Do you have time or money to burn and want to get involved in a business? Here are some of the best ways to choose what type of business to get involved in.
1. People watch. Just look at what people are into. It can be fashion, cars, coffee or food. The important thing is you study various markets for opportunities by people watching.
2. Be open minded. Don’t start your business hunt with pre-conceived notions. Explore your options by starting with a blank slate.
3. Ask family. Whether your family is business savvy or not is besides the point. Asking the general population what their pain-points are might help you create a solution (business idea) for a common problem.
4. Friends. Just like asking your family, asking friends for business ideas may prove valuable. These guys know what you can do and know what you are interested in and may be able to provide a suggestion that can help you harness your powers into a successful business idea.
5. Know what you are into. If you have a hobby, tap your interest in that and make it a business. While growing your hobby into a business, make sure to balance keeping your passion of it to maintain your long-term interest.
6. Draw strength from bad experiences. You would not believe how many of today’s top businesses were born from bad experiences. For example, Kemmons Wilson formed Holiday Inn after his distaste for a bad experience of roadside hotels. Because of that, he came up with the idea of putting up his own hotel chain which is now one of the biggest and most recognized in the world. Another business born from bad experiences is that of King C. Gillette. Mr. Gillette grew tired of repeatedly sharpening his razor so he came up with the disposable blade.
7. Travel. Traveling is good source of business ideas. For example, if you find a certain food in a country that you visit and believe that the locals back home might have a liking to it, you can start up a food shop serving unique foods from other worldly locations.
8. Turn something good into something better. Every day you use hundreds of things. Could you make any of them better? Some of the most successful businesses didn’t make anything new; they made them better.
There are so many other ways in which you can pick up business ideas. It is a matter of where to look, how to decipher ideas right in front of you, and how to convert those ideas in to cash.