Want to Start a Business, But Have No Ideas? Here’s How

“I want to start a business but have no ideas for what to start.”

Sound familiar? You’re not alone. The process of starting a new company can be daunting, especially when you’re trying to break through the fear and confusion.

But it doesn’t have to be this way. You just need the right information and some guidance on how to think up business ideas, test them out, and then validate them before taking that big step into entrepreneurship in your first business! 

Don’t worry, though. In this guide, you’ll find pro tips for getting started on your own business journey, even if you don’t have the idea for what to start just yet. We’ll cover how to start a small business from scratch, even covering tips for coming up with ideas and how to validate them before jumping in. Before long, you’ll be on the journey to becoming your own boss.

Qualities of a Good Business Idea

Before we dive into some of our resources for business ideas, it’s essential to separate the good business idea from the bad business idea. A good business idea should possess certain qualities that set it up for success. Here are some of the key characteristics to watch out for with your business ideas.

Meets Market Demand

A good business idea should meet a specific need or demand in the market. This means that there should be a clear target audience for your product or service, and that audience should be willing to pay for what you’re offering (even if they don’t realize that they need your offerings yet).

To determine if your business idea meets market demand, you can conduct market research, analyze industry trends, and gather feedback from potential clients. Understanding your market is a vital first step of any business; it helps you tailor your offerings to meet the needs and preferences of your potential customers, ensuring that your business idea is both relevant and in demand.

Conveys a Competitive Advantage

A good business idea should have a unique selling proposition (USP) that sets it apart from the competition. This could be a proprietary technology, a unique business model, or a distinctive brand identity. Your USP should be something that makes your business more attractive to customers than your competitors.

For instance, if you’re starting a coffee shop, your USP could be offering a unique blend of coffee that no other shop in your area provides, or perhaps a cozy, themed ambiance that attracts a specific crowd. Identifying your competitive advantage is key to standing out as a small business owner in a crowded market.

Is Scalable

A good business idea should have the potential to scale up or down depending on market conditions. This means that your business should be able to adapt to changes in demand, and that you should be able to increase or decrease production accordingly.

Scalability is important because it allows you to respond to opportunities and challenges in the market. For example, an ecommerce store can easily scale by adding new products or expanding to new markets without significant additional costs. A scalable business model ensures that you can grow your business sustainably over time.

Has a Low Barrier to Entry

A good business idea should have a low barrier to entry, meaning that it should be relatively easy to start and operate. This could mean that the business requires minimal startup capital, or that it can be run with a small team. A low barrier to entry makes it easier to get started and to test your business idea in the market.

For example, starting a consulting business or a personal training business often requires less initial investment compared to opening a physical store. This allows you to launch your business quickly and with less financial risk.

This isn’t to say that you can’t start a business that has a higher barrier to entry. With the right planning and strategy, you can still make a successful business out of a more challenging idea. You’ll just need to be well prepared for the higher startup costs and potential pitfalls before diving in.

Demonstrates Potential for Profitability

A good business idea should have the potential to be profitable. This means that you should be able to generate revenue and to manage your costs in a way that allows you to make a profit. To determine if your business idea has potential for profitability, you can create a business plan and financial projections, and you can gather feedback from potential customers and investors.

For instance, if you’re considering starting a food truck business, you would calculate the costs of the truck, ingredients, permits, and marketing, and compare these to your projected sales to ensure you can achieve a profit. You’d also want to take time to assess

By considering these different business criteria, you can increase the chances of success for your business idea and create a solid foundation for your entrepreneurial venture.

10 Best Ways to Brainstorm New Business Ideas

To find profitable new business ideas you’ll need to brainstorm and use your creativity to find ways to help people solve problems with new products or services.

Brainstorming is a great way to come up with ideas, but it can be hard when you have no ideas of your own. Brainstorming is a great way to come up with successful small business ideas that can lead to long-term success. And contrary to what you might think, you don’t have to be incredibly creative to come up with good ideas. You just need to put in the work.

