Ways of Generating Business Ideas
It is easier than you think!

Looking for ways of generating business ideas easily and quickly and to suit you perfectly?

Rather than sitting down and staring blankly into space, here are some ways I think would benefit you by giving you a bit of structure to your thoughts.

There is an easy way to learn the process because there are only 5 categories you need to look to when you are considering brainstorming business ideas.

They were dreamed up by the one and only Dr Valerie Young, a renowned expert in The Impostor Syndrome.

  • Complaints/problems or threats
  • Trends
  • Demographic groups or niches
  • Interests or hobbies
  • Personal experiences or crisis

Your idea will fall neatly under one of these categories, whether it is a product or service, or you might opt to choose both and you might even choose more than one category.

If you haven’t already done so, you might want to download the business idea template I offer here to help you process your thoughts in order and read more about the 5 categories.

You will have enough information to help you come up with at least one idea perfectly tailored to your strengths and weaknesses, your gifts and your talents and you will be able to use the basic formula as one of your best ways of generating business ideas.

The process is all about making connections.

Confucius had it completely right when he said...

Where your talents and the needs of the world meet lies your calling

So Where To Start?

If you have downloaded the template, then you will have already given thought to what kind of lifestyle you want to live and what your financial goals may be.

Very important information to know in advance because, if you don’t peg down the answer to these 2 questions then the rest of your quest will be much more difficult.

How will you know what kind of business idea will be suitable for you?

How do you know what form it should take and in what industry it should be in?

And if you think you do know what you want to do, wouldn’t you like to know if it really is the “one” rather than starting, then realising once you have invested time, money and your emotion “I really should have given this a bit more thought?”

You want to pick something that will flow with you and your lifestyle to give yourself the best possible chance of success, right?

As an example, if you want a life of freedom and travel your candle business idea may not be such a good idea because how will you manufacture your product when you are on the road?

But if you get the process right in the first place, you might decide to build your candle business another way as perhaps a seasonal business, and you return from your travels at a specific time of the year to begin production or you might want a team to do it for you or make it a family business and you might be hands off a lot of the time but oversee what is going on.

Or you might discount the candle business idea altogether in the end, thus saving you hours of time and money heading down the wrong road.

Can you see the logic of organising your thoughts in the right order?

There are so many variables when you are looking for ways of generating business ideas, it helps to follow a formula, so you don’t miss out anything crucial in the early stages of the mix.

As another example…

What if you want to work abroad or only at weekends or by yourself or with a team or in a cabin in the woods and never between 9 and 5 ever again then you need to know upfront.

It is so important to ask yourself the right questions when you are looking for ways of generating business ideas.

By all means you should do a thorough personal inventory about who you are and what kind of things you are good at, but it is equally important to look at what you want to do and how you want to do it as well.

You might be a genius with numbers, but you might hate the thought of being an accountant as a business or you might be amazing at making home-made chocolates for your family at Christmas (this is me!) but would crumble to pieces if you took that talent and your love of doing it out of your kitchen and into a food production company.

Just because you are good at x, y or z doesn’t mean it should be your life’s work.

Look at what you love to do but also wouldn’t mind doing all the time, even when life throws difficult circumstances at you?

This could be something that comes up from the dark recess of your mind when you were a child or a teenager that you buried when you were told to get serious about a real job when it was time to knuckle down to your exams at school.

And don’t forget to ask your friends and family what they could see you doing, because other people can see sides of you that you can be blind to.

Perhaps they love your seasonal candles or summer BBQ sauce or come to you for x, y or z.

You have a valuable stream of information within your closest circle.

If you have a job, which bits of it do you love doing and why? Take that and add to the mix.

What makes you smile, and you love to do it any opportunity you get, even on holiday or when you are tired, but you still want to squeeze it in your schedule somewhere?

If you have a gift for something, then nothing in the world will stop you doing it.

What would appeal to you for a second income stream during evening and weekends that you don’t mind at all doing even after a hard day’s slog at your day job?

What lights up your spirit and warms your soul?

Other ways of generating business ideas using your strengths & skills in the mix

It is important when you are thinking about ways of generating business ideas not to confuse strengths and skills.

Your strengths are who you are and if you were cut down the middle, are innate within you.

You can’t avoid them however hard you try.

For example, strengths are things such as empathy, learning, consistency, being an includer, a strategist or a futurist to name but half a dozen from the 34 strengths you can get tested for.

I would urge you if you are looking for ways of generating business ideas to seriously think about taking some career tests to give yourself a bit of a framework to work with around who you are.

It will help you a lot in choosing the right business path and with your overarching theme about how you will do things. 

The other important part of the equation is about your skills

Your skills are those things that you can learn and be trained in like typing or programming or leadership and management or team building or organisational skills.

Or your language skills, you could ask yourself how “can I turn using French into a business?”

You also possess life skills such as being able to fix a car or plumbing or parenting or be able to create a household budget which you might want to consider.

If you put together skills you like to use with one or more of your strengths and match it to a trend, interest or hobby, a personal experience or a crisis, a demographic niche, solve a problem, rectify a complaint or modify a threat then you will never run out of ways of generating business ideas at the drop of a hat!

You just need to decide if you want to create an online or offline business and will you create a product or service or both?

There is so much more to it than just “what are you good at?"

Ways of generating business ideas I don’t recommend

Unless you are very lucky, just pitching in with a friend may not work out unless you have very clear boundaries, you need to establish a clear contract about who does what and when early on, so you don’t seed resentment and have a plan about what to do if it doesn’t work out for one or more of you.

The same with a family business, things can go either way so what seems brilliant over a couple of bottles of red one saturday night may not seem so great as you progress your idea.

I don’t recommend you just randomly search the internet either.

The top 10 ways of generating business ideas article won’t take into consideration anything about you or your circumstances so you are just wasting your time.

You won’t hear of any successful businessperson ever say they started their business because of a google search!

Their idea came from solving a problem in a way that suited their personality.

And you can do this too, anyone can, you just need to give yourself time, space and ask the right questions in the right order.

Brainstorming business ideas is easy when you know how.

And lastly, you won’t find your answer sitting in your living room.

Sitting watching Netflix never got anyone anywhere unless you are using a documentary for exploration purposes.

You need to get out of the confines of your 4 walls mentally and sometimes physically to broaden your horizons.

Read about people whose work inspires you, chat to the person in the coffee shop who seems to love their work and find out why.

Go way beyond your current circle in all areas because the clues you are looking for are staring you right in the face but you just can’t see them yet.

I hope you find the business idea template helpful to kick start your brainstorming  sessions.

Would you like to develop your ways of generating business ideas a step further?

Download the create your perfect business e-course where I guarantee you will come up with at least one viable business idea, but I am pretty sure once you learn this formula, you won’t be able to stop yourself spotting business idea opportunities everywhere.

And get access to 111 really good questions to ask yourself and really unlock your thinking.

Remember, if you want better answers, you need to ask better questions and as Robert Half quoted ...

"Asking the right questions takes as much skill as giving the right answers" 

 Robert Half