Are you wondering how to find a good business idea that will not only generate revenue but also become future-proof and keep you ahead of the competition?
Well, we have a solution for you!
In this article, we are going to show you some of the best ways and processes to find good business ideas, and share some top ideas to take inspiration while formulating yours.
Let’s get started.
Which are Called Good Business Ideas for All Time
You can find lots of business ideas on the internet at present. Even your friends or colleagues can give you an idea at any time. But all of them cannot be considered a good business idea. Then, which ideas can be called good?
The concepts which are data-driven, trendy, future-proof, and profitable are called good business ideas.
Example: Launching an online marketplace to sell aircraft spare parts, like Satair.
Satair has been doing the aerospace business since 1957. Realizing the trend and high business opportunity, it launched the marketplace in 2019. This initiative experienced huge growth in a few years, making Satair the global leader in this niche.
Now, the question is what you should have to find a good business idea. The answer is –
- Analytical ability
- Problem-solving skills
- Knowledge of research, marketplace, and modern tech
And more. Yes, excellence has no limit. The more skill and knowledge you have the better idea you will generate. Now, let us introduce you to some of the best ways you can follow to find out good business ideas.
The Best Ways to Find a Good Business Idea
Ideas are generated in our brains automatically since it is a natural process. However, your thoughts have to be deeper and more beneficial when it comes to business ideas.
The ways we are going to show you now will stimulate your thoughts and change your perspective which will eventually help you find the best business ideas. They are:
- Identify Your Passion and Interests
- Be Futuristic, Think about the Biggest Challenges Ahead
- Think out of the Box, Try to be Different
Now, we will talk about them in detail. So, follow us carefully.
[Please note that there are some other ways, like analyzing the market and following the trends. These are somewhat practical stuff. So, they will be discussed in the next part – The Processes on How to Find a Good Business Idea]
Identify Your Passion and Interests
It is very simple. You will naturally have plenty of ideas in the area where your passion lies. So, identify what is your biggest source of satisfaction, and what you like to do the most.
For instance, I love to play video games, particularly strategy ones. I can give you nearly a dozen of business ideas regarding video games right now.
Be Futuristic, Think about the Biggest Challenges Ahead
Let us explain this part with a real-life idea master and famous entrepreneur, Elon Musk. This guy became successful with almost all the ideas he came up with – from PayPal to Neuralink. What is his secret recipe? Just check out one of his famous quotes:
“If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.”Elon Musk
In simple words, Elon is futuristic. He thinks about what kind of challenges we are going to face in the future and what are their solutions.
Think out of the Box, Try to be Different
It doesn’t mean that you won’t be successful if you adopt a popular business idea like launching an online marketplace. The thing you have to maintain is to follow a different approach.
For instance, you can open an online marketplace for a product line that has high demand but there are no or few marketplaces to sell it.
You are most welcome if you can generate a distinct idea. If you cannot, at least think differently or bring something new to the old ones.
The Processes on How to Find a Good Business Idea: The Data-Driven Approach
Data prove whether an idea is good or not. It analyzes the depth, validity, and prospect of your idea. So, you have to follow a data-driven approach to validate your existing idea or find a new one.
The common processes you have to follow in this regard are:
- Study the Market from Various Aspects
- Analyze the Competitors
- Track Current Trends with Great Prospects
- Formulate a Strategy to Finalize Your Idea
Now, we will explain how you can execute these processes from your end. We will give you examples, and share some tools and tips so that you can do it easily and quickly.
1. Study the Market from Various Aspects
If you want to generate any business idea, you will have to know your market first. And this knowledge has to be comprehensive and multidimensional.
We will highly recommend you spend a larger portion of your time on your idea generation in this part. The common research you can conduct –
- Situation analysis
- Product or service demand
- High demand areas
- Customer base
- Predictive analysis
Let’s take eCommerce giant Alibaba as an example. Alibaba is famous for bringing new ideas to the eCommerce industry by researching the market and its audience.
It started the journey as Alibaba.com. Then, it came up with many successful initiatives, like AliExpress, Taobao, and Alipay, one after another by conducting intense research on the market.
2. Analyze the Competitors
After you gather adequate knowledge of the market, you need to know who are going to be your competitors. Competitor analysis is a great way to identify your challenges ahead and the opportunities.
The popular methodologies you can follow to do a competitor analysis –
- SWOT Analysis
- Growth-Share Matrix
- Porter’s Five Forces
- Perceptual Mapping
We recommend you apply at least two methods, SWOT and another one, to get the best result on competitor analysis. You may use the tools like Pi Datametrics, Crunchbase, and Similarweb to do this kind of analysis.
3. Track Current Trends with Great Prospects
Following the trend is a must for any kind of business professional. But there is a catch. You can find many business trends right now which might disappear in the future, like foldable screens and gaming consoles.
Therefore, you should follow and adopt the trends which have future value. You may use the tools like Google Trends, Statista, and Semrush to get a primary idea with valid data.
Identifying the trends with excellent business prospects depends on your knowledge and understanding of the market. The tools will help you find the current trends with data. By analyzing the data, you will have to decide which ones are future-proof.
4. Formulate a Strategy to Finalize Your Idea
It is a critical stage to finalize your idea. In this part, you need to know how to formulate a business strategy, what others are doing, and what the experts say. You might even need to do another round of data analysis to fortify your idea.
You can do these easily with a business intelligence tool. Some of the top ones are –
- Microsoft Power BI
- SAP BusinessObjects
- Oracle Analytics
- Zoho Analytics
Business intelligence tools are very effective in terms of analytics, data mining, data visualization, strategy formulation, knowledge sharing, and guidance.
After following all the stages, you will find a concrete business idea that will lay the foundation for your success.
Now, let’s have a look at some of the top ideas to give you an idea about the idea. 😉
Bonus: 10 Top Business Ideas to Take Inspiration
When you think about finding any business idea in the 21st century, the first thing that should come to your mind is tech, particularly the internet. Because the web is the future.
Our top business ideas are no different. They are:
- Niche-Specific eCommerce
- B2B Online Marketplace
- Online Service Marketplace
- Online Learning/Training
- Cloud Gaming Service
- Electric Vehicle Manufacturing
- Renewable Energy Solutions
- Life/Career Coach
- IT Product Manufacturing
- Software Development
You might have noticed that several of the business ideas in this list are directly involved with the eCommerce industry. It happened naturally because eCommerce will dominate our business sector in the near future.
If you are interested to learn more about online marketplace ideas, you may read the useful article linked below.
Find a Perfect Business Idea to Start Your Journey
We hope you have found our discussion on how to find a good business idea very useful. If you follow our guide properly, we believe it will help you come up with some of the best business ideas.
Select the most suitable idea among the best ones, then start your journey as an entrepreneur. Feel free to reach us if you need any suggestions in the process or have any queries.
If your final idea involves with eCommerce or an online marketplace, you may try our powerful Dokan solution.
Nayeem is a Content Writer at weDevs. He has 4+ years of experience in the internet and media industry, specializes in writing, editing, communications, WordPress, SEO, eCommerce, digital marketing, and graphic design.