills have I been underutilizing that I am great at? If I were to tell you I launched a business, what business idea would you think it would be?

3. Look into your passion and hobbies

Most people start their businesses by pursuing their passion and hobbies. Looking into your passion and hobbies can be a great way to know what you’re good and what you like to do. You also do these things daily, and you enjoy doing them. Being passionate about something means you put your all into it and willing to be an advocate for it. Your hobbies are things you do to pass the time, relax and to relieve stress. Imagine having a business that supports your passion and hobbies; you may not think of it as work at all since you’ll be doing things you love.

Action Step: Take an assessment of your passions and hobbies. Look to see what you enjoy doing and what lights you up inside. Cross-reference those things with your skillset and what others would come to you for. See if there are any commonalities and look into those further. A business idea just may be birthed from that.

Now that you’ve generated business ideas, it is time to see if those ideas are viable and need in the marketplace. Click below to grab your copy of the Business Idea Validation Checklist to determine what actions your business ideas need to take to become validated in the marketplace.

Question: What business ideas have you generated from these action steps?