Intro- How to Start a Business Without a Product Idea
You find yourself not knowing how to start a business without a product idea. As I mentioned in Business Ideas for Beginners the greatest obstacle to business is discovering an idea and sticking to it. You do not have to be innovative or know the latest trend to start a business. When I decided to go the entrepreneurial route I had no clue on what I wanted to do. Was I going to run a cupcake stand? Would I be a You Tuber who focused on a specific niche? Or would I run an online store? There were just too many options to choose from and I did not know where to begin. It was not until I sat down and came up with a strategy that I was able to get somewhere. You do not need to stay stuck in the idea stage in order to begin planning.
Steps to how to start a business without a product idea
Learn about your interests and skills
Everyone has things that they’re passionate about and things they’re skilled in. The goal here is to make sure that whatever you decide on doing fits both your interests and skill set. When I was coming up with a business strategy there were many things I was interested in. Some of these included designing sneakers, starting a baseball league, and film production. The problem was that I was not skilled in any of these things despite my fascination for them. On the opposite end there were things I had the ability to do well like teaching, playing guitar and art. But despite having these skills I had zero passion to start a business around any of them. I’m not suggesting that if you’re interested in a particular niche that you couldn’t eventually learn the skills for it. Or that you could never develop the passion for something you’re skilled in.
Research the market for particular problems
A business primarily exists to solve particular problems or meet certain needs of people. You want to search the web or your local community and figure out what the necessities are. You also need to be able to think how your interests and skills can cover these areas. Before I launched my business I noticed that a large percentage of small businesses and non profit organizations did not have a website. I also discovered that the ones who did have websites did not update them very often. Because this was a great need for many I realized what better way to address it than start a web design business. A big mistake people make is that they create a business without learning if it serves a necessity or not. Do not ever put the cart before the horse by committing this same exact error.
Narrow down your list of niches
Being able to weed out all of the niches that do not fit the bill of what you’re looking for is important. When I began my journey of entrepreneurship I had a list of about 20 niches that I was considering. Some of the career paths that intrigued me included virtual assistance, ecommerce, copy writing, retail and social media influencing. The most difficult part for me in this process was having to cross out niches from my list. There were some businesses that I could have easily started, but did not because I needed to settle on the best one. What helped me to choose web designing was that it had the highest reward and the lowest risk out of all niches on my list. Whatever your reasons for sticking with one niche, make sure they align with your business goals.
Niche suggestions to how to start a business without a product idea
You might be in the process of deciding on a niche and still do not have a product idea. That is completely understandable, especially if you are new to this. It took me a little over a year to settle on making web designing my business; you can read about my experience in How I Started My Online Business Having No Income. As long as you do not completely give up you are in good standing. Below is a list of suggestions of niches that you can consider in your quest. If you want a much broader list than the one below, feel free to check out Best Businesses to Start With Little Money.
1. Service businesses
There are many services that are in demand that you can provide for potential clients. Event planning, consulting, cleaning, pet sitting, tutoring are several services that might be suitable for you. You could even do a Google search of consulting business ideas and see what results you get. You could further narrow things down by going with what you believe is the perfect fit for your interests, skills and budget.
2. Digital businesses
In this digital age people are enjoying great careers from running their business via the internet. The options for you to choose from in this niche are endless and go a long way. Content creation, software development, blogging, graphic designing and online teaching, are just a few examples in a stacked market. See which one of these businesses can bring you the most success over the long haul.
3. Affiliate marketing
A person receiving a commission from someone else buying a product online has been going on for quite some time. Many people earn a decent living from posting their affiliate links on their website, social media post or video description. You can begin to sell affiliate products based on your interest and knowledge. All you need to do is join an affiliate marketing program. Examples of affiliate programs are Shopify, Amazon Associates, Leadpages, Semrush and Elementor. It could take you several months to begin earning money, but the good thing is that it will not cost you a dime.
4. Joint venturing
If you work well with others or believe that you can grow more effectively it might be a good idea to start a joint venture. You could team up with someone in your industry or from a different one and agree on a single business goal. Both you and the other person can share each other’s resources and knowledge while saving money. Before deciding on this simply look into the tax laws and the legal conditions of joint ventures in your area.
5. Create a brand
You could build a brand without having a business already implemented. Choosing a niche and then defining your mission, vision, purpose and values is a good start to branding. You can then target a specific audience that you want to brand to. After you have done all of these things you can create a strategy to market your brand. Look at how others in this niche are connecting with their audience and attempt to be the alternative to them. You could use social media posts, videos, logos, stories and art in order to develop brand awareness.
Conclusion
How to Start a Business Without a Product Idea
Now that you have gotten an overview on how to start a business without a product idea I hope you explore your available options.The journey to becoming an entrepreneur should not be postponed due to you not having any product ideas. The purpose of articles like this is to motivate you to achieve your goals. It might take you a couple of hours to a few years to decide on something, and that’s okay. Like the old saying goes, Rome wasn’t build in a day. Some of the most successful people made it big after years of uncertainty. You can have success if you keep your dream alive.
If you have any questions or ideas that you would like to add regarding How to Start a Business Without a Product Idea feel free to comment below.