Here are the best ways that you can find creative small business ideas and get started on the right foot:

1. Create a list of things that you’re passionate about or enjoy doing in order to spark creativity. Some of the best business ideas stem from your own passions.
2. Write down all of the skills and hobbies that you have. This will help remind yourself what kind of work makes you happy and give you even more options for coming up with new commercial ventures.
3. Make note of any recent trends or popular topics in the news or online that point to trending new business ideas. Know that there is inspiration around every corner.
4. Create an idea bank full of your money-making notions. Keep track of any good ideas by writing them down on paper, creating a document on your computer, using Evernote (or another organizational app), or even just taking photos with your phone. Anything works as long as it helps keep everything organized.
5. First, try brainstorming alone before getting other people involved because it is important to focus without distractions from too much input for your creativity to flourish. Afterward, ask your friends, family, industry contacts for their ideas for new companies and products.
6. List ALL ideas. Write down all your thoughts and ideas, no matter how silly they seem. Sometimes the best small business ideas are the crazy ones.
7. Draw a picture to help yourself visualize your idea. This is sure to spark even more new ideas you could profit from.
8. What’s missing? Ask yourself what is missing in the marketplace and how you could fill that gap. What problems do you have, or you see other people have that are unsolved? There’s your new business idea.
9. Look at other industries for inspiration as to where they’re lacking something. Determine how you could provide it differently than anyone else has before in a different industry. You might not realize it, but the McDonald’s founder actually used Henry Ford’s assembly line production to food preparation and started the largest food chain in the world.
10. Prioritize fulfillment by thinking about what kind of job would be fulfilling for you. Some entrepreneurs might need one that’s challenging and fast-paced, while others need a job that’s creative and introspective. There are plenty of options, but choosing a job that resonates with you will help you stay the course when things get tough.

Once you have come up with some good ideas, it’s time to choose a few to research and test using the methods described next.

Small Business Idea Resources

• Big List of Small Business Ideas
• How to Choose Between Business Ideas
• Businesses to Start with $2K

9 Methods for Testing Your New Business Ideas

1. Write down three ideas for new businesses, from the idea bank you created earlier. Then think about the pros and cons of each idea and write them down in two columns.
2. Compare each idea side-by-side and choose one to pursue further.
3. Create an outline of what you want the product or service to be, and where it would fit into the market.
4. Talk to potential customers, retailers, and distributors about their needs and what price they are willing to pay.
5. Plan for how you will make money with this type of business idea, including pricing and distribution channels.
6. Get feedback from friends or family members on which idea sounds best to them.
7. Ask experts about your idea’s viability, including other entrepreneurs, industry contacts, lawyers, bankers, and accountants. 
8. Narrow down your choices based on which one you feel most passionate about or seems like it will be the easiest to start up.
9. Make sure your idea is legal in your area before proceeding, as the legality of your business can affect whether or not it will be successful. 

From here, pick one or two of your options that seem most promising for further research.

Are you looking for a solopreneur new business idea?

You’re not alone. In fact, more than half of all businesses in the United States are owned and operated by only one person. And the number of solopreneur-run businesses is growing every year!

No employees mean no overhead costs and more time to focus on what really matters – running your company and making money. So take control of your life today; it’s never too late to make your dreams come true!

7 Pro Tips: How to Research Your New Business Ideas

Next comes researching your idea to find out what ideas are feasible and which ones aren’t. We’ve already talked through a few ways to assess whether a business idea is viable or not, but here are a few other concrete steps to talk.

