Deciding to start your own business is often easy, it’s working out what that business will be that can be difficult

For many, starting their own business is the ultimate goal. However, it can be difficult to decide exactly what this new business will entail. The best business ideas often come from your interests and passions.

When trying to trigger a good business idea, it’s important to get as much inspiration as possible. This can be done by reading magazines, blogs and books, talking to a wide variety of people and researching existing businesses.

Write down all possible ideas

When looking for a business idea, it is crucial to write down any ideas that may enter your mind. Try carrying a notebook and pen around, or use an app in your phone to record any thoughts wherever you may be.

Some ideas may seem dull, some too wild, but the right one for you will eventually come along. Recording each idea will give you the opportunity to review them and may generate even more ideas.

Ask yourself the right questions

• What are your interests?  What do you love doing and can do well? It will always be easier to start a business and be successful if you’re doing something you love
• What are your strengths? Is there anything you are particularly good at?
• What are your skills? Do you have any talents? Is there anything you are gifted with?
• Are you looking for a full time business or a part time one that would fit into your existing life? For example, a business you work on in the evenings and at weekends

These questions can help inspire business ideas and allow you to begin building the foundations of your new venture.  

Talk to other business owners

Even if talking to other business owners doesn’t immediately trigger an idea for a business of your own, it will be time well spent for the future. They can tell you about their experience, including mistakes they could have avoided, and the best decisions they have made for their business.

Online forums and communities are another great source of inspiration, with many entrepreneurs ready to share their knowledge and provide advice for new starters. There are many bloggers and websites dedicated to sharing business knowledge.

Spot current and upcoming trends

Spotting the “next big thing” could be a great business opportunity. While some trends come and go, others, social media for example, cement themselves into daily life. Such trends, if spotted early, can be a worthwhile and lucrative opportunity.

Keep an ear out for new things being mentioned frequently in the news, on the web and on social media.

Avoid “get rich quick” schemes

Success, be it financial or personal, doesn’t come easily. A successful new business requires hard work and rewards can often take a long time to appear. Don’t lose time and money by investing in a business idea that promises huge returns for little effort.

Franchise

A franchise is essentially a “business in a box”. It can come at a hefty price, but it’s possible to find reasonably priced franchises. Make sure the franchise you choose fits in with your interests.

Selling online

The popularity of ecommerce only continues to grow. Trading and selling online has the advantage of fairly low setup costs and minimises the losses if anything was to go wrong. Websites such as eBay and Amazon can be great tools for new online retailers.

Before beginning an online business, it’s a good idea to do some research about items that sell, how much they sell for and potential profit margins. You may find it easier and more enjoyable to sell products you’re already knowledgeable in.

When you do start selling online, don’t forget to provide high quality photos, accurate descriptions and make it easy for you to be contacted.

Find a solution to a problem

The best way to attract customers to your business is to solve a problem your customers are experiencing. Do you often find yourself wishing a product or service existed? Maybe it’s time to invent and sell it yourself.

When you’ve successfully triggered that great business idea, get your new venture off to the best start by forming a company with @UKPLC Company Registrations