Five opportunities to find a business idea

When it comes to thinking of business ideas and starting your own small business, the old adage, “if at first you don’t succeed, try, try, try again” rings true.

Until you’ve tried and tested an idea, you don’t know what the response will be.

Learn how to identify a business idea that might see you becoming your own boss this year.

Pursue your passion

By building your business around your passions, you can get paid to do what you enjoy.

From garages to global reach, many small businesses started with people who were passionate about pursuing their idea.

Founder of online fashion boutique Showpo, Jane Lu, started her venture out of her garage.

Bored of her job as a business analyst, Jane decided to quit her job to open her Sydney-based clothing store.

Within three years, she moved the business online to capitalise on the flourishing digital retail industry.

The founders of Vinomofo, “the most epic wine site on the planet”,brainstormed their idea for an online wine deals site over a few glasses.

VinoMofo now boasts nearly 350,000 customers Australia-wide.

The founders of Vinomofo brainstormed their idea over a few drinks

Source: Vinomofo

Use what you’ve got

Have a spare room that could be making you some spare cash?

Melbournian Mario Cacchione earns up to $15,000 a year renting the spare room of his CBD apartment to AirBnB customers.

Founder of Australia’s biggest ridesharing site Torsten Herbst came up with an idea to capitalise on drivers and travellers heading to similar locations.

The service allows travellers, backpackers and commuters to request a ride from drivers who are heading in the same direction as them.

The site has had 20,000 registrations.

Use what you already have to capitalise on an idea opportunity

Share your unique skills

Your skills and hobbies are a great place to start when looking for business idea inspiration.

You might spend your nights making jewellery for fun – why not make money from it?

Spending your nights making jewellery for fun? Why not make money from it

Source: Etsy

Start an Etsy account and sell your jewellery online.

Perhaps you were a straight-A English major at uni - why not work a few hours each week as an English tutor?

Look to your local area

Sean O’Meara, founder of hospitality point-of-sale system ImPOS, focuses on offering his product to some of Melbourne’s top restaurants and venues.

Hospitality point-of-sale system, ImPOS

Source: LinkedIn

He understood local venues were frustrated using POS systems designed for retail, not hospitality.

His product optimises the point-of-sale process for restaurants, cafes, licensed venues and wineries.

ImPOS is used in some of Melbourne’s most notable venues including Movida, Huxtable and Belle’s Hot Chicken.

Understanding a problem for customers in a local area might help you discover opportunities to build a business that people need and want.

The important thing to remember when starting a business is to keep exploring your ideas.

In the words of Amazon Founder and CEO Jeff Bezos – “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”