You might be itching to start your own company, and the only thing holding you back is that vexing question: “What should I do?”. You need a good Business idea. You came to the right place.

This guide to small business idea brainstorming will teach you everything you need to know about how to come up with profitable new Business Ideas. Included is also my list of small business ideas, sorted by interest and industries, then I will explain how to pick the right business idea to launch next.

Plus I share my best tips on how to field test your business ideas, how to sell them to investors or partners, and protect them with (or without) patents or trademarks.

I know it can be challenging to come up with a great idea in the beginning stages of your entrepreneurial journey, so future Entrepreneur I’m here to help you get started on your own business.

Best Ways To Come Up With New Business Ideas

1- Keep an open mind

Don’t give up too early when thinking about what you want your business to do or who it will serve. Sometimes the most successful businesses are created out of one person’s need that no other company fulfilled.

For example, Netflix, the giant entertainment company, was started by a man tired of returning video movie rentals late and paying a $40 fine at a Blockbuster store. 

2- Look for inspiration in unexpected places

If you’re stuck, think outside the box and try looking at things from different angles.

• What problem does your industry face?
• What could be improved?
• How could you overcome that obstacle?
• What business model from a completely different field can be applied to your industry?

For example, monthly magazine subscriptions inspired the now popular subscription business model for products and services such as Chewy pet products.

3- Ask others for business ideas

It can be incredibly helpful to get input from other people. Your friends, family members, business partners, and even potential customers are excellent sources of new business ideas.

Make sure to ask people with business experience to get the most relevant business ideas.

For example, my hairdresser gave me a wonderful new product idea that went on to become one of my bestsellers!

4- Don’t be afraid to fail

If your business idea doesn’t work out, it’s not the end of the world! You can still learn a lot from trying something new and adjusting your course when needed.

Keep calm, keep moving forward, and don’t give up on making your business dreams become a reality.  One of my first entrepreneurial ventures failed miserably. However, I learned many useful lessons from that failure that fueled my next successful startup.

5- Find out why business ideas fail

Ask yourself what would make your business idea unsuccessful before you actually launch it (for example, making sure there’s a market for your business idea, thinking of ways to monetize the business, etc.).

Be ruthless, go ahead and poke holes in your dream business to be sure it can survive in the marketplace.

Understanding the reasons why businesses fail can help you succeed where others have failed.  Take time to study business failures because inside of those failures is business opportunities and viable ideas.

Use their failures to build your success. Thank them for doing live market research for you by launching and failing.

“An idea isn’t worth anything unless you do something with it.”

T. Harv Eker, author Secrets of The Millionaire Mind

6 -Be flexible and modify

Business ideas are not set in stone, so feel free to change course if something doesn’t work out. Some business ideas that you believe will succeed could turn into a disaster, and vice versa.

Try thinking of your business idea as more of an experiment than anything else–you can try again later if it doesn’t work out. Most of my best business ideas were modifications of an original idea that after due diligence and market research proved to be a mistake. Then I came up with a better idea than my original concept.

7-Find business ideas that solve problems

The best way to find business ideas that solve problems is to look around you and see what people are complaining about. Then, try to solve that problem, which you think has the highest impact on society and the most people will pay to resolve.

If you can solve the problem but nobody will buy your solution, then it is not a problem to create a business to solve. This is the same question entrepreneurs should ask when deciding on their new business ideas.

Listen to what people complain about on social media and in the news. For example, if you come across an article that says something like this: “It is such a pain when I forgot my luggage at home and I am waiting for it at the airport”, then someone is complaining about the problem of forgetting things at home. Then, you can turn that into a business idea.

8-Think outside the box

Remember, business is about making money, and business has no rules. Your business idea doesn’t have to fit into a predefined box, so break the mold and find business ideas that make you think “why didn’t I think of this before?”

Dare to do and to think that which has not been done before. 

One of my best-selling products was soaps with silk flowers embedded inside.  At the time, it has not been done before. Everybody said I was crazy.  However, the products sold out like crazy!

Outside the box, thinking is often where true inspiration is found.

9-Look at popular business models

Don’t reinvent the wheel; look at what other business owners are doing and improve what has already been successful elsewhere. Study other niches and countries to generate fresh new business ideas.

Starbucks did not serve the first cup of coffee.  Instead, they took the successful model of a coffee shop and combined it with the desire for gourmet taste, comfortable lounges, and social gatherings to create one of the most successful restaurant chains today.

10-Start keeping a business idea journal

Write down business ideas as they come to you, and then use them later when you’re looking for new launch ideas.

Shelling out a little money for notebooks can get your business idea juices flowing and save time in the future when you are ready for your next venture. 

I find that a blank notebook simply begs to be filled, and my creative thinking is stimulated. Business inspiration can strike at any time. So, carry your notebook with you everywhere to capture those million-dollar ideas!

“If opportunity doesn’t knock, build a door.”

