5 ways to come up with a business idea

All great businesses start with a brilliant business idea.

Whether you’re new to the business realm or an experienced professional, every budding entrepreneur needs a good business idea before they get started. From dog walking businesses to food truck businesses, the world has plenty of space for whatever your niche may be.

So if you’ve spotted a gap in the market and want to give starting your own business a go, this article can help you channel that enthusiasm into some solid business ideas, with some insight from Jo Malone CBE.

What makes a good business idea?

A good business idea can be an innovative solution to an everyday problem, or it could be an exciting twist on a product or service that already exists.

A good business idea can be an innovative solution to an everyday problem, or it could be an exciting twist on a product or service that already exists. “What does innovation mean to me?” says Jo Malone CBE in her BBC Maestro course. “It means creating products that are going to change the world.”

To be successful, your idea needs to be commercially viable, adaptable for the future and able to generate profit. Your business must be something people want to use or buy, and ultimately must help make you money.

You have every chance of being successful if you start to think like an entrepreneur.

Jo Malone CBE

5 ways to come up with a business idea

If you’re brainstorming small business ideas or cooking up bigger plans, here are 5 tips to help kick-start the process…

1. Search for solutions

Solving a problem is one of the best ways to create a business idea, and in today’s world, there are plenty of problems waiting to be solved. Thinking about the parts of everyday life that can frustrate you is a great way to easily concoct innovative ideas.

Take James Dyson, inventor of the Dyson vacuum cleaner, as an example. James found it frustrating how quickly his vacuum cleaners would get clogged up and deteriorate in performance. In an effort to find a solution, James created the world’s first prototype of a cyclone vacuum cleaner made from cardboard and sticking tape.

If a problem keeps irritating you, assess why it irritates you and imagine a better solution. It can be something mundane, like an item in your house that is of no use to you anymore. Take note as new ideas spark and keep a record of them to come back to…

“I go and I sit, always near water,” says Jo Malone CBE. “I take my notebook, I take my pens. Every thought, what I’m seeing, all my senses, I start to hone them down into an idea. That inspiration isn’t always about creating a product to sell, it’s sometimes the journey of the product. The product or service, whatever it is you’re doing, starts to whisper in your ear. I can hear the voice, and I start to follow that voice.”

2. Take inspiration from other places 

“Inspiration and innovation sit very closely together,” says Jo Malone CBE in her online business course, Think Like an Entrepreneur. “Every single day of my life, my dream and my purpose is to be inspired.”

Expanding your view brings new perspectives and ideas.

Look at how people live their lives in countries beyond your own. What is different in their day-to-day? Is it better? Could you create an equivalent where you are? An international business perhaps.

Most moments of creativity come about when we’re aware of our surroundings.

Jo Malone CBE

Your idea doesn’t have to be new. It could simply have a different twist on someone’s original idea. Taking inspiration from different cultures and lifestyles can broaden our horizons.

3. Research trends 

Explore what the latest consumer trends are. Maybe you’re thinking of starting an Amazon business or selling on TikTok Shop? What kind of products and services are doing well? What demand are they meeting?

Reading articles, doing market research, and finding expert opinions will help you understand the current climate and develop your business acumen.

Innovation will give you longevity, it will give purpose, it will give you a new voice.

Jo Malone CBE

4. The ‘me’ toolkit

Look at your own experiences. What skills do you already have and how could they take you further? Perhaps you’re an excellent public speaker and you could turn that into a public speaking training course. Or maybe you’ve managed large teams and led them to success, so your leadership skills are your most valuable asset.

You’re more likely to create a successful idea if it works with the skills you already have. Think about the value you could bring, and what your existing skillset could offer different sectors and markets.

On building her second global fragrance company, Jo Malone CBE is proof that harnessing your experience and your strengths can pave the way forward for innovation and success. “I wanted to change the way everybody saw fragrance again,” she says.

5. Experience variety 

Having a serendipitous approach to life is a great way to welcome new ideas. Getting out of our comfort zone and taking up opportunities to experience new things shakes up the everyday, making space for creativity and inspiration to strike. It’s an approach taken by many successful entrepreneurs and has brought some of today’s most exciting businesses to fruition.

Take, for example, shoemaker Joseph William Foster who attended a football game in 1923 and found inspiration for a business idea when he noticed the players slipping around in the mud. The young entrepreneur created the first ever spiked running shoes and founded a company that would become more widely known in later years as Reebok.

Get your own creative juice flowing by attending events, finding a business mentor, taking up new hobbies, reading books outside of your usual preferred genres and signing up for interesting online courses.

Ready to take the next step? Learn how to unlock your entrepreneurial mindset and build a business that feels authentic to you, with Jo Malone CBE’s upcoming course, Think Like an Entrepreneur.