FINDING A BUSINESS IDEA

So, where do I get ideas?

There is no magic formula for coming up with great ideas, but there are several ways to recognise when opportunity knocks:

• Think in new ways. Instead of dwelling on "What is", imagine "What could be"
• Associate things that don't have an obvious link (like hiking and global satellite positioning systems)
• Recognise patterns as they are forming (e.g. the world wide web is changing rapidly - what patterns, needs or wants might emerge from this?)
• Find new uses for old things.
• Analyse why something isn't working.
• Find solutions for consumer problems.
• Identify smaller or "niche" markets within larger markets (micro breweries, for example)
• Recognise changes in consumer tastes as they evolve (such as the current preference for mountain bikes)
• Analyse the failure of others to see if they made mistakes that might mean success is still possible
• Apply new technology in new ways (someone thought of putting cellular phones and faxes on aeroplanes).

Brainstorming

These suggestions may be difficult to apply without help from others, so try brainstorming with family or friends. Get together with other people and come up with as many ideas as possible without worrying (for now) about whether the ideas are good or bad. Let your ideas build on, or combine with, the ideas of others. At this point, don't judge an idea as dumb; think of all ideas as diamonds in the rough.

Some trends to consider

When trying to figure out which ideas to run with, make note of industries with growing markets or those that can support another competitor. Just to get you started, here are some sectors to watch:

• Information Technology: We are in the Information Age and this sector has the growth pattern to confirm it. This includes computer services, data processing, software design, and user training.
• Tourism: Adventure and eco-tourism are especially important. People are looking for safe, well organised adventures such as cave exploring, biking and kayaking.
• Environmental Industries: As the state of our environment becomes an even greater concern, ideas which help to reduce, reuse or recycle wastes are increasingly marketable.
• Crafts: Locally made arts and crafts are important opportunities, especially in rural areas where home-based businesses are critical for employment.
• Greying Population: Baby Boomers, which represent one of the most significant consumer markets, are now reaching their 50s and have changing needs and buying habits. Many have money to spend on services that they prefer not to do, or don't have time to do themselves.
• Health Concerns: People are more aware of what they eat and how they exercise. There are new markets for exercise equipment, gyms, health foods and alternative healing methods.
• Home-based Businesses: More people now work at home and have different consumer needs.
• Small Indulgences: Many people work hard and under stressful situations. When they have time to relax, they value quality rewards or indulgences such as speciality coffees, fine cigars, or even therapeutic massages and facials.
• Quality Service: Many people are willing to pay to be treated as individuals, and prefer personalised or customised products.