1. Find out if there are any patents or trademarks that might hinder you from moving forward with this idea. You would face hefty legal penalties if you infringed on a protected trademark.
2. Document any potential problems you might face with this business venture, including legal issues, financial risks, and competition. Work out a solution for each of these issues to have in place before it occurs.
3. Make some rough sketches of how your idea might look on paper to use as a jumping-off point for your future efforts.
4. Ask for feedback from other businesses in the same industry. Surprisingly, connecting with other business owners can actually lead to mutual productivity down the road; you can help each other out and build a community.
5. Create a prototype of your product to show potential customers, distributors, and investors. If you’re in a service industry, consider offering mini trial services.
6. Give away free samples in order to get live feedback from potential customers. This is especially helpful for food businesses.
7. Draft a business plan that includes an overview of the company’s mission statement, market research findings, financial projections, and more. Writing this plan will uncover both issues and opportunities you will want to address before launch.

7 Next Steps to Turn Your Idea into a Business

By now, you know your idea inside and out. You may have even taken the time to plan it all out in a business model. But what’s next? How do you turn this new idea into an actual profitable company?

Here are the steps that will help get your business off the ground:

1. Finish researching your market: By now you’ve already done some informal research, but now you should really dive into studying who you’re trying to target with your goods and services. Find out about your buyer’s motivations, demographics, locations, and media preferences. For example, if you are considering opening coffee shops, research the best locations and the types of customers you want to attract.
2. Brainstorm the solution: Think of all the ways that your idea would solve a problem for potential customers, then think about if there is any way it can be improved upon.
3. Calculate finances: You should also figure out how much money will be needed (starting capital) and what kind of budget you should set based on how much money will be made back through sales of the product or service once operational. This includes figuring out expenses like office space, rental costs, or equipment purchase costs.
4. Decide on your legal business structure: Decide on whether or not to incorporate. For most businesses, forming an LLC or incorporation is a strategic choice because it can offer personal liability protections. But there are pros and cons to staying unincorporated (a sole proprietorship or partnership, for example) as well. This legal structure decision is important, but you can change it later if need be.
5. Develop a marketing strategy: Develop a plan for how your company will be marketed and on which media outlets. This could include social media marketing, digital marketing on key websites and through email, or even print marketing with posters in local coffee shops and libraries.
6. Finalize a business name: The name of the business should ideally reflect what kind of service or product is being offered, as well as, personal goals.
7. File documents with appropriate government agencies: Obtain all necessary documentation from appropriate government agencies. This can include your business license, tax certificates, and more.

Starting a business is a crucial turning point in your life, so it’s essential to get it right. Learn more with our guide to start a business.

Business Idea – Next Steps Resources

• How to Conduct Competitor Research for Your Small Business
• Small Business Market Research and Competitive Analysis
• Compare Different Business Structures
• How to Get Started with Online Marketing
• Do You Want to Be an Employee or Entrepreneur?

Get Into the Winning Entrepreneur Mindset

As you look ahead to becoming an entrepreneur, it’s important to get in the right mindset. Here are a few ways to foster the right outlook.

Follow your passions

What do you love? What are your specialties and strengths in life? This might not be something that comes easy to you, but deep down inside there will be one or two things; pick those.

Those passions can become the foundation of your business idea! And if they don’t work out, you can always pivot. This is the time to explore and find out what lights your fire. It’s worth finding this before investing in a business idea that may not work for you.

You’ll be much more motivated to keep going if you’re working on something you like doing. And as an added bonus, people will notice your commitment and hard work.

Know your purpose

What are you in business to accomplish? No matter what the reasons behind your desire for becoming a business owner, figure out why you’re doing it.

Is this something that will make your life better and help others as well? If so – fantastic! That’s an amazing reason to start a company. Start by identifying what you care about the most, like working on something more creative or helping to provide for your family, then chase after it.

You need to have something motivating you or fueling the fire to keep going when things get tough. This will be what keeps you moving forward even if your first venture doesn’t work out for you.

Entrepreneur Resources

• Key Ingredients to Entrepreneurial Success
• 5 Essential Business Tools Every Entrepreneur Needs
• The 6 Critical People Skills Every Entrepreneur Must Have

How to Eliminate the Fear of Starting Your Own Business

It can seem like a daunting task to start your own business, and there is often one big fear that holds people back: the risk of failure.

