Come up with a business idea
This practical guide is Step 1 of our Startup Kit written by Emma Jones, founder of Enterprise Nation. The course walks you through turning your idea into a thriving business.
The first thing you need to get started in business is an idea! Many people tell me they would like to become their own boss and start a business but what’s holding them back is not having a unique idea or inspiration. It’s easy to come up with one. Ask yourself these three questions:
1. Is there a gap in the market?
Have you tried to buy something that you just can’t find? Could others be looking for the same thing? If so, this presents a market opportunity. Find that gap in the market and do your research to find out if you can make it a reality.
2. What is my passion/hobby/skill?
Many people are turning what they love into a way of making a living. Best of all, when you work on what you enjoy, doing it never really feels like work. Are you a dab hand at design? Have an eye for photography? A head for figures? These skills and hobbies can easily be turned into a business.
3. Is there something someone else is doing that I can do better myself?
If you’ve bought something and been unimpressed, why not step in, set up a business, and provide a better offer? Many good ideas stem from spotting products and services that can simply be improved upon or offered for less.
Your idea will develop over time. Don’t be surprised if in 12 months’ time it looks different to when you started out. This is okay. Business ideas tend to get refined over time; your offer will get sharper the more experience you gain in the marketplace. What’s important is to get started with the beginnings of an idea – there’ll be time to develop it as you get feedback from customers and input from others.
About Emma Jones
Emma is founder of small business network Enterprise Nation. Emma has since written a number of best-selling business books, including Spare Room Start-Up, Working 5 to 9, Go Global and the StartUp Kit. Emma was awarded an MBE for services to enterprise in 2012.