FINDING AND CHECKING OUT A
BUSINESS IDEA
Based on a guide of the same name published as part of the Business Start Series
Introduction
There are a number of different ways you can find a business idea:

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
develop a new idea yourself
copy or alter someone else's idea
buy a business or an idea from someone else
Before you start your search there are some basic points you should note. Everyone can search
for and find ideas; your background doesn't restrict the ideas you can develop. For example:

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the bicycle tyre was invented by a vet
the frisbee was invented by a baker
the cornflake was developed by a farmer.
To be successful at finding ideas you have to be ready to look at anything. Let your imagination
run wild - come up with hundreds of ideas; there will be plenty of time later to sort out the
possible winners and to drop the no-hopers.
This guide is perhaps a first step in helping you find a business idea. At the end of this guide you
will find details of lots of other help which you can use.
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Brainstorming
A widely used method of generating new ideas is brainstorming. To brainstorm successfully you
need first of all to gather together a group of people -these could be your family, workmates or
friends. Groups work best when there are between 4 and 8 people.
The rules are simple:
 pick a topic on which you want to come up with new ideas
 set a time limit for the session – approx. 15 mins
 appoint someone to write down all the ideas generated during the session
 start by asking everyone just to suggest any idea they can think of
 when you brainstorm, any idea goes, no matter how crazy or weird it may seem
 try not to react negatively to any idea;
 spark off a new idea from the last one
 try to link ideas together; look back over ideas developed early in the session and see if
they can be joined with others to form new ideas
 finally, remember at this stage you are after quantity - try simply to come up with as
many ideas as you can. There's only one way to learn how to brainstorm and that's to do
it~ To get you started, here are two examples you could practice on:
Example 1
Pick one of the following:
 paper clip
 pair of tights
 compact disc
 barrel
Give yourself 3 minutes to come up with as many other uses as possible for your chosen
item. You should be able to produce at least 20 ideas.
Example 2
Imagine you are the owner of a medium sized supermarket in a housing estate. Suggest as
many new ways as you can, in 5 minutes, on how you might attract new customers into your
shop.
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Ideas Mapping
Another variation of brainstorming is ideas mapping. A completed ideas map is shown below.
To produce an ideas map a topic is written in the large circle. When you think of an idea relating
to that topic you write it in another linked circle. Each series of linked circles is explored as far
as possible. You can start as many links of circles as you wish.
There's also a blank ideas mapping worksheet to allow you to try the technique for yourself. If
you can't think of a topic to start,
pick one of these:
 Animals
 Cycling
 Caravans
 Sewing
 Food.
Ideas Map
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Problem Solving
Many products or services are developed to meet particular problems. Think of these examples:
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Stain remover
Polish in a tube
Shopping trolleys
Burglar alarms
List common problems in the left-hand column of the problem solving worksheet on the next
page. Spend some time just thinking about yourself and your family or friends. What problems
do you hear them talking about?
List common problems in the left-hand column of the worksheet. In the right-hand column write
your solutions. The first problem is there to start you off.
Some solutions will probably suggest themselves fairly quickly but in some instances that might
not happen. Faced with a problem, there is a series of stages we go through to help solve it:
Check the facts:
We find out as best we can exactly what the problem is
Find out what is causing the It could be any one, or a combination, of a number of causes
problem:
Think of solutions:
This includes discussion with others and experimenting
Screen possible solutions:
Check solutions to see if they are feasible
Pick best solution:
Make a choice
Implement that solution:
Try it out; see if it works
Evaluate success or failure: Is the problem solved?
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Problem Solving Worksheet
PROBLEM
A. Car theft
WORKSHEET
Engine cut-out after 15 seconds Removable steering wheel
Tracking device
B
C
D
F
F
G
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Meeting Needs
Very similar to solving problems is meeting the needs or wants of people. We have thousands of
needs and wants.
Think first of all the basic needs people have:
Food & Drink
Clothing
Shelter
Transport
Entertainment
Knowledge
Companionship
These are all very large and broad areas. Taking one area, as the example below illustrates, you
can see how more specific needs might be identified.
SPORT
MUSIC
ENTERTAINMENT
READING
FEATING OUT
I
L
M
S
Ten Pin Bowling
Snooker
Aerobics
Swimming
Basketball
Golf
Pitch & Putt
Driving Range
Indoor Golf
Coaching
Holiday Packages
Making Golf Gloves
Training Caddies
Fast Food
Restaurant
Cafe
Pub
Hotel
Baked Potatoes
Pizzas
Fish & Chips
Sandwiches
Croissants
Donuts
Indian
Chinese
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Meeting Needs Worksheet
Use the worksheet below to help to come up with ideas which meet needs or wants. In the top
box write in any broad area you wish. In the boxes on the next lines analyse this need a little
further. Finally take one or more of these topics and think of ideas related to that.
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Lateral Thinking
This technique encourages you to look at things from a different angle. The example below will
illustrate what is meant.
Thirty years ago garages sold petrol and oil and not much more. Today, garages sell everything
from coal to sandwiches. What brought about the change? In those early days the garage owner
catered for the needs of the car. Now, the garage caters for the needs of the driver.
Here is a case study to test your ability to think in this way. The manufacturers of Uncle Ben's
Rice decided to try to increase their sales of rice. How did they use lateral thinking to do that?
