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Where to Find New Business Ideas?

Updated on March 11, 2015

So you want to start your own business but you don’t have a single idea of what it should be? Coming up with a business idea is probably the hardest part of being an entrepreneur. Some really good businesses may come fortuitously to people, but most are the results of planned and educated search.

Here are some tips to help you find the best business ideas:

1. Attend trade conventions and conferences.

Every year there are trade exhibits, conventions and conferences in the country. In your own city, there might be at least a dozen that you can attend. These events are where the industries or companies launch their latest products, services, and prototypes to ignite the interest of the public. You may not have a specific business in mind, but perhaps after seeing the presentations you might think of one at the end of the event.

2. Identify your passion and start from there.

Many great businesses are borne out of the passions of their creators. I suggest you spend at least a day jotting down your interests; from your hobbies to your pastimes. Single out the one that you are most passionate about and try to think of a business that you can base on it. For example, if you love keeping your car clean all the time, a good business would be to start a car wash shop.

3. Think of the wackiest ideas you can come up with.

There are million dollar businesses that are the products of the craziest ideas. Do you remember pet rocks? A guy had the idea of selling ordinary rocks as pets. The weird part of it is it worked! He made millions of dollars out of it.

4. Consult with a business mentor.

Just like with anything we do in life, it helps if we have a mentor who can guide us. Try to find a really good entrepreneur or businessman, preferably someone who’s had a series of businesses. Ask if you can interview him or consult with him to help you out with your own ideas. A business mentor can point you to the right direction.

5. Find a problem you can solve.

All businesses solve a problem. That is the product or service they offer to their customers. Can you think of your own? For example, you’ve always had a hard time buying fresh flowers in your area because the nearest flower shop is in the next town or city. Perhaps a really good business for you is to put up your own flower shop. It doesn’t have to be the biggest problem, even small ones can be the basis of a really great business.

Get your mind juices flowing.

Start your search for your best business idea. Follow the tips mentioned above or simply keep your eyes open for that next big thing. Even just watching TV or reading newspapers and magazines can help generate the idea you’ve always been looking for.

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