Did you know that 64% of aspiring entrepreneurs struggle to find a winning business idea? If you’re feeling stuck, you’re not alone. We’re here to support you by connecting you with proven insights from the best in the business.

We’ve interviewed over 400 successful business owners on our YouTube and podcast channels. Through these conversations, we’ve discovered a common thread. The most successful entrepreneurs use their existing strengths to solve a problem and create new solutions.

In this blog, we’ll introduce practical strategies to pinpoint business opportunities and show you how to conduct your own research with confidence. Plus, we’ve included a short quiz to help you choose the perfect business idea and launch your new venture with certainty and purpose.

You can either keep reading or click on any of the links below to jump to the section that interests you:

Step #1. Shift Your Perspective: Business Ideas Are Everywhere

The Myth of the “Perfect” Idea

Most new business ideas aren’t going to change the world, but every good business idea improves people’s lives in small ways.

For instance, a cleaning business like Bumble Bee Cleaning Services saves people time and helps them keep their houses looking sharp. It’s not a life-changing business idea, but founder Cristobal Mondragon has his own methods that make his model unique.

Cristobal has grown the company to include 25 employees and multiple locations. He now makes more than $120K monthly. He told us:

Check out our interview with Cristobal below:

Focus on Problems, Not Ideas

You came here looking for a solution to a problem. You most likely want to be your own boss, but you aren’t quite sure how to start your entrepreneurial journey.

Small business owners do best when they realize that their customers are following a similar process. Most customers are trying to solve a problem in the most efficient way possible based on their personal schedules and budgets.

Take a minute to make a list of problems that you face on a daily basis. All your answers are potential business ideas.

A Good Business Idea Starts With a Simple Observation

Great business ideas can come from the most simple observations. For instance, Brian Chesky and Joe Gebbia started Airbnb as a way to pay their rent in San Francisco. Uber started because the founders got frustrated waiting for a taxi in a snowstorm.

Meanwhile, the inspiration for Dollar Shave Club came when a marketer met a wholesaler who had too many razors in their warehouse. They realized that the business model of going to the store and paying $20 for some razors was time consuming and expensive.

They created a website, removed all the pain points of buying razors, and sold them for just a dollar per blade. Check out their first commercial:

Pretty easy marketing strategy, right?

Step #2. Self-Discovery: Identify Your Strengths, Interests, and Skills

Self-Reflection

When you start a business, you’re going to be pouring a lot of time and effort into it. You need to look at your strengths, what you enjoy, and what you’d rather avoid. This will help you identify new business ideas and rule out ones that won’t be fulfilling.

Try writing down your past experiences, hobbies, likes, and dislikes. Struggling to come up with a useful list? There are tools available to help.

Personality and Strengths Tests

There are tons of aptitude and personality tests on the market, but most of them are built for identifying a career. Starting a business is a little different. That’s why we created our own.

You’ll answer questions about your strengths, interests, and skills. Then we’ll provide a list of suggestions based on your answers.

Try our assessment test.

Past Experience and Hobbies

You’ll normally have more success when you focus on an industry or niche you already know. Write down all the jobs you’ve had and the skills you developed. Then write down all the hobbies you have and the skills associated with them.

For instance, the owner of Shed Defender told us:

He decided to fix the problem, and it turned into a lucrative business opportunity.

Feedback From Others

Sometimes, other people will have valuable insights that you won’t notice on your own. It’s always a good idea to talk to your friends and loved ones about your ideas.

Step #3. Research Trends and Market Gaps

Research your target market and your competitors while you’re deciding on an idea. Brandon Vaughn, the founder of Wise Coatings, explained:

We’ve teamed up with Brandon to bring you a free, in-depth business startup course. This course dives deep into essential topics such as mastering market research. Take the first step toward building your dream business!

Perform a SWOT Analysis on Yourself and Competitors

Market research involves looking at your strengths, weaknesses, opportunities, and threats (SWOT).

