Where to Find Inspiration for New Business Ideas

Becoming a successful entrepreneur starts with the development of a viable business idea, but brainstorming these new ideas isn’t always easy. Fortunately, there are a variety of techniques that can help inspire ideas for building a business that lasts, such as industry research, consulting a mentor or evaluating popular trends.

Studies show more than 600,000 new businesses launch every year. And in 2021, entrepreneurs filed a record-breaking 5.4 million applications to create new businesses. However, as many as 20% of these new businesses will fail within the first year, and 50% will close their doors by the fifth year.

This figure should not deter entrepreneurs from starting their own businesses. Instead, it should encourage them to prepare and develop a strong business plan. A comprehensive strategy can help new entrepreneurs weather a variety of new business challenges.

The first step of any business plan is to determine exactly what type of business it is. But coming up with ideas is not always as easy as it seems. This guide provides inspiration to help entrepreneurs form new business ideas.

How to Start a Business

One of the first steps to starting a business is to develop a comprehensive business plan. This process includes critical steps such as:

• Choosing a business name
• Conducting market research
• Identifying target customers
• Developing a marketing plan

New business owners also need to secure the right funding, which may include:

• Traditional bank loans
• Finding investors
• Crowdfunding
• Grants
• Other forms of credit

Before opening their doors for business, entrepreneurs must also:

• Set up their business structure
• Purchase business insurance
• Register their business name
• Secure a federal tax ID number

Coming Up with Potential Business Ideas

Before anyone can start planning a business, they must first come up with a viable business idea. Here are some things entrepreneurs can do to inspire potential business ideas.

Research Industries That Interest You

Entrepreneurs who have a keen interest in a specific sector – such as food, hospitality, real estate, retail or security – may find new business ideas by researching that specific industry. This research may also identify areas that are already oversaturated. It can also help to better understand market size and demand.

Focus on Being Better, Different

Many new business owners think being different can help attract new customers. But this method isn’t always effective. In fact, setting yourself apart too much may actually backfire and narrow the market too much and limit the customer base. Instead, consider focusing on providing better goods or services than the competition. Better quality can help a new business stand out in a crowded market.

Find a Mentor

One of the best steps a new business owner can take is to find a mentor who has already built a successful business. Not only can a mentor provide invaluable insights into potential challenges, but they can also help prospective entrepreneurs come up with new business ideas.

Finding a business mentor can be easier said than done. Consider the following advice to make the search easier:

• Leverage professional networks: This is especially true for entrepreneurs who had one or more full-time jobs before starting their business. Tapping into a professional network is a great starting point to find a mentor. Update people on the status of the business and keep an eye out for potential connections.
• Attend networking events: For those with a smaller network, attending events is another way to build up a professional network and find a mentor. Entrepreneurs should seek out events specific to entrepreneurs and business owners.
• Visit business centers: Business centers are active across the United States and are great resources for entrepreneurs. Not only can they provide a wealth of information and general assistance, but they are also an excellent way to connect with like-minded individuals and find mentorship.

Brainstorm Solutions for Problems Relevant to You

Many new business ideas are born out of trying to resolve a problem. For example, a baker may notice a greater demand for and little supply of homemade baked goods in their community. Based on this observation, the baker may decide to open a bakery in town. Think of how your talents could alleviate an issue and become an opportunity for starting a business.

Keep an Open Mind

Striving entrepreneurs must remain open-minded during the brainstorming phase. Nothing should be off the table during the ideation period. Even the craziest ideas can transform into viable business options, such as the Pet Rock and singing fish.

Learn About Topics Outside of Your Knowledge

Entrepreneurs and business owners sometimes fall into the trap of sticking with what they know, which can significantly limit their opportunities. They should consider moving out of their comfort zones and pushing the boundaries of their knowledge. Some strategies to achieve this include:

• Being honest with themselves: Entrepreneurs should audit themselves and determine what their strengths are. More importantly, they should also pinpoint their weaknesses and use them as a starting point to better themselves. By identifying their weaknesses, entrepreneurs can find resources to improve and learn new strategies or methods of doing things.
• Trying something new: This is a great way to get inspired while also doing something outside of work. Trying a new activity, such as yoga or travel, is also an excellent way to get inspired.
• Looking at other industries: While business owners should focus on their industries, studying up on others can provide some insight and outside-the-box thinking. Consider reading up on what leaders in other industries are doing to position their companies as leaders.

Ask Questions

Businesses thrive on offering products or services that solve consumer problems, but that isn’t always possible without knowing more about those issues. Whether it be to create a brand new product or to improve an existing iteration, asking questions is a key strategy.?

Communicating directly with consumers is a great strategy. There are many ways to do this, including via surveys by email or directly on the business’ website. Surveys should cover a few vital topics, such as what features customers would like to have and what kind of challenges they face when using similar products.

Experiment With Imperfect Ideas

There’s no such thing as a perfect business idea. Every initial idea needs to evolve before it can become a feasible new business option. This is why it is so important to not throw out any ideas until they have been fully vetted.

Write Down Everything

Brainstorming techniques — such as starbursting, brainwashing, mind mapping and rapid ideation — can help you develop numerous ideas in a short time. After you brainstorm, write everything down, no matter how impractical it may seem. These notes can help new business owners combine ideas or see things in a new way.?

Refine Your Ideas

As mentioned, aspiring business owners typically need to adjust and refine an original business idea. They should identify their target audience and learn more about their purchasing behaviors. This information can help entrepreneurs build a business tailored to their key customers.

Create a Business That Will Last

In business, things don't always go according to plan. There are bound to be challenges along the way and aspiring business owners must be able to adjust quickly, so adequate preparation is critical from the start.?

Develop a comprehensive business strategy, a marketing plan and financial projections. Stay organized with business management software that tracks sales, costs, inventory and more.

Top Takeaways

Where To Find Inspiration for New Business Ideas

• Building a business that lasts requires early planning and preparation.
• Aspiring entrepreneurs can use numerous brainstorming techniques to generate new business ideas.
• It is important to write down all business ideas, no matter how impractical, right from the start.

(Reporting by NPD)