You’re all set to start a small business. You have the drive, the desire, and the commitment to make it work. You lack just one thing—an idea for the business itself. Don’t worry. Even successful entrepreneurs sometimes have difficulty deciding their next move.
1. It’s All about Attitude
A positive, optimistic outlook is the foundation for achievement. You must accept that everything you do—research, asking questions and good old creative brainstorming—is both necessary and worthwhile to reaching your goals. Be willing to learn and, if you can afford to, experiment. And always use mistakes or failures as learning opportunities.
2. Trade Places
Your powerful business idea may be related to something you already do or are familiar with. Put yourself in the place of a customer and consider what aspects of the product or service you like and dislike and what elements might add value.
3. Seek Out a Sounding Board
Friends and family are good sources of feedback, but their experience and emotions may cloud their objectivity. You want expert advice from a person who will ask the right questions, and not feel guilty about offering criticism.
4. Research, Research, Research
Learn everything you can about areas or types of businesses that interest you. The more you discover, the easier it will be to spot a trend or need that a small business like yours can fill. Sometimes, investigating one idea will lead you to another one that is more promising or simpler to implement.
5. Put Your Research into a Plan
Incorporating your research and ideas into a business plan is a good exercise that helps you assess possibilities, contingencies, opportunities and limitations of any business idea, whether you decide to follow through or not.