Are you looking for an idea for your startup?
The modern society is linked to many vices, but it presents unlimited opportunities for starting and running a successful business like never before. With internet access and increased use of mobile devices, the potential is further scaled up to another level.
With almost every physical store running an online business, the competition has never been tougher. Business growth in the modern world is widespread and occurs across every sector.
Retail business, according to the National Retail Federation (NRF), will grow at a rate of 4.2%, an increase from the previous 3.7% growth rate. However, NRF forecasts that non-store sales will grow at a rate that’s thrice or four times faster.
On the other hand, sales from physical stores will grow at a rate of 2.8% only despite registering the highest figures in consumer spending. The increasing business growth has been attributed to the growth of the smartphone market.
It illuminates the potential in modern online businesses. With the internet yet to be fully adopted despite the convenience of delivering products instantly using drones and the advent of 3D printing, businesses will eventually be run online entirely.
The innovations also include augmented virtual reality for the improved buying experience
What’s trending? What are you into? Whether you’re into dressmaking, merchandise designing or whatever niche, taking advantage of a trending idea is helpful in starting a viable business.
Brainstorm on what’s trending or what is expected to trend in the future to come up with a great idea for a startup.
Here’s a list of the best ways to find unique, trending business startup ideas for your home.
Find trending topics on social media websites such as YouTube and Twitter for startup ideas. Use them to develop or resell related products and/or services and build a successful business.
According to Business Idea Insight, you can discover trending startup ideas on different websites such as Trend Hunter, SpringWise, and Cool Hunting, among others. The websites offer ideas in different niches across varied industries.
Develop the habit of reading to identify trends in different industries. Choose an industry and take a few months doing research in the sector and reading through your findings. Repeat the process until you identify or forecast a trend in the industry for a business idea.
Pick trends likely to be viable even in the next decade. For instance, trends in transportation and artificial intelligence are likely to peak in the coming years. Avoid trends likely to flourish for just a few years only.
If you’ve already identified an industry where you’d want to start your business, but still don’t know what to venture in, consider working in the field. Find a job in a big company in the industry to gain hands-on experience and learn how things work in the sector.
Consider working under different departments in the industry to learn the business inside out. While working in the field, you’re bound to discover a problem, trend, or something worthy of a business idea.
What do you anticipate the future to be like? Think of it to creatively create it. For instance, you may have noticed that many sci-fi movies ultimately become real.
Why is that so?
Sci-fi movies are usually based on ideas that can easily change the world in the future, making it better than it is today. A good example is “The Terminator” that was released in 1984.
Although home computers had not been invented, the computers in use then were nothing like what we have today. Even so, the movie featured an intelligent robot, something that seemed out of the ordinary.
Today, Boston Labs is working on developing intelligent robots. Similarly, Facebook and Google are working on developing machine learning and computer vision systems. With the systems, creating intelligent robots will become a reality.
Think of how the world will be in the next decade and come up with ideas based on an existing trend with the potential to grow in the future. Do research to find out what is lacking in the present, but maybe available in the future.
Work on the idea and capitalize on it. For inspiration, watch sci-fi movies to get your ideas flowing.
Visit top business locations to identify trends in the industry. For instance, go to New York to explore fashion stores and identify current trends and ideas for your startup. Silicon Valley is a good place to study the IT industry for trends while Hollywood is where you’d find good ideas for a movie-related business.
Alternatively, attend industry-specific workshops to build your network and talk to entrepreneurs in different industries. Learn about their businesses and find inspiration for a business idea. Reach out to entrepreneurs on social media platforms such as LinkedIn and Facebook and talk to them.
Look out for problems around you. It could be in how you get things done or the items or tools you use. After identifying a problem, find a viable solution with less focus on funding or revenue. What’s important is finding a solution to an identified problem that works.
Think of ideas with the possibility of making a great impact. Improve the solution to refine it for increased chances of getting investors in the future. Be creative when coming up with solutions.
A good example of a business that was started to solve a problem is Whatsapp. The founders wanted to make it easy and cheaper to make international calls. And, the best way to do that was through the internet. About five years after its inception, Facebook acquired Whatsapp for $19 billion.
Look in market gaps for business startup ideas. According to experts, it’s where competitors have lost touch and become lazy.
Observe gaps in different markets. Every product on the market has a gap you can fill in with a new business idea in terms of a service or product solution.
Observe market gaps carefully to identify a looming business idea.
Assess your skills and determine the kind of problems you can easily solve with your knowledge. Find problems that impede progress in the modern world and determine the skills you possess that can help provide solutions.
Talk to customers and ask their pain points with regards to the products they use. If no solution exists on the market, find viable solutions to customer problems. That’s also a great way to find a trending idea for a business startup.
Alternatively, you can come up with a low-cost version of an existing solution to storm a specific industry with a successful business. A good example is Uber in the transport industry; it’s a low-cost solution to the traditional taxis.
When planning to start a company, come up with viable ideas bound to give you a successful business to run. Hopefully, these tips will help you find a trending idea for a business startup that will benefit you in terms of high revenue generation.
Choose ideas that are also bound to provide essential solutions to the world today and in the future.
Do you have a different point or thought to add to our article? Comment in the box below and let us know your thoughts.