Finding the right business idea is key to start-up success.
After exploring opportunities, learn as much as you can about your potential products and services and their broader market.
Consider talking to as many people as possible in the industry to gather ideas and insights.
You could go to networking events and seminars to spark new ideas.
Think about what problems you can solve and how your skills match market needs.
Try these methods to come up with a potentially successful idea.
Brainstorming
Set aside 15-30 minutes to brainstorm, alone or with others.
List all possible ideas for your business, no matter how ambitious or unusual they seem.
Look for connections between the ideas.
Highlight the most promising options and explore them further.
Market research
Study current market trends using tools like Google Trends and social media.
You can find all kinds of market research on particular industries if you visit the British Library website.
Read relevant reports and news for insights into the market.
Talk to potential customers or send surveys to understand their needs and pain points.
Look at competitors to see what they might be missing and what could be improved.
SWOT analysis
A SWOT analysis is a tool for critical thinking used by businesses.
SWOT stands for strengths, weaknesses, opportunities, and threats.
Identifying these could help you find viable business ideas.
Consider the following and reflect on your answers to help you plan your new business idea.
| SWOT | Description |
|---|---|
| Strengths | Look at the advantages of your business, such as skills, resources, or reputation. |
| Weaknesses | Think about how your idea could be better. Do you have any skills gaps? What else do you need to succeed? |
| Opportunities | Have you spotted any trends or market needs that you could address? |
| Threats | Consider your competitors and any other challenges that could affect your success. |
Prototyping and Testing
Once you have some ideas, try creating a simple model of your product or service, known as a prototype or minimum viable product (MVP).
You could then share this prototype with a small, specific group of people and get their feedback to help improve your product.
Before fully committing, you could try these ideas to check you are on the right track:
- survey potential customers to see if there is interest and demand
- check the size of your target market and see if it can be profitable
- ask mentors or industry experts for guidance or feedback.
Go further with start up loans
Your previously read articles
Chapter 6.2
Plan your finances
Work out your costs, the finances you can apply for and check your credit score.
Learn more about planning your financesDisclaimer: The Start -Up Loans Company makes reasonable efforts to keep the content of this article up to date, but we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. This article is intended for general information purposes only and does not constitute advice of any kind, including legal, financial, tax or other professional advice. You should always seek professional or specialist advice or support before doing anything on the basis of the content of this article.
The Start-Up Loans Company is not liable for any loss or damage (foreseeable or not) that may come from relying on this article, whether as a result of our negligence, breach of contract or otherwise. “Loss” includes (but is not limited to) any direct, indirect or consequential loss, loss of income, revenue, benefits, profits, opportunity, anticipated savings, or data. We do not exclude liability for any liability which cannot be excluded or limited under English law. Reference to any person, organisation, business, or event does not constitute an endorsement or recommendation from The Start-Up Loans Company, its parent company British Business Bank plc, or the UK Government.
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