But don’t worry – starting a new company doesn’t have to be this way! You need some guidance on how to test business ideas before taking any risks, plus tips for breaking through fear and making those first steps into entrepreneurship.

Don’t let fear stop you from becoming an entrepreneur. Follow these helpful hints below:

• Recognize that fear is a natural part of the entrepreneurial process, and it’s okay to feel scared.
• Identify what you are afraid of. Awareness is the first step in overcoming any self-limited belief.
• Take action anyway. Find a mentor or coach who can help you through your fears.
• Create an action plan for how to get past this stage in the future.
• Remember that you’re not alone in this journey. Use advice you find online (or in-person from a mentor), join an industry networking group, find an entrepreneurial assistance program, or attend local meetups for support and education. Surround yourself with supportive people who can encourage you on your entrepreneurial journey.
• Make sure to take care of yourself.  Eat well, sleep well, and exercise regularly. Take some time for self-care every day (even if it’s just 15 minutes). The healthier you are mentally and physically, the better business and life decisions you will make.
• Remind yourself of WHY you want to start your business in the first place. What motivated you to make this leap into entrepreneurship?  Write your top reasons on an index card and carry it with you everywhere. Then, when you feel self-doubt creep in (which it will), read your card several times.
• Know your strengths and weaknesses and understand what you’re willing to risk.
• Focus on the possibilities, not the potential negatives of being a business owner.
• Have a plan; don’t wait for things to happen by chance. Being proactive can make any “emergencies” feel like molehills instead of mountains.
• Stay focused on what you want, not what others think about you or your type of business idea.
• Invest in yourself by taking courses, reading books, and attending seminars to learn new skills that will help you grow your business. Knowledge is power, and education dispels fear.
• Break down your fears into manageable pieces to overcome them one at a time: fear of failure, lack of money, or not having enough time. These are all common reasons people have for not starting their businesses, but they can be overcome.
• Take the necessary steps to alleviate your fears, such as finding someone who can support you through the process or doing some research about how others have dealt with similar situations.
• Find ways to distract yourself from the situation. A step back can be surprisingly constructive; after all, you’re the company president, and if the company president is burnt out, the company suffers. When needed, take time away from your new business to refresh and recharge to keep your creative edge sharp and stay sane.

Keep repeating these steps until you feel confident enough to take action and start pursuing your goal. Then be proud of yourself for facing your fears and overcoming them. You’re stronger than you think.

Inspirational List of New Business Ideas By Industry

If you still have no ideas with which to start your own business – no problem! Go ahead and to take one from these detailed lists of new business ideas (listed by industry) below.

Even if one of these ideas sounds off-the-wall to you, don’t dismiss it right away. Exploring different industries can help you identify a profitable business that aligns with your interests and skills, even though it might surprise you at first.

Food Industry New Business Ideas

Calling all chefs, bakers, hot sauce makers: this list has all the inspiration you need to discover your best (and most profitable) new food business idea. This even guide includes little-known ways to make money in the food and beverage industry such as restaurant designer, dining guide app developer, and teaching cooking classes at home.

Fashion Industry Small Business Ideas

Fashionistas who love everything about clothing, jewelry, and shoes can make money with their passion for fashion! Get inspired by this list of creative and profitable fashion business ideas including new businesses; we’ve got fashion designing, starting a clothing line, fashion styling, luxury consignment, media, retailing, and online options, too!

Related: 75 Fashion Business Ideas for Stylish Entrepreneurs

Beauty Industry Startups Ready to Launch

The beauty industry is huge with over $265 billion in annual revenue. And that number should continue to grow as our population ages and demands anti-aging products, clean beauty options, and more. Plus men’s cosmetic usage is on the rise, opening a new market of opportunities. It’s even possible that technology will create new possibilities for beauty products and services, too.

