How do you generate business ideas? You must be scratching your head and thinking what would I sell? This is probably the hardest part when setting up a business. You need to keep an eye on every opportunity and get that Aha! moment. How to spot an opportunity? Here are methods you can do to generate a business idea for 2021.
Business Idea #1: Post COVID Trends
This is probably the reason why you are starting a business. 114 million people lost their jobs because of the COVID-19 pandemic in 2020 and are expected to stand at 205 million people in 2022. Many consumers discovered the convenience of e-commerce and other online activities during the pandemic. In fact, in 2020, the share of e-commerce grew at two to five times the rate before COVID-19. Roughly three-quarters of people using digital channels for the first time. Furthermore, the pandemic say they will continue using them when things return to “normal,” according to McKinsey Consumer Pulse surveys conducted around the world.
Check out this article by Annie Nova (2020) – Without the coronavirus pandemic, these jobs probably wouldn’t have existed
Business Idea #2: Begin with a problem in mind
Oftentimes, high-potential business ideas address problems that people have. Look at Airbnb, the business model disrupts the hotel industry by solving the high hotel rates. How? By making people share their bed space and make additional income. And it works. Another example is Netflix. The humble beginnings of Netflix started when founders Reed Hastings and Marc Randolph simply solve the problem by not having to pay a late fee for a rental movie. At that time, Blockbuster is the leader of DVD rental, failure to return the DVD will result in a (quite) hefty late fee. And just like that, Netflix was born.
Business Idea #3: Offer a “Green” Product or Service Alternative
When COVID-19 became a pandemic, health, wellness, and mental well-being exploded. We need to keep our health a priority. And you can generate a business idea out of this sudden shift in consumer behaviour. The rise of healthy meals delivered to your doorstep is becoming a popular trend. Or products for relaxation and mindfulness is also in demand. But keep in mind, consumers are more sensitive to being green or sustainable products. You can also alter existing products and turn them into more sustainable alternatives. For example, plastic straws. There are a lot of businesses offering a sustainable alternative for straws and plastics for that matter.
Overall, these are just some of the methods to generate business ideas. You can think of other ways of course. Especially during (for some of us) lockdown. Definitely, the scare of COVID is here to stay. And your business idea should account for that.