On a word processing document, create your list of potential business ideas.
Consider ideas you’re interested in, passionate about, and probably already experienced in. Write down everything you can think of during this stage.
If you already have some business ideas in mind, list those first.
If you feel like you’re running out of ideas, remember to focus on ideas for things that customers not only want, but also need.
While there is no set number of ideas that need to be generated to produce a viable one, generate at least 10 ideas that meet the criteria.
Go back and review each idea. Consider the potential opportunity for each idea.
Next to each idea write two to three sentences describing if you think the idea is viable or not. Comments about the potential product or service can include:
Who you think will be the customer?
Why you think customers will buy the product or service?
Why you think the product or service is needed?
Are resources available to create the product or service?
Is there potential to make a profit with the product or service?
Are there any constraints to creating the product or service?
1. Online tutoring platform: Create a website where students can connect with tutors for virtual lessons. Students, parents, and adult learners could be potential customers. The service is needed due to the increase in remote learning and the desire for personalized education. Resources such as video conferencing tools and educational materials are readily available. Profit potential exists through subscription fees or commission on tutor earnings. Constraints may include finding qualified tutors and marketing the platform effectively.
2. Eco-friendly cleaning products: Develop a line of environmentally friendly cleaning products that are safe for people and the planet. Customers looking to reduce their carbon footprint and use non-toxic products would be interested. With the growing awareness of the harmful effects of traditional cleaning chemicals, there is a clear need for eco-friendly alternatives. Sourcing natural ingredients and sustainable packaging may be a challenge, but there is potential for profit by targeting the niche market of eco-conscious consumers.
3. Meal prep and delivery service: Offer pre-made meals that can be ordered and delivered to customers' homes on a regular basis. Busy professionals, families, and individuals looking to eat healthy without the hassle of cooking could be customers. The convenience of having nutritious meals ready to eat appeals to those with busy lifestyles. Ingredients and packaging costs may be a constraint, but the service could be profitable through subscription plans or individual meal purchases.
4. Customized gift baskets: Create unique gift baskets filled with personalized items for various occasions such as birthdays, holidays, and special events. Individuals and businesses looking for thoughtful gifts for their loved ones or clients could be target customers. Customization adds a personal touch that makes the gift-giving experience special. Sourcing diverse products and creating a streamlined ordering process are important considerations. Profit potential exists through selling directly to customers or partnering with companies for corporate gifting.
5. Fitness subscription box: Curate monthly boxes containing workout gear, healthy snacks, and fitness resources for subscribers to use at home or on the go. Fitness enthusiasts, health-conscious individuals, and beginners looking to kickstart their wellness journey could be interested. The convenience of receiving curated products tailored to their fitness goals makes it appealing for customers. Sourcing quality products at competitive prices and maintaining customer engagement could be challenges, but there is profit potential through subscription fees and partnerships with fitness brands.