Nine simple ways to come up with a great business idea

A strong business idea is the foundation of success, but waiting for the "perfect" idea can stall progress and dampen your ambitions. Drive, determination, and passion are just as crucial as finding that initial spark of inspiration. If you're ready to start your entrepreneurial journey, this guide outlines nine practical steps to brainstorm, test, and refine business ideas – helping you turn your vision into a thriving reality.

1. Solve a problem

Great business ideas almost always solve a problem. These problems can range from global challenges, like decarbonising the energy sector, to small everyday issues, such as finding misplaced keys. While the approaches to solving these problems differ, the solutions should always be genuinely useful if you want to sell your product. 

Begin by brainstorming a list of problems you or others face. These could include:

• Personal frustrations

• Complaints from friends and family

• Issues you uncover through research

• AI-generated lists of problems

Use any method that gets your ideas flowing and write down everything. Focus on uncovering problems at this stage – don’t worry whether they’re too big or too small. Enjoy the process of brainstorming – dismissing ideas too quickly can limit creative potential.

Next, think about solutions. Use a practical and realistic approach. This is the point where you should discard any ideas that aren’t feasible for the time being. For example, tackling global climate change is undoubtedly an admirable aim, but it may require resources and collaboration beyond your reach. Instead, try to integrate your sustainability ethos into creating a solution for a problem you can realistically address. 

It’s also worth remembering that you’re creating a business idea, not setting up a charity. Your solution must provide value and benefit to potential customers and encourage them to part with their money so the business can generate a profit. 

2. Lean into your passions

There's little value in starting a business in accounting if crunching numbers and managing spreadsheets leaves you overwhelmed. Your business should be your passion – something you’re genuinely excited to nurture and grow. Think about what you enjoy doing and explore ways to turn it into a business. Everyday hobbies can often transform into ventures you can start with little or no money. 

For example:

Play video games? You could turn your favourite pastime into a side hustle as you stream gameplay, review games and upload walkthroughs to platforms like Twitch and YouTube.

Love cooking? Start a catering service, meal preparation business or an online cooking series.

Enjoy gardening? Start a landscaping service, sell homegrown produce or create gardening tutorials.

Fitness fanatic? Offer personal training, create fitness plans or launch an online workout platform.

Eye for photography? Provide event photography, sell your prints or teach photography workshops.

With tools like smartphones, content platforms such as TikTok and Instagram, and business apps like Vinted, Shopify and Printful, you have endless opportunities to turn your passions into a profitable business, be it online business ideas or offline.

3. Understand market trends

Accelerate your business idea by analysing market trends to ensure you're heading in the right direction rather than pushing against the current.

Start by identifying new and growing industries and study how and why they’ve reached their current position. For example, as electric vehicle sales increase, companies like ChargePoint emerge to provide charging solutions for homes, businesses and public spaces, supporting the shift toward greener transportation. Similarly, the growing demand for sustainable packaging is helping businesses like Loliware create edible and compostable packaging. 

Here’s how you can align your business with market trends:

Monitor industry reports

Read reports from market research firms like Statista as they provide valuable insights into growth sectors and consumer preferences.

Follow tech innovations

Technologies like artificial intelligence (AI), blockchain and renewable energy are revolutionising industries. Keeping an eye on such advances can help you identify ways to integrate new tech ideas into your business.

Track consumer behaviour 

Pay attention to changes in consumer preferences, such as a growing demand for sustainability or health-conscious products. Social media platforms and sites like TrendWatching can help you spot these shifts.

Use online tools

Google Trends and social media hashtags show what people are searching for or talking about, highlighting emerging interests you can target.

Attend conferences and webinars

Industry events often showcase new innovations, product launches and trends. These events offer valuable networking opportunities and firsthand insights into what’s coming next.

4. Unite your skills

As a business owner, leveraging your unique skills can unlock the full potential of your business idea. Consider the talents you bring to the table – whether it’s graphic design, writing, coding, or hands-on expertise like carpentry or jewellery making.

