So you want to start a business? If only you could get the right idea, find the right opportunity or discover something you felt passionate about, then you’d definitely give it a try.

How many of us say these things to ourselves, and yet a few years later we’re still doing the same thing, still dreaming the same dreams. When all that’s required is the application of a few tools. Many of which are used by the worlds top innovators, Entrepreneurs and Inventors. And Once you’ve learned these simple techniques, you’ll find yourself creating more feasible business ideas that you ever dreamed of.

Before we start I’d like to give you one word of advice: Don’t wait for the eureka moment, as generating ideas is like anything in life: You get out of it what you put in, and the old saying, “Creativity is 99% perspiration and 1% inspiration,” is very true.

Business ideas are everywhere, they’re in your garage, kitchen, garden, bedroom, the supermarket, newspapers – everywhere, so lets stop the waffle and get started on how to recognise them….

1)         Probably the most sensible place to start is with a self-evaluation, which is critical in determining which field or type of business you want to set up in.

a)         List 10 things you’re good at.

b)         10 things you’re not good at.

c)         Things that really annoy you.

d)         Things that would make your life much better.

e)         What do you enjoy doing most.

f)         Your strengths and Weaknesses (Be Honest.)

g)         What do others compliment you on.

h)         What do you like to do on your day off

i)          What Businesses have you seen that really caught your eye.

It’s not essential that you do all of these, but I would advise you do so, as starting a business isn’t a light undertaking and it’s important to find out what motivates you.

Now look for a pattern amongst the answers – is there one thing or a list of things that jump out.  A product, a service, anything? If not, don’t worry – you will at the very least have learnt  more about yourself and what motivates you.

A  lot of books and magazines have immortalised the quote,  “Find something you love and the money will follow.” Which is a nice thought, but pretty far from reality.

You certainly should try and pick something you enjoy, and hopefully feel passionate about. As when the initial start up euphoria has waned, you don’t want to be stuck doing something you dislike.

But the most important thing is to pick a market of paying customers. If you love horses and dislike cooking, but there’s no market for horses in your area, it doesn’t matter how much love, passion and commitment you have. Your business will fail! You’d be better off starting cooking classes.

2)         Unusual combinations can produce great ideas, try associating things that don’t have an obvious link: Fishing and computing, Golf and Vitamins, clothes and radio’s – weird and wacky is what you’re after at first. You may just come up with something unique and workable.

Remember: Most new ideas are combinations of old ideas. I was once very tempted to start a Gourmet Fish and Chip business in London.

3)         Find New uses for old things. How could something be improved, what annoys you about it, would it be better in a different colour, different shape, if something was added, taken away – etc.

4)         Recognising Trends or forecasting future trends, has been the cause of some great Entrepreneurial success stories. Read as much as you can on this subject.

5)         Look at businesses which are succeeding elsewhere – what are they doing that makes them a success – is there a market for their type of business in your area? Would it need to be adapted. (No point in re-inventing the wheel if you don’t have to.)

6)         World famous Futurists like Patrick Dixon, not only follow trends, but think in terms of What if – you try it. We all know what is – but what if your computer could talk, what if your clothes could clean themselves, your shoes never got dirty, bathroom mirror never fogged Etc…

7)         Think of an Industry or service or something you hate. How about something you can’t do, don’t want to do, don’t have the time to do. You’d pay for someone to do those things! Wouldn’t you?

I’m not suggesting you set up a business in this area, but start looking around and listening, what are people complaining about, what is it they dislike that you can do.

         Travel is a great way to spot opportunities, how do they do things differently over there, do they have products you could use back home, could they use what you have at home. (This is how Red Bull was started.)

9)         Look at the people within your age group – if you’re under 30 you know what the general gripes of your age groups are, listen to what your friends have to say, and see if you can come up with solutions.

10)       Look to your local area, find out what’s missing:  Are there very few childcare facilities? Do you have to travel to get a decent meal? Can you never get a cab at night? Is there nowhere to get nice flowers? Is the gym near you always busy with a long waiting list?

11)       Buy books on different business ideas – The majority won’t suit you, and that’s fair enough – you’re using them to generate your OWN ideas. Not copy other peoples, unless you are buying a Franchise from a proven company like McDonalds. Study the Success stories of Entrepreneurs who have been there and done it. Quite often their tales will fire up your own imagination, and it’s always interesting to find out what gave them the idea and motivation to start-up.

12)       Now stop thinking, take a shower, go for a walk, do the washing up. But rest your mind. We fill our heads with so much nonsense, it’s no wonder we get stuck for ideas! As a rested mind is much more flexible than one in a constant state of tension.

Well that’s it for this article. It might seem we have covered a lot, but this is really just a brief overview of only a small fraction of the ways you can generate viable business ideas.

Still it should be enough to get you started.

  One important thing to note is that when you do start getting ideas write them down. Don’t judge them yet on their merit, even the utterly ridiculous should go down. Build the idea generating habit, as the more you practice something the better you become at it.

Another important point to remember is to not become committed to the first good idea that springs into your mind. Take time to evaluate it, check to see it’s feasible, and ask yourself if you have the skills and experience to actually make a success of it.

The sensible thing is to create many ideas – the good will more often than not lead to the great, and these in turn will hopefully lead to the right one.