‘Essential items only’ the government warns. New business ideas need to come into effect now.
Every business owner is questioning their products and services they are selling meaning their current business idea either needs to be innovated to suit the lockdown regulations or a new business idea needs to surface quickly.
But how do you find an idea that proves to be profitable during the lockdown?
In this article, we’re going to highlight how you can find a business idea during lockdown.
1. Keyword research – Step one to finding your business idea
What are people searching for? What products are in demand? What service can you offer to the public? Your business idea usually comes to life after you spot these trends on Google.
How can you become a trend spotter? Start with basic search on Google and explore an industry you are interested in.
Let’s say you want to explore the baking industry.
The American Bakery Association reports that the baking industry generates around $30 Billion in revenue each year. To get a slice of this profit, you need to start somewhere, no matter how small your business idea may seem.
So how do you spot a trendy business idea in the baking industry?
Ask yourself what would your potential consumer be searching for.
Most likely “Buy baked goods online”. It’s the lockdown and people are encouraged to shop online to ensure they are practising social distancing.
The results below is what you should be focusing on because these are alternative searches people are making around ‘buy baked good online’ and gives you a good hunch around what’s in demand and how you can differentiate yourself in the market.
Based off the results listed above, people are definitely looking for baked goods online.
But what baked goods?
Baked goods that can be sold online is one business idea.
Vegan baked goods is another business idea.
Or Amish baked goods would be an option too.
2. Register your business idea – Step two. Make it yours.
Now that we know what options you have. Run with one of the business ideas you spotted.
How you do get started after choosing an idea? It starts with building a reputable reputation.
Lock your idea so no one can steal it and make it official.
Using the information in step 1, give your business idea a name.
Let’s go with ‘Veganbakesonline’. To check if this name is available, run a quick WHOIS lookup.
Next, register your company to ensure that your business and personal finances are separated, this is one advantage of having an official business.
3. Market – Step three. Get your business idea online.
Most online companies are booming especially during this lockdown period. The world is practising social distancing and looking for alternative ways to shop.
Get your business idea online and start with a basic 3 page website. You can add more pages and content as your business idea slowly kicks off.
Create social media accounts. Opt for Facebook and Instagram. These platforms offer built-in analytics which allow you to spot what content people regularly like to engage with.
And don’t forget to listen. Listen to your audience and ask questions.
Your next big idea but come from an Instagram poll.