10 Free Business Ideas For You (Using Our Ideation Framework)
Henry Latham
Built 8 startups. 6 failed. One hit $900k in 4 years, another $25k in 14 days. Follow to copy my process for building 12 startups in 12 months
I've been writing out a few business ideas to help inspire our new Prod MBA cohort, which kicks off on Monday.
The key to a good business idea is specificity: Find what you think is a niche, then go three levels deeper to find your Early Adopter market.
It may sound counter-intuitive, but if you don't do this, you will never gain enough traction to reach the broader market you eventually want to serve.
Set ego aside, set excuses aside & start small. Start focused. Start specific.
Business Idea #1: Moving out of cities
Problem: People are moving out of cities with the promise of long-term flexible or fully-remote work.
Niche Level #1: People living in London
Niche Level #2: Young couples living in London looking for better quality of life
Niche Level #3: London-based, young couples looking for better quality of life, with cheaper rent, more space, more nature & more community
How Acute Is This Problem: 4/5, as housing & community constitutes a huge part of a person's sense of identity & happiness
Business Idea #2: Political polarisation
Problem: People are becoming ever more polarised, rather than realising there is much to agree upon
Niche Level #1: Everyone in the US
Niche Level #2: Americans in one specific state, like Georgia
Niche Level #3: College-aged young people in Georgia looking to create social progress through cross-party collaboration
How Acute Is This Problem: 3/5, as I'm not sure that many people are aware of the implications of polarisation & are living in echo chambers, which is why the problem exists in the first place
Business Idea #3: Covid communities
Problem: PLoss of human connection during Covid
Niche Level #1: Those lacking sense of community
Niche Level #2: Berlin-based millennials wanting more community
Niche Level #3: Young, Berlin-based techies wanting to connect monthly in-person
How Acute Is This Problem: 5/5, community is such an essential part of human nature, but is being completely unserved in modern cities. Colleagues & Slack communities do not replace true human connection & the sense of self-worth that comes with contributing to a community
Business Idea #4: Simple DIY
Problem: Home improvements are difficult
Niche Level #1: Those looking to make home repairs
Niche Level #2: Busy professionals looking to make home repairs themselves (DIY)
Niche Level #3: Busy professionals looking for a step-by-step, easy, quick way of making home repairs without needing to go to the DIY store
How Acute Is This Problem: 2/5, mild annoyance, but the kind of thing that is just put off every week
Business Idea #5: Economic crash
Problem: Potential economic crisis in 2021
Niche Level #1: Wealth management during crisis
Niche Level #2: Those who don't know how to invest, but want to protect their money in a crisis
Niche Level #3: US-based (those holding dollars, as an at-risk global currency), middle-aged Americans wanting to protect their pension money
How Acute Is This Problem: 5/5, as the fear of loss of wealth is greater than the desire for gaining/acquiring wealth, particularly at an age where your ability to earn is waning (near retirement)
Business Idea #6: Job automation
Problem: Jobs are at risk of automation
Niche Level #1: Those in at-risk categories
Niche Level #2: Specifically, accountants at risk of automation
Niche Level #3: Specifically, millennial accountants aware of the need to diversify and protect their careers & livelihoods in future
How Acute Is This Problem: 3/5, as although many people are aware of this, humans are notoriously bad at assessing & preempting long-term risk
Business Idea #7: Founders
Problem: Starting a business is hard & high-risk
Niche Level #1: Aspiring founders
Niche Level #2: Aspiring founders looking to start social/climate-impact businesses
Niche Level #3: Young, aspiring founders in Berlin looking to start social/climate-impact businesses
How Acute Is This Problem: 4/5, as once somebody sets a goal of starting a business, it is very hard to sway them from this goal
Business Idea #8: Corps at risk
Problem: Corporate businesses are losing market share in a digital, automated economy
Niche Level #1: Traditional corporations
Niche Level #2: Corporations at high-risk categories, who are losing revenue/market share rapidly
Niche Level #3: Hotel companies looking to digitise & automate their processes to emulate a company like Airbnb
How Acute Is This Problem: 2/5, as although objectively this is a 5/5 problem - a very urgent one and a threat to the very existence of such companies - there is also a huge amount of inertia in shifting a large, traditional organisation, as well as a lack of understanding of how a modern digital company operates
Business Idea #9: Weddings
Problem: Getting married
Niche Level #1: Organising a wedding
Niche Level #2: UK-based, wealthy couples organising a wedding
Niche Level #3: UK-based, wealthy couples looking for a nature in rural/wild parts of the UK
How Acute Is This Problem: 3/5, as good existing alternatives, but still a once-in-a-lifetime event couples want to get right
Business Idea #10: Remote retreats
Problem: Winter can be depressing
Niche Level #1: Remote workers looking to escape winter
Niche Level #2: Those who will work remote even after Covid
Niche Level #3: Young, single tech employees with a lot of disposable income & a love of travel, looking to spend Dec-Mar remote
How Acute Is This Problem: 4/5, as this taps into a strong desire to enjoy life outside of just a work day, as well as unlocking dreams of travel, learning new skills (surfing, for example) & meeting new people
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Built 8 startups. 6 failed. One hit $900k in 4 years, another $25k in 14 days. Follow to copy my process for building 12 startups in 12 months
3 年Oliver Mackay Eloise Corswarem + anyone that is still working on the ideation assignment!