• Strengths: This category is for skills you or your team have that distinguish you from others.
• Weaknesses: For weaknesses, include gaps you need to fill to be successful. Some of these, such as lack of brand recognition, will apply to every new business.
• Opportunities: Look at your particular industry to understand what opportunities competitors are leaving open. This can help drive your business model in the right direction.
• Threats: Watch what’s going on in the world and how it impacts small businesses in your industry. Government regulations, technology, and economic trends can all impact how your company will perform.

Analyze Industry Trends

There are many different ways to stay up to date on industry trends. Some of the most useful include:

• Google Trends: Use Google Trends to get information on popular searches.
• Market reports: Companies like IBISWorld publish industry reports that include information about growth, trends, and benchmarks. Use these details to fill out your business plan.
• Social media: Pay attention to what influencers in your field are talking about. They usually know where the industry is headed.

Create a Customer Avatar

You want to have a detailed picture of your ideal customers. Knowing their habits and what will satisfy their needs will help you create the best offers possible.

This will also build trust by showing your niche market that you understand them.

Look at New Technologies and Innovations

Using AI and automation makes it easier to compete with existing businesses. You can create AI content by recording a video and posting it to YouTube, TikTok, or other social media. From there, it’s easy to use AI tools to create a blog from the same content.

This will help you spread awareness within your local community and abroad. Then you can use automated customer relationship management software to walk customers through making a purchase or signing up for a service.

Doing all this manually would take a lot of time, but it’s easy to automate with today’s technology.

Step #4. Brainstorm Business Ideas That Align With Your Skills

Mind Mapping

A mind map is a great tool to help you come up with ideas for starting a business. The picture above is what I created when I took a self-inventory. Just jot down every idea that comes in your mind and narrow down the best entrepreneurial ideas from there.

After looking at my personal mind map, it becomes pretty obvious that I need to work on starting a business that documents my journey to losing weight and getting healthier. That idea combines a lot of my problems, skills, and experience.

Try it yourself!

Explore Business Idea Generators and Databases

At UpFlip, we have a treasure trove of small business ideas that are tailored for aspiring entrepreneurs like you. With the UpFlip Academy, you’ll gain exclusive access to our business ideas database and other specialized tools.

For example, if you want to start a bakery, our business ideas database will tell you all about the market size, profitability, and initial costs.

Want a sneak peek? Dive into our free PDF showcasing 137 of the most profitable small business ideas to spark your creativity. You can also explore our other resources below:

• How to Start a Business: The Ultimate Guide
• 321 Best Small Business Ideas
• The 43 Most Profitable Businesses to Start
• 29 Best Online Business Ideas
• 34 Best Home Business Ideas
• The 25 Best Low-Cost Business Ideas

Plus, check out the rest of our blog for more information about self-employment ideas and side hustles.

Are you still saying, “I want to start a small business but have no ideas”? Keep reading! This next section might interest you.

Step #5. Leverage Networking and Inspiration From Others

Learn From Other Successful Businesses

Sometimes, finding the perfect business idea comes from others. Take the time to research what experienced professionals have done to help you come up with an initial idea.

Check out our YouTube channel, where we have over 200 interviews exploring how to be an entrepreneur. You might also find inspiration from reading books or listening to podcasts.

Join Entrepreneur Communities

Joining business groups, masterminds, and local networking groups is a great way to learn how to start your own business. They provide opportunities to share your challenges and learn from others’ mistakes. Some of the most popular communities include:

• Reddit: This social media platform has a ton of entrepreneurial and business groups with all kinds of information.
• UpFlip Academy: Join the UpFlip Academy to discuss business topics with likeminded people who are starting their own businesses.
• StartUp Grind: Find local startup groups in your area.

Talk to Potential Customers

Take the time to talk to your ideal customers. Figure out what pain points they want solved and what’s important to them.

Before you pursue the best business idea on your list, you should talk to your target market to verify any assumptions. Make it a point to ask:

• Does your proposed solution actually help them?
• How often would they use your product or service?
• How much would they pay for it?

