It’s one thing to come up with a business idea.
It’s another to know if it’s worth moving forward with.
I’m Keisha Mabry Haymore, a Grow with Google Digital Coach.
Today we’re going to talk about finding a business idea that’s right for you,
and steps you can take to make your idea more likely to succeed.
The first step to finding a good business idea is to do a bit of self-reflection.
First, think of any skills you have, including very specific skills as well as broader ones.
How might these be applied to a potential business idea?
Then, consider what you’re passionate about.
This is important,
because this passion will help you weather the potentially challenging times
as you start your business.
For instance, if you’re excellent at woodworking
and passionate about vintage furniture,
a good business idea might be a furniture restoration service.
Next, study the world around you,
including your job, daily life, and hobbies.
What problems do you encounter that aren’t currently being solved?
Maybe there’s no place to get fresh produce in your area,
or you broke your phone and need to get it fixed in less than a day.
Consider how your business idea might solve any problems you’ve found
in a way that taps into your knowledge, skills, and passions.
Once you have your idea, make sure there’s a market for it.
You may know your idea solves a problem you have,
but are there other people who also have this problem?
Look for blog posts or forums from people looking for solutions your business idea provides.
Is there a gap in the market,
or do they mention any products or services that you can improve upon?
Next, enter your keywords into Google Trends.
Look at how often the keywords are searched,
where the searchers are located,
and what else they’re searching for.
Finally, search your keywords on social media.
If businesses appear, how many followers do they have?
Do they get a lot of engagement?
What can you learn from the comments customers leave?
Your business idea doesn’t need to reinvent the wheel.
It just needs to solve the problem better than your competitors.
To figure out how you can do this, try listing out your key differentiators:
in other words, the ways you’d improve on what your competitors are doing.
For instance, can you offer a higher quality product or service,
develop better branding and marketing,
or create a better user experience than your competitors?
One of the worst things you can do with your idea is keep it to yourself.
Get feedback from people you trust and people who have experience with your business idea or industry.
Be open to criticism and suggestions,
and be willing to evolve your idea.
A lot of businesses begin thinking they’re going to solve one problem
and then realize that they’re actually solving another.
For instance, maybe you start with an idea for a restaurant with a storefront
but ultimately decide to do an online-only takeout business.
There you have it!
Coming up with a business idea can seem overwhelming at first,
but it helps to break it all down into small steps.
For more information about creating a business plan and finding your target market,
be sure to tune in to our other videos and subscribe to our channel.
You can also keep learning on the go with the Google Primer app
or check out our Google Career Certificates for job-ready skills you can put to work.
See you next time!