Finding a business idea is something you can approach systematically by relying on time-tested approaches that have worked for other entrepreneurs. No matter whether you're looking to start a low-investment business on the side or you'd prefer to go all in on your idea, the best way to find a product to sell includes strategies like: Mining your personal interests. What do you like to do in your spare time? Are there products you can sell that relate to your hobbies or that would solve a common frustration you have? Research existing products. Peruse product reviews to see if there are common complaints about popular products and if you can identify gaps in the market. Capitalize on trends. If you notice a particular product seems to be popping up everywhere, or you have a great idea to help make the most of a popular item, you might be on to great online business ideas. Remember, all you need is one idea to get started. Many successful businesses launched with a signature product and expanded into complementary goods from there.
Conduct market research Validating your business might sound difficult, but it’s really just a matter of testing whether customers are willing to pay for your product before you sink too much time and money into it. It's important to validate your idea no matter what type of business you’re starting.An excerpt from our free Shopify Compass course, Turn Your Hobby Into a Business. Take PopSockets, a now-ubiquitous way to confidently hold a smartphone in one hand. Initially, David Barnett designed PopSockets as a way to manage headphone cords. It wasn’t until he saw students in his class using their PopSockets to get a better grip on their phone that he realized the unplanned value his customers saw in the product. That insight helped PopSockets sell more than 35 million units.
Find a business name Work on finding a name for your business that makes it clear what you do, that’s short and memorable, and that isn’t already in use in your industry. This isn’t an easy task, but it’s one that’s achievable with a bit of effort and imagination Short and simple. You want customers to be able to quickly remember your name, and the best way to do that is to avoid a name that’s too long. One or two words is ideal, although three to four short words can also work if they create a memorable phrase. Different. If your market research shows that everyone in your industry seems to have similar names or relies on similar elements, it can be helpful to avoid them in order to come up with a name that really stands out. Original. Beyond just avoiding similar names, you’ll need to make sure your business name isn’t in use by a competitor already. To do that, run a free trademark search in the countries you’ll be doing business in, and make sure to check Google and social media sites, too. (The same goes for URLs, so do a domain name search before you register anything.) Even if someone hasn’t registered a trademark, in many jurisdictions they can legally challenge your use of a name they’ve been using to do business in the same industry. If you’re unsure, it’s best to consult independent legal counsel for advice specific to your situation.