Once you have a list of your skills, think about how they can address a problem or provide value to potential customers. Then, consider how to package them in a simple way. You might create online courses, workshops, eBooks, blogs or coaching services. You can then start to build a brand that puts your skills front and centre with a professional website, portfolio or social media presence to promote your services. 

By turning your expertise into a product or service, you can use your knowledge and offer valuable solutions to others, thereby creating a business that is aligned with your strengths.

5. Improve existing ideas

It’s easy to think your business idea must be entirely new and revolutionary, but that’s not always necessary. Many successful businesses build on existing products and services, adapting and improving them. This approach fosters a dynamic, customer-focused market as new businesses challenge the status quo. 

It’s not a case of simply copying what others have done; it’s about improving existing ideas to create unique offerings that stand out. You can: 

• Identify weaknesses: Review customer feedback to find areas where existing products or services fall short and improve them

• Add new features: Enhance the user experience by adding features such as AI, voice commands or automation to increase efficiency and usability

• Improve quality: Focus on elevating the quality of existing products by using better materials, refining designs or improving production processes

• Simplify: Streamline complicated or time-consuming products or services. This could mean improving efficiency or simplifying the design

• Offer better value: Adding more value for the same price can make an existing product stand out. You could offer extra features, bundle products together or provide loyalty programs to enhance the customer experience

6. Fulfil local needs

If you're community-minded, consider focusing your business idea on meeting the needs of your village or town. List local challenges in your community to generate relevant business ideas and think about what matters most in your local area. It’s often factors like:

• Convenience

• Using local produce and resources 

• Accessibility 

• Affordability

• Customer service 

Every community is unique, so think carefully about how you can address local needs and create a business that becomes an essential part of the community.

7. Invent

One powerful way to spark a business idea is by creating something entirely new. While this approach can take more time — particularly if you’re not an inventor or need expert assistance to develop a prototype — it’s a rewarding journey fueled by curiosity, keen observation, and creativity.

Start by observing how people interact with existing products and services. What’s missing? What’s not working? 

Next, brainstorm ideas for your invention. You can combine unrelated concepts to spark new ideas, too. For instance, combining technology and sustainability can lead to innovative solutions like smart home energy-saving devices. 

With AI and automation advancing rapidly, you should also consider how your invention could take advantage of these new technologies to gain an edge. 

Once you have your idea, test it. Create a prototype, launch a pilot or gather feedback from potential users. This essential part of the process helps you refine your idea, address weaknesses and improve your product’s overall functionality. 

8. Ask for feedback

Belief and self-confidence are essential when starting any business, but that doesn't mean you should march blindly on without seeking advice and counsel from those around you. 

Once your idea starts to take shape, ask friends and family for their opinions. You can also run surveys on platforms like SurveyMonkey and share them on social media to reach a wider, less personally connected audience. This also helps define your target market.

If your idea is low-cost and easy to start, gather feedback from existing customers, too. Testimonials and reviews can help you refine your idea, so be sure to make adjustments if something isn’t working. Take feedback seriously and be prepared to adapt your idea in unexpected ways. 

9. Think ahead

Whether you plan to start your business as a side hustle or set up a limited company, it helps to think ahead. How will you scale your business, if at all? Can you automate parts of your business once it’s up and running so you can focus on other priorities without burning out? Is there a way to add new products, services or explore other markets as your business grows? 

Also consider whether you might need external funding for your idea, such as a startup business loan, as your business idea develops.

Considering these factors during the ideation phase can strengthen your business plan and give you a goal beyond the initial launch.

Is my idea a good idea?

After identifying a business idea that aligns with your passion and strengths, solves a problem, and delivers value to customers, the next step is to ask yourself, "Does this idea have potential?"

Validating your business idea is challenging on your own. You need feedback from others and the ability to adjust your idea based on that input. Our guide can help you with the next stage of bringing your business idea to life.