How to Get Business Ideas as a Solopreneur (With Examples)Jul 26, 2022
Are you a solopreneur looking for a business idea? Then you’ve come to the right place.
When starting out, picking a business idea can be overwhelming. The good news is that it doesn’t have to be this way.
In this article, we’re going to show you exactly how to:
- Come up with your business idea
- Test your idea quickly
Coming up with your idea
If you have an idea, chances are that business has been done before. THIS IS A GOOD THING.
The market is proven if someone else has the same idea as you. When I started my digital agency, there was plenty of competition and existing agencies. The existing market meant customers were used to purchasing already; we just had to win them over.
There are plenty of business ideas, but I suggest starting by looking at your current skills. For example, are you doing something at your 9-5 you could do outside of business hours? Or do you have a skill you’ve learned in your spare time and want to monetize it?
Here are some ideas to get you started as a solopreneur:
- Host an Airbnb experience
- Personal training/Yoga
- Freelance writing/design
- Sewing/alteration specialist
And the list goes on.
The key when it comes to picking your idea is asking yourself these four questions:
- Do people need the service?
- Are they equipped to buy?
- Can I do the service or learn how to do it?
- Do I have enough time + money to get this started?
Do people need the service?
This is very simple, but do people need or want the service you’re offering? For instance, I wouldn’t start a hot dog stand outside of a restaurant. You want to ensure at least medium demand for your service. This could be as simple as selling lawncare services in new subdivision.
Are people equipped to buy?
Building off point one, needing your service is excellent, but the customer must be equipped to purchase. For example, when I started my agency, I tried to sell social media services to restaurants in my area. But, I ran into the issue that restaurants had almost zero budget for marketing as they operated on razor thin margins.
Can you do the service?
We recommend starting a business with a service you can do with little-to-no friction. That means taking an existing skill and repurposing it for your business. Now, if you see a hole in the market and want to learn something like graphic design, you have to be willing to (i) put the time into learning that craft and (ii) working under the market rate while you build up the experience.
Do you have the time and money to get started?
Most professional service businesses are inexpensive to start, and require only your time/knowledge. On the other hand if you’re going to create a business such as custom woodworking, you’ll need to factor in the cost of raw materials, equipment, etc. So before you go and spend a couple of thousand dollars to get set up, make sure you have adequate time in your week to build your solo business.
Now, after asking these questions to yourself you should be on a better path toward becoming a solopreneur.
Testing Your Idea (Quickly)
One of the principles we live by at HyClass is progress > perfection. This means that getting started and learning is more important than having all your perceived ducks in a row.
Once you’ve landed on a business idea, you’re going to reach out to people in your network to see if you can land any pre-orders. This means you’ll be making on day one of your business when you launch.