Creating a New Business – How to Find That Initial Idea
This is a guest post from Marilyn Walker, all opinions are hers. Any links that do not go to my sites were provided with the article, and I cannot vouch for them.
Have you ever wondered how businesses are created? Where do they start and who comes up with their initial concepts? If you want a new adventure, have you considered starting your own business? In this article, we look at four simple steps of how to create a new business idea.
Step 1 – Choosing the business type
Consider your interests and hobbies
The best starting point is to consider your own personality and what you do. What do you enjoy doing? Do you have any hobbies? What do you do in your spare time? Think about yourself and what you have a passion for. Creating a business around something you love doing is far easier than creating a business for something completely alien to you.
Once you have thought about what you do, you must then look if any of your hobbies could be translated into a money maker. For example, let’s say you enjoy fishing. Perhaps you could create a fishing blog, a fishing YouTube channel, or even an online fishing tackle store?
Look at simple online businesses
For inspiration, once you have settled on a business type, you can look at existing businesses online. Use search engines to find similar businesses. It is also great to know what competition you may have in your local area.
Step 2 – Creating a name and branding
With a business idea and products/services/plan created, it is time to think of a business name and branding.
Choosing a business name can be incredibly tricky! Ideally, the name should clearly show what your business is/what it does. It could also include references to your geographical location, or even yourself. If you are truly stuck for ideas, you can use business name generators like this one.
After choosing a name, you can look at producing other branding elements like a logo and color schemes. Make sure these are in order, as they will impact the next stages of your business.
Step 3 – Create a platform from which to operate from
Your new business needs a platform of operations. This varies depending on your type of business. Examples of business platforms include a store, a warehouse, a website, an online store, a YouTube channel, or a blog.
Think about what your idea is, and how you will generate income. From there, you can pick a suitable platform. For example, going back to the fishing tackle idea – if you want to sell items, you would need to create an online store.
Step 4 – Create marketing to promote your business
Lastly, you can create promotional material to gain exposure for your new business! There are many different marketing channels available – both offline and online. As a small business, you could utilize both types of marketing like business cards, leaflets, social media marketing, and SEO.
Any marketing you create must contain your branding elements. The marketing should also be consistent across physical and online mediums. This will help improve your brand image and help customers easily recognize your business.
Finding a new business idea can be a daunting task. However, it can also be exciting and start an entirely new path for you. The simplest starting point is to consider your own interests and hobbies. If you can create a business from something you enjoy, or something you are good at, this can help greatly.
Once you have done this, you can put the idea into practice and start creating things like branding, a platform, and marketing material!
Scott’s Note: Need some help getting this done? My No to Grow program is designed to do exactly this! I’ll help guide you through the process from identifying which skills and passions you have, how to monetize them, and even as far as getting your first clients. Visit www.NotoGrow.com or just click the picture below to get started on your journey to being fully in control of your own life.