There are hundreds of small business ideas out there, many of which have limited potential for growth. Take, for example, this list of 64 “best” small business ideas for 2024 from Shopify—in my opinion, completely useless to a true entrepreneur. These sorts of ideas are fine for a side hustle, but can you really envision a future as a T-shirt designer? I’ve reviewed this list and several others, and found nothing original.
What you really need to do is look around and observe what people need. Maybe they have a solution, but it’s incomplete or inefficient. We need ideas for new products or ways to improve existing ones. The idea should be something useful that hasn’t been invented yet, or something so commonplace that people simply haven’t thought to change the way they do it—like the clothes pin. It needs to fulfill an unmet need in society. Once you create a product test it with your frineds. If it turns out to be useful as you think it is, you will not need to pay for marketing, the product will do all the work through word of mouth advertising.
Here are a few brainstorming ideas for new products or improvements on existing ones that could fill unmet needs:
New Product Ideas:
- Smart Watering System for Indoor Plants: A system that monitors soil moisture, light levels, and temperature to automatically water plants and provide optimal growing conditions. It could even include a mobile app for remote monitoring and control.
- Portable Noise-Canceling Personal Space Creator: A device that uses directional sound technology to create a zone of quiet around the user, ideal for open offices, public transportation, or anywhere a peaceful environment is desired.
- Personalized Medicine Dispenser: A smart dispenser that organizes and dispenses medications based on individual prescriptions, schedules, and dosage instructions. It could sync with healthcare providers and send reminders to ensure medication adherence.
- Temperature-Regulating Bedding: Bedding materials that actively adjust their thermal properties to maintain a consistent and comfortable sleep temperature throughout the night.
- Universal Remote for Smart Home Devices: A single remote that can control all smart home devices (lights, thermostats, locks, etc.) regardless of brand or protocol. It could use voice commands, gestures, or a touchscreen interface.
Improvements on Existing Products:
- Umbrellas:
- Design an umbrella with built-in LED lights to illuminate the path on dark and rainy days.
- Integrate a GPS tracker to help locate a lost umbrella.
- Create a hands-free umbrella that attaches to the body, leaving hands free for other activities.
- Shopping Carts:
- Incorporate a motorized assist feature to help push heavy carts.
- Add a built-in tablet with shopping list functionality, store maps, and self-checkout options.
- Develop a system that allows multiple carts to be linked together for families or groups.
Identifying Unmet Needs:
To come up with even more ideas, think about everyday tasks and situations that could be improved. Here are a few approaches:
- Observe your daily routine: Are there any tasks that are tedious, inefficient, or frustrating? Could a new product or improvement make it easier?
- Talk to people: Ask friends, family, and colleagues if they have any pet peeves or problems they wish there was a solution for.
- Look for trends: Research emerging technologies and consider how they could be applied to solve existing problems or create new possibilities.
Additional Considerations:
- Accessibility: Design products that cater to people with disabilities, making everyday tasks easier and more inclusive.
- Personalization: Create products that can be customized to individual preferences, needs, and styles.
- Sustainability: Focus on eco-friendly materials, production processes, and packaging to minimize environmental impact.
By paying attention to common complaints and considering innovative solutions, you can develop new products that address real-world problems and improve people’s lives. A new product puts you ahead of the competition with a new business model.
Turn Your Hobby Into a Business
The most fulfilling and potentially successful business ideas often stem from personal passions and hobbies. Life is too short to spend a third of it working a job that doesn’t bring you joy. This principle applies to entrepreneurship as well. Many thriving businesses have originated from someone’s hobby, as the genuine enthusiasm and dedication behind these passions often translate into successful ventures.
Many of today’s most successful companies started with very humble beginnings. Some notable examples include:
- Apple: Steve Jobs and Steve Wozniak started Apple in Jobs’ parents’ garage in 1976.
- Amazon: Jeff Bezos founded Amazon in his garage in 1994, initially as an online bookstore.
- Disney: Walt Disney started his animation studio in a small office in Los Angeles in 1923.
- Harley-Davidson: The company started in a small shed in Milwaukee in 1903.
- Hewlett-Packard (HP): Bill Hewlett and Dave Packard founded HP in a garage in Palo Alto, California in 1939.
- Mattel: The toy company began in a garage workshop in 1945.
- Google: Began as a research project in 1996 by Larry Page and Sergey Brin while they were both PhD students at Stanford University.
