Create a business idea – with 5 examples

A company’s business idea is a brief description that includes what a company will sell, how it will sell it, and who it will sell to. In this article, we will tell you how to create your business idea and provide inspiring examples to help you create a good foundation for your company. 

What is a business idea? 

A business idea is a brief description of what a company will do and why. It describes what the company will sell, who the customer is, and how the product or service will be sold. A good business idea also illustrates what makes the company unique and why it will be successful. 

A good business idea can serve as an anchor for your business. It can remind you why you do what you do and can be used to quickly pitch your business to others. A good business idea is short but rarely easy to write. It can be difficult to find a unique idea and even more challenging to formulate a cohesive text about it. 

To make it easier for you to write your business idea, we have created a guide with 9 simple steps. If you go through all 9 steps, we promise that you will be ready to write your business idea! 

Create your business idea 

Let’s get started developing your business idea. We’ll start with a few basic questions, then expand towards broader aspects you should consider.  

1. What will you sell?

Think about what you want to sell. Is it a product or a service? If you don’t know what you want to sell, you can think about what you like to do and what you are good at. If you manage to combine an idea that you are good at with one that you enjoy, you will have a much greater chance of success. 

You can sell something you manufacture yourself, something you buy from a distributor, or a service you provide. Make sure you don’t limit your creativity. Don’t think too far ahead and don’t dismiss ideas that you think are too difficult to implement. In the other steps, we will go through more practical aspects of your business idea. If you realize that an idea is not feasible, you can always start over with a new one. 

2. Who is your customer?

Now that you know what you’re going to sell, it’s important to understand who you’re going to sell to. Are you going to sell to companies, schools, government agencies, associations, or individuals? If you are going to sell to companies: do you have a particular company in mind? Your product may only suit businesses in a certain industry or of a certain size. Try to create as detailed a description of your potential customers as possible. 

If your customers are consumers, you can try to describe them as a group. Are they new parents, football enthusiasts, or singers? Your target group may be individuals with a particular interest, individuals of a certain age, or individuals living in a certain place. 

3. How will you make money?

If you are going to run a successful business, you need a clear picture of how you will make money. At this stage, you don’t need to think about how much your products or services will cost, just who will pay and how. If you’re going to start an online store, the answer might be simple: you make money by selling your products in an online store. In other cases, your customers may not necessarily be the same people that you work for. For example, if you want to start a website, where you review movies, you might make money from advertisers, but you work for your readers’ sake. 

4. What is unique about your product or service?

For you to succeed, you need to know what is unique about what you are selling. Think about why your customers should turn to you and not to your competitors. Almost no business idea is entirely unique, and you will likely have many competitors. Then it is important to stand out. Consider if you can change your product or service in an important way or perhaps streamline it to offer a lower price. 

Remember that your product or service does not need to be unique worldwide. If there are companies providing similar services to you in Birmingham, but you are starting your business in Manchester, the uniqueness of your service may be the location where you perform it. 

5. How will you reach your customers?

Different industries, products, and services may require entirely different marketing strategies. If you are going to sell to large companies, a few personal contacts may be the most important thing for your business. Then you may need to attend conferences and be in the right place to sell your services. If, instead, you are going to sell an affordable item to consumers, you may need to focus on search engine advertising and marketing on social media. 

If you are going to open a physical location, it is important to consider how your location can be used for marketing. If your business idea is based on people finding you while they are out walking, the location of your business becomes more important. You don’t need to decide exactly where to have your premises, but if the location is important to your business idea, you can describe the location as, for example, “in a shopping centre,” “in a business park”, or something similar. 

6. Is there a market?

Now that you know what you are going to sell, who you are going to sell to, and how you are going to reach your customers, it is critical that you know your market. Conduct market research to understand the interest in your products or services. 

When conducting your market research, it may be helpful to ask questions that go beyond the idea you have. If you ask the right questions, you may realize that your business idea is good, but that there are even greater opportunities if you adjust it slightly. The purpose of market research is not just to tell you whether you have a good or bad idea. It can also help you understand your customers better. 

7. What does the future look like?

Just because there is a market for your idea today doesn’t mean there will be a market for it in a few years. Consider how the industry will change in the coming years. Will technological developments make your business idea more or less profitable? Are you jumping on a trend that may already be on the decline? A trend that is on the way out often has a combination of high competition and declining demand that makes it particularly unprofitable. 

Of course, the best thing is to find a business idea that has a bright future and strong growth. That said, it is also okay to plan for a business idea that is only relevant for a short period. For example, you can work as a consultant for companies looking to adapt to specific new legislation. Such a business idea may only work for a year or two. However, not all businesses need to exist forever, and you may find ways to change your business over the years. 

8. Write your business idea

Now it’s time to write your business idea! It should be short, easy to read, and contain clear answers to the most common questions about your company. Exactly how you write your business idea is up to you, but it’s good to aim at a length of between 20 and 50 words. You don’t need to include all information about your company, so think about what’s most important to you and your idea. 

It is often more difficult to write something short than to write something long. Your text is also often best when you have rewritten it once or twice. Don’t settle when you’ve written your business idea for the first time. Keep thinking about it and come back to it another day to improve or rewrite it. Your business idea is the foundation of your new company, so it’s worth thinking a little extra about it. 

9. Test your business idea

Now you have a business idea! Before you write it in stone, it can be valuable to ask friends and family what they think of it. You might get a good suggestion for a change you can make. 

If you want feedback from a professional consultant, you can, for example, visit an incubator or advisor who can help you develop your business idea. Here is a list of places you can visit or contact in the UK. 

5 examples of business ideas

If you find it difficult to get started or just want some inspiration, we have created five unique business ideas. Feel free to get inspired! 

Plant rental for offices 

Our business idea is to offer rental of exotic plants to offices and commercial buildings with full on-site service and maintenance. 

Handcrafted jewellery with Scandinavian design 

My business idea is to create and sell handcrafted jewellery with Scandinavian design. I will sell them in central retail spaces and offer jewellery in both affordable and expensive materials to reach a broad audience. 

Smartphone repair at home

I will offer smartphone repair services marketed and booked online but performed in the customer’s home. Repairs will be fast and simple so that the customer does not need to travel or be without their smartphone longer than necessary. 

Safe, used children’s toys

We will sell used children’s toys to environmentally conscious customers online. The toys will be washed, and all materials checked for non-toxicity before being sold. We will guarantee that all children’s toys are safe and at the same time contribute to reducing the consumption of new toys. 

Dog day-care in central London 

We will offer a dog day-care with knowledgeable staff and a location in central London. The dog day-care will be centrally located to make it easy for dog owners in the city centre to leave their dogs without needing a car. 

Make your business idea a reality 

Once you have created a business idea, it’s time to start your business! What your next step is depends on your business. You may need to find a location, buy equipment, or educate yourself. Regardless of what idea you have, we recommend getting a domain and email so that you have a professional way to be contacted and contact others. When you’re starting your website, you can try one.com’s fast and easy Website Builder completely free. You can also try creating an online store or starting a WordPress website. The important thing is that you are visible to your customers, and a website is an excellent way to show that you exist and what you can offer.