The thought of having a business is admirable, no doubt about that. But coming up with business ideas can prove to be a challenge for some aspiring entrepreneurs. Although other factors may come into play, for this post, ignore them for now and focus on creating a list of ideas you can narrow down to a suitable one.
Finding a business idea
You may think of it, and your mind can go completely blank. For those ideas that come up, sometimes they wrap your career. If not, they somehow link to what you see others doing. Is that so? Perhaps that’s not what you look forward to achieving if you have a creative mind.
Now, how can you find unique business ideas? Where can you get some clues? Ignore other factors that may interfere with your thoughts. Those are the things that may limit your way of thinking. Deal with them later.
Identifying a business opportunity
Everyone does it daily in their waking life. In most cases, subconsciously. All the problems, big or small, can be filtered to a business idea. Bear in mind; a problem is not necessarily something negative; a desire to fulfil an interest falls within this category too (think business-wise). While on that note,
In business, you often think of buying and selling, delivering a service and receiving an income. Those are the activities that construct a company. Otherwise, no business would exist without them. So, as you feel the need to purchase a solution of any kind, the person who sells an answer to you saw an opportunity and turned it into the business.
Where to find business ideas?
At a marketplace, where you can find your targeted market, most likely ready to purchase anything they want. Think of any place that matches the criteria; it can be anywhere. The internet is an example of a market place. Soon you will find out how to leverage it to get ideas.
Apart from that, you generate inspirations for business ideas
- Within you or
- From your surroundings
The formula for finding a niche/business idea.
Relax, you are not in a mathematics classroom or in a scientist’s lab 🙂 (that is if the word formula makes you feel uncomfortable).
If you connected to this page from my previous post, then this is the first part of the article series. If not, click here to visit the article, so you don’t feel excluded.
What you need to know first:
If finding a niche market relates to recognizing a business idea, then you need to understand that;
A niche is a distinct division of a clearinghouse that represents an audience – for example, women’s wear.
A niche market is a smaller category within a niche — for example, Ladies’ shoes in the women’s wear department.
A target market is a society of individuals who share distinct but similar interests and demands.
Now, find a niche to find business ideas. Split your niche ideas to sub-niches if you have to.
Let me introduce Jaaxy to you. A keyword search tool. Enter any search term or a search phrase you want and see what comes up.
You will get the interpretation of your results later. There is no need to know much about this tool for now because it will interrupt your thought process.
For you to find a niche or a niche market using this approach; ask yourself, what can you provide as solutions to your targeted market. And what could they possibly be willing to buy from you? You need to understand their needs and demands. See those as problems that require a solution.
Now, applying the theory to practice,
How to find niche ideas within you
As you go through the list below, identify what is relevant to you and create a separate file that compliments mine (for instance, I don’t know your strengths, interests, etc.). As you do so, try to identify problems associated with each line item on your list, at least three issues are enough for this exercise. Then picture yourself in place of a potential buyer. To what extent can you try to find a solution to your identified problem? The stronger the will to finding a solution, the better are your chances of finding a niche that will work for you.
Sources of inspiration when looking for opportunities
- Your Strengths
- Your Interests
- Your Passion
- Your Hobbies
- Your Skills – hard or soft skills
- Your Experience – could be career-related or anything resulting from a past encounter or exposure
- The Knowledge you have – what do you know that most people don’t
- Your Weaknesses – which of them would you want to turn into strengths
- …add to the list, I have given you enough hints 🙂
How to use your surroundings to find a niche
Look around you;
- Where are you?
- Inside your premises,
- Outside your premises,
- Life in general
- The globe
What can you identify as problems? Keep problems and solutions in mind. To what extent can you try to look for a solution to a problem you have detected? Hint: Think like a potential buyer now. And do not forget these two words; Will and extent.
How to find a niche using the internet
There are two ways to do that,
- Manual search
- Automated search
Find niche ideas online manually;
Social network platforms
Analyze the formal structure or layout of any social platform. How is the social page categorized? Can you identify a niche idea?
Here are examples of things one can shop online using categories on P interest. Apply a similar principle across other social platforms.
Niche market ideas
Online department stores like Amazon
- Check different categories, expand each group if you can; see if you can find some clues.
Discussion Forums and complaint sites
- Check different sites like Quora, Hello peter, review sites
- What are people discussing? Can you find a debatable topic? Are there any niche idea triggers?
- What are people’s complaints? See if you can identify a niche from what people ask or their claims.
- Ask Google, Bing or yahoo anything you want. Read blog posts, online news articles or anything that can help you find the answers.
Significant changes that affect businesses – for instance, news sites, global trends; the list goes on.
Well, that was quite an exercise. You should have a list full of potential ideas by now if you were following. If not, redo the activities at your own pace.
The downside of using the above methods to find a niche
It can be disheartening in the end, more so if you end up with a whole list of ideas that you may have to conduct market research on to validate what you see manually, fairly represents the needs and wants of your targeted group. For that reason, it will be in your best interest to combine the above steps with an automated search; to filter down relevant niches.
Here is how the automated search method works;
Find niche ideas online using a computerized search;
So, to eliminate the troubles associated with manual searches, a keyword search tool like Jaaxy was invented to save you some time and efforts. By entering the word “buy” on search, you can discover a list of relevant niches and sub-niche ideas with a single search, based on what people search for online. See for yourself.
Would you have thought someone could go to any lengths to search for tea tree oil online?
How to interpret keyword search results on Jaaxy
Keyword – the search term or search phrase you type in the search field (in this scenario it is “buy”).
Avg – that is the average number of isolated monthly online searches using that particular search phrase, globally.
Traffic – The estimated organic web traffic per month on your site, if you have that keyword phrase somewhere on your website. Perhaps on a blog post pointing to your stock item.
QSR – The number of websites competing for that specific keyword phrase on their websites. So technically, if you have a website selling that item; without that keyword phrase somewhere on your site, you could potentially miss a sale from organic web traffic.
QKI – Poor represents; there is too much competition for that search phrase, and the chances of you succeeding with it on your website may be too low. Great represents the opposite.
Using the alphabet soup technique – see that button circled in red.
If you use the keyword ‘buy’ as a search term, you can find hundreds of different relevant niche and niche market ideas utilizing a variation of letters in the alphabet, with a single search.
For example, you can buy;
- Apples online
- Books online
- Courses online etc
Note: Your search results will consist of those things that people search for online.
You may have a whole list of niche/business ideas, but in the end, it boils down to what your targeted market wants. For you to start a business that could generate income, you need to understand what is relevant to your targeted market. And an advanced keyword search tool like Jaaxy can help you quickly narrow down your list of business ideas according to relevance.
There is a lot more to explore using this tool for your benefit. With a free version of Jaaxy, you get 30 free searches with limited search results. Use them wisely. If you want more info on how Jaaxy works, click here.
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