If you have ever thought, ‘I want to start a business but have no ideas’, this article is just for you. Be reassured that if this thought has crossed your mind, you are not alone; far from it. Many people want to start a business but struggle to generate that initial spark of an idea. In this article, we will explain why it is OK to start a business with no clear idea and how to uncover viable business ideas by looking at your personal strengths and weaknesses coupled with identifying market trends and opportunities. If you read nothing else in this guide, our key message here is to solve a problem; by solving a problem, you will have the greatest chance of creating a sustainable and profitable business.
I want to start a business but have no clear ideas
Believe it or not, not everyone starts a business with a fully formed idea; indeed, this is perfectly normal and even beneficial. This notion goes counter to the idea that you need to have everything lined up before making a start. The fact that you do not have a clear idea from the outside potentially means that you have the flexibility to explore ideas that you have not considered before.
Many successful entrepreneurs start simply by exploring interests, observing the market, and identifying gaps in products or services they personally value. Some will put their toe in the water by selling a single product or service and then allow the market to dictate where they should go next.
Identify your strengths and interests
When you want to start a business but have no ideas, it can help to begin by identifying your skills and interests. Think about your past experiences, hobbies, where you feel most ‘at home’ and areas where you naturally do well. Indeed, in the modern world, it is easier than ever to turn something that you may never have thought could be a business into a highly successful venture.
When assessing your strengths and interests, try not to get bogged down by what you think may lead to a viable business; that comes later. Think about those subtle traits you often disregard. Are you adept at helping others feel good about themselves, detail-oriented, kind, organised, a listener, funny, or good at distilling information? The key is to look at who you really are and what you feel drawn to and then explore ways to transform these into business opportunities.
Explore trends and opportunities
Many of the most successful people in history tapped into the latest trends and emerging opportunities. Examples in the UK include BrewDog, who, in 2007, tapped into the craft beer trend, expanding from a small Scottish brewery to an international brand with bars worldwide. Another example in the UK is Monzo, which took advantage of the growing opportunities in digital banking.
As of 2024, there is a wide range of potential trends you can exploit, such as eco-friendly products, wellness services, online education, and AI. If you want to start a small local business, perhaps you could look at what is in demand in your immediate area. Are people looking for a great coffee shop, artisan bakery, or for services such as life coaching or dog training? Keeping abreast of the trends globally, nationally, and locally can enable you to build a business around what consumers really want in 2024, 2025 or beyond.
Solve everyday problems
One of the biggest pieces of advice followed by successful entrepreneurs is to identify and fix a problem that exists in the real world. If you aren’t sure where to start, think about the pain points in your own life or of those around you and what you could do to offer a solution.
Good examples of this approach in the UK include Deliveroo, which identified that people were frustrated with the lack of food delivery options available to them. Another is What3Words, which overcame the problem of people getting lost or struggling to find locations by creating a system that divides the world into 3m x 3m squares using a unique three-word address.
Low-investment business ideas for beginners
For many who are starting out in business, the lack of available budget can be a barrier to entry. Thankfully, there are many low-investment business ideas that require minimal upfront funds, making them accessible to new entrepreneurs. Some examples of low-investment businesses include freelance content creation, drop-shipping, and creating digital products. Selling products online without managing inventory.
| Business Type | What is it? | Key Benefit |
| Freelance content creation | Marketing content, including copywriting, SEO writing, blogging, and social media content creation | Flexible, minimal setup cost |
| Drop-Shipping | Involves selling products online, but items are shipped directly by the factory or supplier, removing the need to hold stock. | No inventory management is needed |
| Digital Products | Creating and selling digital items, like e-books or online courses, which require minimal upkeep. | Scalable with low overhead costs |
Another benefit of these types of low-investment businesses is that owners can run them from home, removing the need to pay for costly business leases.
Learn from existing businesses
If you are still thinking, ‘I want to start a business but have no ideas’, consider looking at existing businesses in your area of interest. Some people are reluctant to take this approach because they believe that competition may prevent them from being successful. In reality, if you can provide the same service or product but in a superior way, you can create a thriving business.
For example, it might be that you want to run a cake-making business, but there are several competitors in your area. You can rise above the competition (pun intended) by creating a great website, making it easy for clients to purchase and pay for your cakes. Likewise, if you are interested in health and wellness, research other wellness brands to see how they engage their customers and identify gaps or underserved markets.
Consider online and home-based business models
In the age of the internet, it is easier than ever to set up and run a successful venture in the UK. Online and home-based business models are increasingly popular due to their flexibility and low overhead. The benefit of such business models is that they offer a huge range of possibilities without the need for a physical footprint or storefront.
Examples of online and home-based businesses include:
- Drop shipping – allows you to sell products online from anywhere while removing the need to hold any stock
- Virtual assistant work or event planner
- Online tutoring
- Gift making, and
- Doggy daycare
These types of models reduce initial costs, making them perfect for first-time entrepreneurs exploring business ideas.
Start small and test ideas
If you are concerned about the viability of your business idea, consider testing it on a small scale before fully committing to it long-term. Testing the market will help you gauge customer interest and gather feedback without a large financial or time commitment. There are many ways to test your ideas. You could open a local market stall and approach existing businesses to see if they want to try your products or use online marketplaces, such as Etsy or eBay.
One of the benefits of the start small and test approach is that you can refine your offering. Starting small allows you to make adjustments based on real-world feedback, which increases your chances of long-term success. Testing ideas gives you valuable insights into the business before investing more time or resources.
Embrace learning and skill development
Many businesspeople upskill themselves before starting a business venture. The founder of Dyson, James Dyson, taught himself engineering principles, material science, fluid dynamics and aerodynamics so he could design and prototype his products. This shows that if you are open to learning new skills, this can lead directly to business opportunities. The more skills you acquire, the more business ideas you’ll be able to pursue.
You may not need to go to university to learn the skills you need. Many online providers, like Udemy and Virtual College, offer affordable courses across all domains and areas of interest. For example, learning digital marketing can open up opportunities in consulting or online sales. Embracing new skills not only expands your knowledge but also gives you confidence in exploring business ideas you might not have considered before.
Seek inspiration from side hustles
Have you considered starting a ‘side hustle’ while you are studying or working? Many successful businesses begin as small side projects but later evolve into fully-fledged enterprises. There are many side hustles you could try, including investing, affiliate marketing, car valeting, buying and selling on eBay, and creating social media content. The sky really is the limit.
By starting off your business journey with a side hustle, you can gain experience, build skills, and potentially discover an idea worth developing into a full-scale business. You may even choose to try a couple of side hustles to see which is the most successful.
Final words
The journey from thinking, “I want to start a business, but have no ideas”, to finding a workable concept may seem daunting, but by looking at your strengths, observing market trends, and considering low-investment options, you can quickly uncover promising ideas you had not previously considered. Take time to research, experiment, and allow yourself to learn from each experience. Starting a business may not require a single “big idea” but rather a series of actions toward finding what works best for you. Once you are ready to start your new business venture, we can help you with the process of forming a company in the UK. At Uniwide Formations, we offer a range of company formation packages to ensure that your new business starts off on the best footing. We wish you all the best with your future business venture!
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