How to Research Business Ideas and Identify Areas of Opportunity with Google Trends
Coming up with new business ideas is a crucial step for entrepreneurs who want to launch a successful startup. It requires a combination of creativity, market research, and a deep understanding of customer needs. Here are some of the best ways to find new business ideas.
Identify a Problem to Solve
One of the most effective ways to come up with a new business idea is to identify a problem that needs solving. Start by asking yourself questions about the problems you face in your daily life, and consider how you might be able to address them. Think about the problems your friends and family members face, and talk to them about potential solutions. Look for common themes and pain points, and use them as a basis for developing a new business idea.
Research Industry Trends
Stay up-to-date with industry trends and emerging technologies, and think about how you might be able to apply them in your business. Follow blogs, podcasts, and social media accounts related to your industry to stay informed about the latest developments. Using Google Trends and Google’s “Keyword Planner” within their Ads platform is a great place to start because you can see what keywords people are actually searching for that relate to your desired industry.
Seasonality
Using Google Trends to look at search seasonality is a great way to add a layer of understanding to your “10k foot view” of opportunities. It’s also a great way to look at what other trends are happening in your industry. For example, if you are a photographer who provides weddings photography services, you may want to look at “Wedding Dresses” that spikes every January (right after engagement season) as seen below, as it may help you gage when to start marketing your services.
Look for Market Gaps
Another way to find new business ideas is to look for gaps in the market. Look at existing products and services, and consider how you might improve upon them or offer something entirely new. Think about what products or services are missing from the market, and how you might be able to fill that gap.
Follow Your Passion
One effective way to come up with a business idea is to identify your passion or a hobby that you enjoy. Think about how you might be able to turn that passion into a business. Consider the skills and expertise you already have, and think about how you can leverage them in your business. If you’re passionate about something, you’re more likely to stick with it and see it through to success.
Conduct Market Research
Conducting market research is an essential step in developing a new business idea. Use surveys, focus groups, and online research to understand the needs and preferences of your target market. Analyze your competition to identify gaps in the market, and consider how you might differentiate yourself from existing businesses.
Consider Franchise Opportunities
Franchise opportunities can be an excellent way to start a new business, as they come with built-in brand recognition and a proven business model. Look for franchise opportunities that align with your interests and passions, and consider the initial investment, ongoing fees, and other requirements before making a decision.
Join Networking Groups
Joining networking groups can be an excellent way to meet like-minded individuals and potential business partners. Attend conferences, trade shows, and other industry events to learn about new trends and opportunities. Join online forums and social media groups related to your industry to connect with other entrepreneurs and gain valuable insights.
Brainstorm with Others
Collaborating with others can be a great way to generate new business ideas. Gather a group of friends or colleagues and brainstorm potential business ideas. Encourage everyone to share their ideas, no matter how wild or unconventional they may seem. Use the group’s collective creativity and expertise to refine the ideas and develop a plan for moving forward.
Keep an Idea Journal
Keeping an idea journal can be a helpful way to capture your thoughts and ideas as they come to you. Use a notebook or an app to record your ideas, along with any research or insights that support them. Review your journal regularly to see if any of the ideas spark your interest and have potential as a new business opportunity.
Speak to your Elders
Consulting, brainstorming, or just speaking with your elders or seasoned sphere of influence can be a great way to gain more insight into what’s worked in the past, which can help guide you in future decision making. Understanding what innovations have made a difference historically may help you make a bigger impact today.
In conclusion, there are many ways to find new business ideas, and the best approach will depend on your interests, skills, and industry. However, by identifying a problem to solve, looking for market gaps, following your passion, researching industry trends, conducting market research, considering franchise opportunities, joining networking groups, brainstorming with others, and keeping an idea journal, you can increase the possibility of success.
