How to think of an idea for your business
Sometimes the curse of the entrepreneur is the fact that they have too many ideas. Constantly.
Hands up the people who have A4 paper filled with scribbles all over their house?
So maybe the title of this blog should have been something more like 'How to think of an idea for your business that you can actually do, in the real world', but I'm learning how SEO works and I don't think people are searching for that.
As you saw in my previous blog (see here), I also suffered from over-idea-itis. A common disorder of the future founder. So I thought I'd share my thoughts (not that anyone asked) on how to figure out an idea that you can actually do.
Make it simple. Put the idea of a unique AI app to one side, just for now. Rather than aiming for business number one to be the unicorn, maybe set the expectations slightly lower and look for a business that you can start quickly, with no or minimal capital, and grow quickly to something that can fund the 'big one'. What I noticed with my business was that once we got to a sustainable size, with a team of great people and money in the bank, it was much easier to come up with crazy ideas and action them quickly. Because you have something paying the bills, and lots of people to help you. So if you're dreaming of the next billion dollar idea, maybe consider creating a slightly less exciting business first that gives you the platform to go for it.
It's so frustrating when you just can't decide on an idea for a business. My advice, go as simple as possible so you can get started quickly.
The easiest type of business to start, in my opinion, is a service business. And a one where you can be the product. That way all you need to do is actually start. You don't need to hire, or build anything first. You don't need to raise money as you only have your own costs and you can just make sure that you don't quit your job/income until you have the first client lined up.
So just think about what you're doing in your current job. Clearly your current employer is able to pay you a full time salary, but is there a possibility that smaller businesses could benefit from your experience but maybe not afford the full time wage? Then that becomes your business. You can be a fractional bookkeeper, cleaner, AI developer or lawyer. You have the knowledge, most likely some kind of network and some wins from your current job that can be renamed 'case studies'.
And don't worry, just because that's what your business does on day one, doesn't mean that's all it will ever do. Just remember, Amazon started as a book shop.