Thinking about business ideas is not an easy process. It will probably take you several months to come up with your dream company. And even more time to realize that it isn’t your dream company.
That’s totally normal! Most people don’t have great business ideas, at least not good enough to pursue them. But here’s what you can do next – start thinking about ideas in another area.
An area most entrepreneurs reach dry-land after brainstorming their business idea is the field of psychology. Why? Because businesses are made up of individuals who work together to achieve a common goal.
As a businessman, you’ll be spending lots of time working with other people, which means you need to understand how people work so you know how to motivate them toward that same goal.
And once you do, then you can apply that knowledge to help them meet that goal. Which is why psychology becomes important when looking to find your business idea.
Make a list of themes in business
Thinking about what types of businesses exist is an excellent way to get new ideas for your own business. You can learn a lot from looking at the different fields and industries.
Businesses come in many forms, so exploring other areas is an easy way to gain inspiration. For example, you could look into how professionals run their offices, how they organize their desks, or what tools or products they use to do their job efficiently.
By thinking about different parts of the workplace, you will find it easier to brainstorm creative ways to improve your own office space and equipment.
Brainstorm potential business names
Finding your business idea may be difficult, but not because there is a limited amount of space or time in which to find it. Rather, creating an interesting business name is a challenge that can quickly get in the way of you starting your business!
The hardest part about naming your business is probably going to be coming up with the final name yourself. It’s very common to look through lists of similar businesses and see their perfect, elegant names; these usually don’t come from the owner of the business.
Instead, they are given to the business by other people, sometimes even employees, after the fact. This is why it is important to be open-minded when brainstorming possible business names.
Research your location
The next step in thinking about what business you want to start is deciding where you would like to be located. This will depend heavily on whether you are starting from scratch or if you already have an established business.
If you do not, then it is best to consider opening up shop somewhere that offers enough space to establish yourself as an entity. Many small businesses begin with just one employee before growing due to their hard work and leadership qualities.
For those who are already running a business, make sure that you know how to manage your current staff efficiently so that you can grow without causing conflict.
Finding another office or warehouse suite to join forces with others is an easy way to expand. There are many ways to find out which areas need expansion, such as by asking around or doing some research online.
There are also different types of offices and warehouses available, including ones that are free or pay per square foot.
Plan your business structure
The next important step in starting your business is deciding how you will organize and run it! This article will talk about some common types of businesses, what structures are best for which types of businesses, and why making these decisions is significant.
Just like with individuals, not everyone needs to hold the same position within their company to succeed. For example, someone who wants to be paid well may prefer having a higher paying job than someone who desires a lower income. Or, someone who does not want to spend much money on marketing materials may stick up with roles that take care of that.
These things can be tricky when you’re just starting out because you don’t have much money-you’re budget may only allow for one or two people at the top level positions.
That’s where creativity comes into play!
Think about all of the different ways you could make money, and then find jobs that offer those positions. A good way to do this is by looking through Google “how to start a business” or “best business ideas for beginners.” You should also check out sites and forums dedicated to entrepreneurs to see if anyone else has done something similar and what worked for them.
Write your business plan
Writing an introductory paragraph is one of the most important parts of writing a business plan. This paragraph will be seen by potential investors, who will read through you plans first.
The initial impression makes a big difference!
You want to make them feel confident in you as a leader and entrepreneur. You’ll also need to emphasize that you have a good idea that can succeed. It should not seem like you are trying to get money from people, but rather create a company that people will enjoy working for and investing their time in.
It’s worth noting that no two business plans look the same, even if they are using the exact same templates. What works for someone else’s plan may not work for yours. Take what sounds good and try to put it into your own words.
Fund your business
Starting your own business is expensive! Even with all of the various expenses, such as marketing, website design, inventory, etc., it can easily cost over $1,000 up front.
That’s why it is so important to have an idea that you are truly passionate about. If your passion isn’t business related, then go into work every day feeling relaxed and confident that you don’t need any additional ideas for businesses.
It takes a lot of effort to run a business, so if you aren’t in the business world, you’ll be wasting your time trying to come up with concepts. Pick a field that you are already familiar with, and one that you would like to get into – this will make thinking of ideas much easier.
If you love reading books, start your own book store! Or, if you enjoy making things, begin a jewelry or craft shop! The possibilities are endless when you know what you want to do and you are very knowledgeable about how to execute on those skills.
Choose a business structure
The choice of whether to do your business as an individual, partnership, or corporation depends mostly on what you want the business to look like in the future. You will also need to consider how much money you have to invest in starting up and running your business, as well as if you are able to run this business with no outside help.
It is important to be clear about what kind of business you plan to start before choosing your company structure. For example, if your dream is to own a restaurant, then it makes sense to choose between being an individual owner, having partners who work together under one corporate umbrella, or forming a limited liability company (LLC).
An LLC comes with its own set of legal rules that protect individuals who invest in the business from being held personally liable for any debts incurred by the business. This way, your personal wealth is protected even if the business goes bankrupt.
However, using an LLC requires more paperwork and time to establish and maintain, which can be burdensome when you are just beginning. Therefore, going through the process of incorporating as an S Corporation or P Limited Liability Company is better if you are not sure if the LLC option is right for you yet.
By creating an S-Corp or PLCC, yourself as an employee of the business still enjoy all of the benefits of an LLC, while also limiting your personal financial risk.
Choose your business location
Choosing your business location is an integral part of starting your business. You will spend lots of time running your business in this area, so you should pick somewhere that gives you some degree of comfort.
For example, if you run a clothing store, then choosing a location with enough space to fit all of your inventory and have room to grow is important.
If you run a yoga studio, looking for a place with a good energy is important for your success. Finding a comfortable environment to teach students is very necessary.
You get the idea!
What about outside the home businesses? For example, someone who teaches online courses can look for buildings or areas with free wifi where they can easily connect. This way, they do not need to invest money in buying equipment that does not cost much to use.