You need to be sure that you can deliver your proposed product or service in a long-term manner, and in a way that can grow in scale without falling apart. If you have a new business idea, it may need a patent, which is how you secure your idea legally so that another person or business doesn’t take it. You can file a patent yourself, but most business owners hire a patent attorney to do it for them. Even when you have a tentative solution or business idea in mind, you’ll still need to determine whether it’s a good one. Read on for some points to keep in mind when making this judgment.

Crowdfunding campaigns allow you to raise funds by pre-selling products and services. Typically, a crowdfunding platform charges a 5% fee of the overall amount raised and a 3% payment processing fee. Learn more about crowdfunding your small business in our comprehensive guide.

If they’re in a similar industry, their feedback could be invaluable. It’s a mix of “research, gut instinct and personal preference,” according to Ari S. Goldberg, founder and chairman of investment firm RNMKR. You will also need to check there are no legal or regulatory blockers to a specific business idea in your state or country. There may be specific laws about where such a business can be run from, or laws governing how specific products are manufactured.

Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. It’s far better to take home six figures than make seven figures and only keep $80,000 of it. Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area. Read more about starting a business ideas here. If you start a solo business, you might consider a sole proprietorship. The company and the owner, for legal and tax purposes, are considered the same.

Niching down to find success

Whatever your strengths are, whenever you think
about what kind of businesses are right for you,
try to align your strengths so that you can give your venture the most competitive edge. Recognize that the process of going from “I have no business ideas” to “I have the PERFECT idea” might not be straightforward, and that’s okay. The failed ideas will lead you closer to the one that clicks. At the start of this guide, I assured you that there can be business ideas right in front of you. The real challenge, however, is having the insight to recognize them. Your business will likely consume all your time, so ensure you’re passionate about it to make it successful.

Also, if you’re seeking funding from a bank or investor, you will probably need a formal, well-thought-out business plan to present. It’s important to understand that if friends or family are the primary supporters or funders of your idea, you run the risk of damaging relationships in the course of trying to build your business. So consider carefully before bringing them into your business as an investor and set clear expectations and investment repayment timelines to avoid misunderstandings. Your local Small Business Development Center (SBDC) may also be able to pull an IBIS World report and discuss it with you for free, so it’s a good place to start.

Develop a Social Media Strategy

If you are interested in starting a business, but don’t know what product or service you might sell, explore these ways of coming up with a business idea. To come up with a good business idea, you need to identify a problem you can solve, understand your target market, and verify that there’s demand for your product or service. This advantage to starting your business becomes even more powerful when you realize that there are ways to get things off the ground without needing a lot of upfront capital. While financial success isn’t guaranteed—it never is—at least making the attempt can be relatively simple and affordable. And even if your business doesn’t make much money, you’ll be enjoying every minute of the endeavor. Talking with others about the problem you’re seeking to solve, and possible solutions, is a great way to improve your creativity and help yourself brainstorm ideas. More extroverted people may prefer to talk to business peers rather than write in a journal.

A 3-star review is likely to give you the most balanced view of the product or service, as well as the most specific details about what people wish could be improved. For example, with the work-from-home culture created since the pandemic, you might be able to start a home-based business with your current setup. LivePlan is an easy-to-use business plan software that provides more than 500 sample plans to learn from, plus step-by-step instructions. The most innovative businesses have flourished from simple ideas.

A common denominator for successful businesses is their ability to fulfill customer needs. In this case, the need is to create a product or service that makes people’s lives easier. While focusing on a smaller niche means the total potential audience is smaller, brands that focus on a more specialized audience often become much more profitable.

Use your initial keyword research as a launchpad to identify what you can offer that is different or better so you can make a big impact in these smaller markets. As it turns out, you don’t have to try to serve everyone to create a successful business. Aries went on to create a platform and wrote a book to share their stories. She’s devoted her life to building community around personal and professional development. Build a relationship based on things like shared interests, passions, work history, etc. Build real relationships with people outside of selling yourself or your business.