Today I’m going to show you how to find business ideas.
By being intentional about the process, you can find ideas systematically and test them out.
The problem is most people wait for an inspiration to strike, and they miss out on potentially successful business opportunities.
5 solid options is the goal. However I’ve created a cheat sheet for you to get some inspiration. You can also download here. It’s free.
Here is what we will go through today:
↳ Step 1: Process of ideation
↳ Step 2: Prioritization of top choices
↳ Step 3: Evaluate the top 5-10 options
↳ Step 4: Scoring your options and choosing top 1-2
Step 1: Ideation
Here are 3 questions you can use for ideating and coming up with new business ideas that align with your strengths, interests, and experiences:
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List out your top 5 skills or areas of expertise.
↳ Now brainstorm potential products, services, or businesses that could leverage those skills to solve a problem or meet a need in the market.
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Think about your hobbies, passions, or topics you are deeply knowledgeable about.
↳ Ask yourself: How could you monetize that interest or turn it into a business offering?
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Reflect on challenges or frustrations you’ve personally experienced in your career, daily life, or as a consumer.
↳ What solutions could you create to address those pain points through a new business venture?
Read here about how to find your business idea and validate its potential.
Step 2: Prioritization
Now you should have at least 10 ideas. Go through your list and pick out the top 5 that you want to evaluate for viability.
✨ Time-Management Tip
Do you have a lot of goals but aren’t sure how to prioritize your time to accomplish them?
Then maybe consider testing Bill Gates’s time-management hack! You can learn more about it here.
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Step 3: Evaluation phase
You can do this in an Excel or Notion page. List and Score each one according to:
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Level of Interest (1-5)
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Ease of Starting (1-5)
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Potential ROI ($)
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Probability of success (%)
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Gaps in your knowledge (list)
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Risks and worst case (if fails)
Analyze your strengths to see what would be a good fit.
Step 4:
Now select the top 1-3 and write down the action steps.
These could range from who you need to talk to about this opportunity, research, talking to potential customers, etc).
Don’t forget that your network is your net worth! You have a valuable community around you to utilize as well.
To learn more about how to create your circle of influence, check out my article on that here.
Hope this helps,
Till next week,
Noemi ✨
Access my infographics and cheat sheets!
Download my cheat sheets here.
Today’s book recommendation is 12 Months to $1 Million: How to Pick a Winning Product, Build a Real Business, and Become a Seven-Figure Entrepreneur by Ryan Daniel Moran.
It gives an actionable roadmap to achieving significant financial milestones by focusing on key business fundamentals.
12 Months to $1 Million by Ryan Daniel Moran