Milton Berle

11-Read biographies of successful business owners

Business books can help you learn from both the success and failures of other entrepreneurs. Inside these books are valuable lessons about business thinking processes and how to handle challenging startup situations. This inside knowledge will aid you in your entrepreneur journey.

12- Take business classes

Business courses and workshops can be a great way to improve your business skills. You will meet like-minded business owners who can inspire and influence your business ideas.

Even if it doesn’t help you develop business ideas, taking business classes can give you access to valuable networking business connections that will pay off in the future with knowledge and support.

13 – Talk to business owners

Successful business owners know what ideas work and which business ideas don’t. So talk with shop owners about new ideas that have worked for them or business ideas that they think could be improved upon.

I found that many business owners love to discuss opportunities with beginner entrepreneurs. They may not give you the business idea you’re looking for, but their insight can reveal original business opportunities you’d never considered before.

You never know where good business idea inspiration can come from!

14- Crunch your numbers

If your business idea doesn’t make money, it won’t matter how creative you are with business marketing.  

Calculate the finances of your startup costs, material fees, and pricing. The exercise of determining these calculations will often inspire new and better business ideas.

Lists of Profitable Small Business Ideas by Interests, Skills and Hobbies

Get inspired (and steal one of my business ideas!) on these lists of the best new small business ideas categorized by industry, niche, and interests.

Here are thousands of ways to make money in your own business below. You are sure to find one that suits you perfectly!

• Low startup costs – launch with no money ideas
• Part-time and weekend side hustle ideas
• Easy ideas for beginner entrepreneurs
• Home-based small business ideas
• Online-based startup ideas
• Mobile businesses
• Reseller ideas
• Fashion business ideas
• Beauty industry startups
• Automotive business ideas
• Real estate business – vacant land and empty warehouse and rental business ideas
• Small town business ideas
• Art and entertainment and photography money-making business ideas
• Food business ideas
• Agricultural and green sustainable business ideas

Best New Small Business Ideas by City and State

Where you are located can be an important part of your business idea brainstorming. So I created these lists of business ideas perfectly suited to your location:

Top business ideas for New York City

Ways to make money in small towns and rural areas

Ideas to Start a Bakery in California, New York, Florida, Illinois, Texas

Ideas to Start a Construction Company in New York, Texas

“Ideas aren’t what makes business work; business works because of relationships.”

Jim Clifton, Chairman and CEO of Gallup Inc.

10 Best Ways to Field Test Your New Business Idea

As an aspiring entrepreneur, you want to make sure that your idea is viable before investing time and money into it. You also want to know if there are any competitors or other major obstacles in your way.

Luckily, with these tips, you will be able to field test your new business idea with ease!

• Make prototypes of products early on – a rough prototype or illustration is good to get started
• Find out what people like about competing businesses’ products – visit competitiors social media sites and interact with users to gauge their views. Pose as a consumer of course
• Set up social media profiles in advance to gauge public interest in your product or service
• Create a plan for marketing and advertising campaigns that will help you reach your target audience when the time comes to launch

Get more of my best tips on how to field test your business idea to be sure it will succeed here

How To Choose Which Business Idea To Start First

The decision to start a new business is complex, and it can be even more challenging when so many profitable business ideas are available. So how do you choose which one to start first?

Here I will help you navigate selecting your best idea for your success if you can’t decide which one to start first.

To help determine which idea is best for you, ask yourself these questions:

1. Is there a business idea that I am most passionate about?

2. Which business idea did I have the most fun with when developing it?

3. What business idea will produce the quickest income?

4. Which business is the easiest to start up and run on my own?

5. What business idea has the most appeal to paying clients?

6. Which business idea is most likely to succeed long-term?

The decision to start a new business is difficult, and it can be even more challenging when so many business ideas are available. How do you choose which one to start first?

This post will help you navigate the process of selecting your best idea for your next successful venture.

“Your business idea should be about your customers, not about you.”

Jason Fried & David Heinemeier Hansson, of 37 Signals, from their book “Rework”

How To Sell Your Business Idea To Investors And Companies

If you have an idea for a business, your next step is to find investors or companies with whom you can partner together. Here we’ll walk through the steps of selling your business idea to investors or even another company.

We’ll cover: finding the right investor/company match, pitching your idea in person and over email, negotiating with investors and companies, and finally what to do once you’ve sold your product or service.

Ready to start? How to Sell Your Business Idea to Investors or a Company: Step by Step

How to Protect Your Business Ideas – With and Without a Patent

Have you ever experienced the feeling of coming up with a great new business idea, only to have it stolen by someone else?  Yea, it happened to me. It can be frustrating and discouraging.

So let me teach you how to protect your business ideas from being stolen. We’ll go over some key points here on what constitutes a protected idea, as well as some tips for safeguarding your intellectual property.

You’d be surprised at how many people don’t realize they’re giving away their best secrets!

But remember, an idea is not a money-making business. YET. It is only the beginning.

Let’s get started building your business…

Key Points: What is Intellectual Property?

In terms of legal jargon, intellectual property refers to “protectable” aspects of an invention or creation that are not physical in nature – such as patents, copyrights, trademarks, and trade dress.