- KFC (Kentucky Fried Chicken): Was founded by Colonel Harland Sanders. The story began during the Great Depression when Sanders started selling fried chicken from his roadside restaurant in Corbin, Kentucky. His unique recipe, featuring a secret blend of 11 herbs and spices, quickly became popular.
These are just a few examples of companies that started small but grew into global giants. Their stories demonstrate that with passion, innovation, and hard work, even the most humble beginnings can lead to extraordinary success.
Online Business Ideas
My passion is website design, a field that allows me to express my creativity. However, finding clients in the competitive web design and marketing industry can be difficult. To overcome this, I utilize my web design skills to create engaging websites, even if they don’t directly generate revenue. For instance, this very website serves as an example. By providing valuable information to users like you, I simultaneously showcase my abilities and promote my name. This translates into free advertising, a highly valuable resource in the marketing world.
Trending Technology and Topics
There is no reason to think that every idea, even if it is your hobby will be profitable. Once you have an idea then research it and see what avenues related might be interesting to other people. These are two useful tools that I have found to do that with.
Google Keyword Planner: This allows you to see how many people are searching for specific terms. Not only that it will also provide you a list of alternative terms people are searching for that are related to a your topic.
Google Trends: This is a very useful tool to discover trending topics. You can filter it into your own specific research.
Raw Ideas
Domain Investing: I often invest in domain names. Since I have the skills of web design also I develop these ideas into websites that I can use either as advertising or brand recognition. Investing in domain names, also known as domaining, can be profitable, but like any investment, it carries risks and requires careful research and strategy.
Here are some online business ideas that tend to be less competitive or have the potential to be niche-focused:
1. Micro-Niche Subscription Boxes:
- Instead of broad categories like beauty or snacks, focus on hyper-specific interests (e.g., subscription boxes for succulent lovers, cat owners with specific breeds, or fans of indie board games).
- The smaller audience allows for more targeted marketing and greater customer loyalty.
2. Personalized Digital Products:
- Offer custom-designed digital products like social media templates, resume templates, or website themes tailored to specific industries or personal brands.
- Leverage your design skills to cater to individual needs.
3. Online Courses for Specialized Skills:
- Create courses teaching niche skills that aren’t widely covered (e.g., vintage furniture restoration, mastering a specific software tool, or learning a unique cooking technique).
- Position yourself as an expert in a less saturated field.
4. Virtual Assistant Services for Specific Niches:
- Cater your virtual assistant services to specific industries (e.g., real estate agents, online coaches, or podcasters).
- Become an indispensable partner by understanding their unique needs.
5. Upcycled or Repurposed Products:
- Create and sell unique items made from recycled materials or repurposed goods.
- Appeal to eco-conscious consumers with one-of-a-kind products.
6. Local or Regional Specialty Food/Product Sales:
- If your region has unique food products or crafts, sell them online to a broader audience.
- Leverage the authenticity and appeal of local specialties.
7. Niche Affiliate Marketing:
- Instead of promoting generic products, focus on niche products with passionate audiences.
- Partner with lesser-known brands or create content around specific hobbies or interests.
8. Membership Communities for Specific Interests:
- Build an online community around a shared passion or niche interest (e.g., plant enthusiasts, board game fans, or writers of a specific genre).
- Offer exclusive content, events, and networking opportunities to members.
9. Personalized Pet Products:
- Create custom-designed pet accessories, personalized pet portraits, or breed-specific products.
- Cater to the growing demand for unique and tailored pet items.
Additional Tips:
- Thorough Research: Even in less competitive niches, research is essential. Understand your target audience, their needs, and the existing competition (even if it’s minimal).
- Unique Value Proposition: Clearly define what sets your business apart and why customers should choose you over potential alternatives.
- Strong Branding: Create a strong brand identity that resonates with your target audience and differentiates you from others.
- Effective Marketing: Even in less saturated markets, you still need to market your business to reach your ideal customers. Utilize social media, content marketing, and other relevant channels to get the word out.
By focusing on a niche market and providing unique value, you can increase your chances of success in the online business world, even in the face of competition.
The Secret Ingredient to Online Business Success: Passion!
Picture yourself not just running a business, but living a dream – one where your work is your passion. That’s the golden ticket to a thriving online venture! Because let’s face it, building a successful online business isn’t a sprint; it’s a marathon. And the only way you’ll cross that finish line with a smile is if you’re genuinely enjoying the journey. So, before you dive into the exciting world of e-commerce, ask yourself: What gets you fired up? What can you see yourself doing day in and day out, for years to come? Let that passion be your guiding star, and watch as your online business flourishes into something truly extraordinary.