When I decided that I would stop being a beach bum and start becoming a millionaire, I didn’t know what sort of business I would start, but I knew that I would know the right opportunity when it came my way. Although I had no previous affinity with the ice – cream business, residential care homes, day nurseries or health clubs, when I found an opportunity that I was sure was sure would make money. I changed direction and went for it.
There are thousands upon thousand of ideas out there waiting to be turned into business, and once you start looking for opportunities, they are not hard to find.
Where do ideas come from?
Ideas for new businesses broadly fall into three categories – those that solve a problem, those that copy another business and those spawned from genuine innovation. In my experience, precious few successful businesses fall into the last category, and yet I meet a lot of people who tell me they would start a business if only they could come up with a blinding idea. They seem surprised when I tell them I’ve never had an original idea for a business in my life.
Read the financial pages
Every day, newspapers print information that’s useful to aspiring entrepreneurs and sometimes it can be the tiniest piece of gossip that can spark an idea. By reading the financial pages regularly, you will not only become familiar with the language and practices of business, but over time you might spot trends, learn from other people’s mistakes or find out about innovation before the wider public does. The financial pages also regularly profile successful entrepreneurs, who will inspire you and give you business models you can copy and modify.
Read the local paper
Not only do local papers have a business for sale section in their classifieds pages, but they are full of people experiencing problems. Local papers are where the nation moans the most, and if your neighbours are up in arms about poor facilities or poor services, you can devise all sorts of ideas for business that might solve some of their problems. You also find out what sorts of business are getting planning permission, or grants from the council. You might even come across a few useful names you could call for help in the future. If you want to start a business in a particular town, you should absolutely read that town’s local press every week. And not just the paper – if there’s an online forum or newsletter, you should be a regular visitor.
Watch the news
I got the idea to start a nursing home from watching the news. In the early 1980s, the government announced it was going to pay £140 a week per patient for residential care. Anyone watching the news that night could have said exactly what I said: ‘If I had 50 residents, that means I’d have a guaranteed turnover of £7000 a week.’ The nightly news is full of leads for potential businesses, whether it’s jokey piece about a new trend in Japan, a serious initiative about recycling or the introduction of Home Information Packs for house sellers that creates the need for a new service.
Successful entrepreneur know that change creates opportunity. Whether that’s legislative change, cultural change or climate change, these shifts require businesses and industries to change too. Often, existing businesses are slow to adapt, which means new operators who get their model right who move quickly can make their mark.
What annoys you?
What would make your life easier? A cleaner? A personal shopper? Someone to do the school run? An easier commute? Wherever there’s a problem, there might be a solution you can turn into a business. I got the idea to open a health club when I had to drive half an hour to find somewhere I could exercise my knee muscles after skiing accident. I knew I couldn’t be the only person who didn’t want to drive for half an hour for an hour’s work –out, so I opened a gym near my house, My first day –car nursery was opened because I couldn’t find one locally that could take both my daughter’s at the same time, so I knew there had to be need for more nurseries.
For the next couple of weeks, pay attention when friends and colleagues moan about something and see if there’s anything that could be done to alleviate their inconvenience. Look around you for signs of discontent – in your local paper, in the queue at the post office – as it’s usually the case that where there is dissatisfaction you will also find opportunity.
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