These questions will help you identify whether you have a good idea that people would actually pay for.

Step #6. Choose and Validating Your Business Idea

When it’s time to validate your favorite business idea, you’ll need to analyze the market and competitors. If no one else has the same idea, it may not be viable. Yet it could also be an overlooked opportunity.

Brandon Vaughn explained:

Brandon has 27 competitors in his area. He took the time to identify customer pain points such as:

• Contractors answering the phone
• Moving stuff out of customers’ garages
• Finding storage space while work is being done

Before investing time and money into a business, you need to know if it will actually work. Watch a free lesson from Brandon’s course on how to validate a business idea to learn how to test demand and reduce risk.

Test the Demand

You can test demand by looking at how much website traffic competitors get. Alternatively, you can use strategies like surveys, preorders, and social media to gauge interest.

A product that can’t get enough preorders to cover manufacturing the prototype and first batch may not be worth creating. Want to know more?

Learn how to make money without an initial investment like the founder of Pooch Selfie did when he listed his idea on Kickstarter:

Lean Startup Approach

You’ll need to take baby steps on your way to financial independence. Aim to create the best products and services you can for potential customers.

From there, focus on self-improvement. Your small business will get better and better until it’s eventually where you want it to be.

Overcome Analysis Paralysis

Many people think too much before starting a business. When you find yourself saying, “I want to start my own business but don’t know what to do,” just try something small that interests you.

View it as a learning curve. Take a few calculated risks, but don’t spend too much money until you gain some experience.

For instance, construction companies can rent tools instead of buying everything new. Meanwhile, you can start an eCommerce store almost for free these days.

Step #7. Start Your Successful Business Venture

Starting your own business is a balancing act. The best way to start a business depends on your personal situation, but most entrepreneurs don’t have a formal business plan.

They just choose a business name, get a business license, create business profiles on social media, and build a website. Once you have these basics, it’s time to test the waters and start marketing your services.

If you want to take a more formal approach, check out our blog about how to start a business or sign up for a course with the UpFlip Academy.

Best Business Ideas for People Who Don’t Know What Business to Start

Don’t worry if you’ve followed all the steps so far and you still feel stuck on finding the perfect business idea. Next, we’ll explore some of the most common business ideas and provide you with resources to help you get started.

Service Business Ideas

On a basic level, a service business is any type of work where you sell your time. These businesses are often less regulated, so they’re cheaper to start and can usually be run from home. You might want to consider:

• Consulting services
• Cleaning homes
• Catering
• Graphic design
• Pet sitting or dog walking

Check out more ways to be your own boss in our blog about service business ideas.

Best Home Business Ideas

If you’re still feeling stumped, try small business ideas like these:

• Business coaching
• Managing online communities
• Administrative support services
• Content marketing
• Real estate investing

Check out our blog about home business ideas for more inspiration.

Online Business Ideas

Online business ideas are a great way to achieve financial freedom. There are successful entrepreneurs in fields such as:

• eCommerce
• Social media management
• Online tutoring
• Managing online forums
• Content creation

These businesses don’t require a physical store or office. You just need to create an online presence, implement a marketing plan, and attract customers through search engines and social media platforms. Check out our complete list of online business ideas.

Conclusion: Action Over Perfection

Ultimately, the best business ideas come from a combination of self-awareness, problem-solving, and market research. We’ve provided you with numerous examples of how to find business ideas and highlighted examples of business owners from different fields.

Waiting for the perfect opportunity can keep you from getting started in the first place. The key is to manage your money, limit risk, and do your research. You’ll learn on the job as you grow and scale.

Use the brainstorming ideas we provided in this blog today. Then start researching each opportunity tomorrow. By the end of the week, you should know what business to start and you can start testing the idea.

The UpFlip Academy is here to help you with every step. What else can we do to give you an easy start on your entrepreneurial journey? Let us know in the comments below.