Ideas themselves cannot be patented – however, elements such as logo design, product packaging, manufacturing processes, and brand names can be protected by government trademarks, copyrights, and patents.

Do you have a great business idea?

Here are some tips to protect your ideas from being stolen.

Get the business idea patented. 

A patent is a form of intellectual property protection awarded by the government for business ideas and innovations, which gives the business owner exclusive rights to sell or license (i.e., make money from) it for up to 20 years. 

If your business idea is not protected, someone else could potentially take it and turn it into a business of their own.  For this reason, patents are one of the most effective means in business idea protection. Learn more about how to patent your business property in my article

Use “patent pending” marks on your products

Did you know that you can get the legal right to use the words patent pending on your product when you have done an initial patent search! This service is inexpensive and quick!  I used this technique for many of my cosmetic products which prevented my competitors from stealing my ideas.

Secure business ideas with “trade secrets.

A trade secret includes manufacturing processes and formulas that give a business its competitive edge over others in the same business field. Companies have a trade secret when they have valuable information that is not generally known or readily ascertainable by others, and that provides them with a business advantage over competitors who do not know or use it.   

Learn more about trade secrets in my article here

A business owner can only claim the theft of a trade secret if it was stolen – as opposed to just being learned about through business dealings, business meetings, business trips, conferences, business seminars, or business classes.

“A business opportunity is a strange phenomenon. It starts as nothing, but once it’s seized it can become an organizing principle for great enterprises.”

Seth Godin in “All Marketers Are Liars”

Protect business ideas with copyrights.

Copyright registrations are available for three categories of works: literary works; musical works; and pictorial, graphic, and sculptural works.  A copyright is a form of legal protection given to the authors or owners of original works, including literary, dramatic, musical, artistic, and particular other intellectual works.

Learn more about copyrights and how you can use them to protect your business property

Use trademark registration services.

A trademark is a word, phrase, logo or other graphic symbol used in business to identify the source of goods or services and distinguish them from competitors’ products.  Trademark registration is beneficial to business idea owners because, besides giving business idea owners the right to use the mark nationwide, registration establishes a nationwide priority of ownership.  

Getting a trademark is a fairly inexpensive, and very smart, move to protect your branding. I recommend the low-cost services at Legalzoom.

Secure business ideas with non-compete agreements.

A non-compete agreement is a contract in which one business agrees not to go into direct competition with another company, usually within an industry or geographic area. These are also known as “noncompetition agreements” or “restrictive covenants.”

What to do when you can’t come up with a business idea

You may be asking yourself, “How can I come up with a business idea?” The answer is easier than you think. Start with these tasks below, and soon you will have lots of great, viable new business ideas.

Set Business Goals

To start, you need to set business goals. Business idea brainstorming will be productive once you are clear on your mission because you can compare your ideas to your business goals to decide which is best for your new company.

What is your main goal for this business? To make money, indulge your passion, help people, heal the planet?

What are some secondary goals that come along with that business idea? Provide for your family, grow your skillset, meet new people?

Write down everything, even the things you think might not be possible. Now re-write your business goals in order of priority. These will become your business milestones to achieve.

You want to make business goals that are obtainable but not too easy. You don’t want your business goals to be so easy that you won’t learn anything by achieving them, nor do you want business goals that are too hard because they can scare people off.

Conduct Market Research

Once you have a business idea, the next step is to do some research. Of course, the more research you do, the better your business idea will be – due to your greater understanding of the marketplace, competition, and customer preferences.

You must write down notes as you go so that when it comes time to form a business, you have all of your business ideas in one place. Don’t depend on your memory.  

The most important thing to remember when you do business research is never to stop exploring your industry. Business trends are constantly changing, so it’s essential to have a business idea that can develop with your business goals.

To get business ideas flowing, I recommend thinking about what business opportunities interest you and then looking online for business ideas in your business niche.

Remember to check out my list of the best new business ideas sorted by interests and niches here.

I recommend business research on Google, Bing, and other websites like Pinterest, Reddit, or Flickr.

Also, use a cloud-based information system like Evernote to help you collect business ideas that you might want to implement down the road if they fit into your business goals. My Evernote account is like an Idea Bank filled with future profitable companies!

I also recommend looking at competitors’ marketing strategies to see how concepts are working for them. If you want to start selling clothes, looking at the apparel business online will inspire you.

Access Industry Resources

There are many resources out there to help you get started. You can do some research on your own or go online and look at the resources that people have created for entrepreneurs like yourself such as my big list of small business ideas here.

Utilize all the available business resources at your disposal to jumpstart your next big product idea such as:

• Industry Trade Shows
• Publications
• Websites On Specialty Topics
• Online Forums – Niche Business Owners
• SBA Small Business Administration
• Score Mentor Programs
• University Business Libraries
• Startup Incubators
• Government Entrepreneur Assistance programs

Once you have business idea inspiration, do your business idea research and business planning to make sure business success!

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