Where can I get ideas for a new business?

Great business ideas can come from anywhere – they might come from something you see, an experience you have or a story you are told.

Whatever the case, the best business ideas usually involve solving a certain problem that a consumer of business have, or meeting a need in the market. 

Many entrepreneurs start businesses after having trouble solving a problem of their own. For example, Kidspot founder Katie May started her online directory after struggling to find jumping castle for her child’s birthday. Viking Rentals founder Jim Noort launched his portable toilet rental business after he hired a toilet when building a house and found it to be dirty and disgusting.

If a personal experience doesn’t spark a business idea, there are other places to turn for inspiration. Directories that list business opportunities are one source; the franchising directory operated by the Franchise Council of Australia is a great place to start.

Following trends from overseas can also be a good way to spot emerging trends, although be warned that not every idea will translate to your local market.

Finally, keep your ideas radar on when you’re reading news and information sights. Often current events and trends can help you spot opportunities.