Beauty Industry Resources

• Best Beauty Business Ideas to Start Your Own Business
• How To Run A Successful Beauty Salon
• How To Start A Nail Salon Business
• Nail Salon Name Ideas
• Salon Bar Name Ideas

Online New Business Ideas

Looking for online business ideas? Here are unique ideas to make money online. Have you ever thought about leaving that corporate job behind and striking out as an online entrepreneur? If you have internet access, you have a world of opportunities at your fingertips.

Many of these online business concepts can be started with little to no money. Check out these ideas for your entrepreneurial inspiration and also these ways to make money online at Amazon.

Related: 33 Unique Online Business Ideas: Make Money on the Internet

Home-Based Business to Start

For many people, working from home can be both liberating and fulfilling. Any business takes hard work and dedication, but starting a home business can be easy and fun.

Especially for moms who need to be home with the kids, or full-time students or employees working from home can be a great way to bring in extra income — and most home-based businesses require little to no start-up costs!

Cool New Business Ideas for Students

If you’re a college student, free time may feel like it is hard to come by. With class, extracurriculars, study sessions, and social life, there is not even much time to sleep, let alone explore options as a student entrepreneur. However, starting a business while in college can be an exceptionally profitable enterprise for a couple of reasons.

First, many college side hustles are a very low investment in terms of start-up costs (find more low-cost startup business ideas here) and can be undertaken using many of the same materials used for a class. Second, the social network on a college campus is immense, which means you can create a built-in client base that can follow you after graduation.

Get your best new business idea to launch while still a student here on this list of startup ideas.

New Business Ideas for Creative Artists

Hello artists! Are you searching for the best art business ideas to make money? Check out this list of art business ideas perfect for aspiring and established artists alike.

If you are artistic, you have a huge advantage over the majority of the population. Your talent and creativity allow you to earn money with your passion for art. You can start a business and use your art skills to create beautiful items for sale. Use to use your creativity and artistic talents to make money.

If photography is more your speed, we’ve got plenty of photography business ideas, too.

Agricultural New Business Ideas

Thinking of starting an agricultural business? Looking for farming ideas to make money? Here are some of our favorite agricultural business ideas. We’ve also got plenty of resources about how to start an agricultural business, too.

Lots of good business ideas with low investment startup costs such as worm farming and growing mushrooms commercially. There are also beginner ideas for agriculturally minded entrepreneurs such as selling at farmers’ markets and lawn care maintenance. The possibilities are almost endless!

Agricultural Resources

• Profitable Agricultural Business Ideas
• How to Handle the Biggest Expenses of Starting a Farm Business
• How to Start Worm Farming for Profit
• How to Start a Fish Farm

Small Business Ideas for Entertainers

An entertainment side hustle might take some time to develop, but many low-cost business ideas can also bring in the supplemental income you need. The entertainment sector is quite lucrative because it provides high-income potential. Music, film, acting, dance, art, and more all offer creative outlets for your entrepreneurial energy. Or you could combine all of these passions at once with an event planning business instead; there’s lots of possibilities.

Check out this big list of entertainment ideas you can start and earn today!

Green Business Ideas for Eco-Entrepreneurs

Eco-friendly entrepreneurs, check out these new green new business ideas that will both make you money and help our environment. This list includes sustainable and eco-friendly business ideas, both product and services, for you to love our planet and profit also.

And Even More Business Ideas

Still want more ideas? Here are some businesses you can start with $50,000 to $100,000 in upfront investment.

Keep Trying Out New Businesses

Keep trying different business ideas until one sticks. There are many different routes you can take when starting a business, so keep trying until something works for you. It’s actually more common than you might realize to start one business, not do too well, and try something else instead the next year. So many successful business ideas are built on the foundation of failed business ideas. The key is learning from what did and didn’t work and applying those lessons to the next pursuit.

Now get out there. Choose an idea that excites you and pursue it.

Good luck, entrepreneur!

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.