One of the best ways to come up with a business idea is to conduct a market research on your niche. You can also perform a preliminary study to identify potential competitors. Once you’ve found the target market, you should then refine your ideas. After all, the idea is only half of the success – you also have to test it. So, how can you find out if your idea will work?
Another way to come up with good business ideas is to read the news and pay attention to industry news. The news will highlight new trends and fads that you can use in your business. As for Canada, for instance, when same-sex marriages became legal, entrepreneurs started selling tourist travel packages that include a marriage ceremony. That idea has since become Canada’s biggest public company. That’s not to say that all Canadian entrepreneurs should be glued to the news.
Research the industries that interest you. Some ideas include software or landscaping. However, it’s best to prioritize those ideas that are in your area of expertise. For instance, a trained mechanic is likely to have better success opening a flower shop than a garage or a florist. Those ideas are often the most innovative and profitable. If you are already a mechanic, try opening a flower shop to sell flowers.