Write your answer below:
You will find the answer on the next page.
Examples of other products which came about as the result of lateral thinking are:
Jacket crisps:
For years crisp manufacturers had been peeling potatoes before making crisps, when someone
said, "why not keep on the skins?". So today we have jacket crisps.
Louvre blinds:
Venetian blinds were for many years the traditional way of covering windows horizontally;
louvre blinds were developed simply by covering windows vertically.
Square plastic bottles:
Bottles have almost invariably been round until someone said, why not square bottles?" and as a
result shops can now stock more bottles in the same shelf space.
Can you think of some other examples yourself? List them below:
OLD PRODUCT SERVICE
NEW PRODUCT SERVICE
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Answer to Uncle Ben’s Rice
The manufacturers of Uncle Ben's rice asked why people might not be buying rice. Among
the answers they came up with was that it took too much time and trouble to make a sauce
which accompanies a rice dish. They set about producing a range of sauces which of course
now sell close beside the rice in the shops. They didn't actually look at the product, they
looked at the people using it.
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Sharpen Your Focus
Rather than just thinking about the needs and wants of people as a whole, it can be very useful to
think about people as specific groups. For example, people fall into groups by age:
New born babies
Infants
Toddlers
Primary school children
Teenagers
Young people
Adults
People taking early retirement
Retired or elderly people
Each of these groups can be further subdivided, for example, into male and female.
Pick any one of the groups listed above and try to identify some of the needs, wants and
problems which they have. Then, perhaps using some of the techniques you've seen in this guide,
try to suggest ideas which might meet some of these requirements.
Below you will find an example to help you get started.
GROUP
NEEDS/WANTS PROBLEMS
IDEAS
Male Teenagers
Listen to music
Speed
To be in the fashion
System to store CDs/tapes
Indoor go-karting
Army surplus store
GROUP
A
NEEDS/WANTS/PROBLEMS
IDEAS
B
C
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Of course, there are many other ways to sharpen your focus. People can be grouped by, for
example, their leisure pursuits:
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Sport
Television
Reading
Outdoor pursuits
Hobbies
Each of the sections above can be broken down into further segments. For example, hobbies
could include:
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Photography
Stamp collecting
Painting
Chess
Antiques
Travel
What other ways can you think of to divide into groups? Remember, the more sharply focused
you can be, the easier it is to come up with very specific business ideas. For example, if you
identify well-off retired people interested in antiques, what business ideas could you develop to
meet their needs/wants/desires? What about:
 a newsletter on subscription to give them advance notice of sales or auctions and to provide
"inside" information on who bought what;
 classes in furniture restoration;
 photographing their antiques for insurance or security reasons.
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Using your skills
Many people think instinctively about
setting up a business based on a work skill
they have. That may be joinery, cooking,
engineering or word processing.
It is imperative to try and give your
business a particular twist. If your skill is
in cooking, look for a specialised product
you could make. If your skill is in
engineering, consider making a product to
meet some of the needs of people with
disabilities; perhaps to help their mobility
- over 1 in 10 people in Britain have some
form of disability.
We tend to forget that we have skills other
than those from work - we may have
skills from our hobbies, for example,
photography, fishing or DIY and we may
have skills from our involvement with
voluntary or community work such as
fund raising, event management or
administration.
Finally, we will have personal skills such
as organising, planning or communication
skills and personal attributes such as
reliability, enthusiasm and creativity.
Use the worksheet overleaf to think of the
skills you may have and to identify some
business ideas which might make use of
those skills.
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Skills Worksheet
In the area below write down any subject you studied at school, college or university. In the
right hand column try to think of any business ideas you might provide, related to each subject.
SUBJECT
POSSIBLE BUSINESS IDEAS
In the area below write down all the jobs you have held or the work training you have had. In the
right hand column list any business ideas you can think of related to that training.
WORK/TRAINING
POSSIBLE BUSINESS IDEAS
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In the area below list your hobbies/pastimes/leisure activities. In the right hand box list any
business ideas you can think of related to those activities.
HOBBIES/PASTIMES/LEISURE
POSSIBLE BUSINESS IDEAS
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Read all about it
The written word in newspapers,
periodicals, magazines, directories and
books, is a treasure trove of ideas.
You will find details of new products or
materials or processes, stories about new
businesses opening, advertisements for
agencies and distributorships and market
Every paper or magazine you read is full information. In short, you will get the
of advertisements -look at these as
inside track. If you are not certain about
products or services which you could
the particular magazine ask your local
supply rather than buy. Similarly, mail
library to help
order catalogues should be seen as lists
- they may have copies of the relevant
of ideas rather than of purchases. There's magazines and if not, they can quickly
a very good chance that many of the
give you the details.
products you see advertised are not made A subscription to the right trade magazine
in Northern Ireland.
will repay itself many times over.
There are many other published sources
of ideas and a number of them are listed
below.
Where to Find these Publications
There are a number of key sources for
you for all these publications:
 Your local library
 Belfast Central Library
 Your Local Enterprise Agency
 Your Invest Northern Ireland
Regional Office
 European and Business Information
Centre, Belfast.
In the latter case, you will need to make
an appointment but in all the others you
can just call in.
Trade Magazines
There is almost certainly a trade
magazine for the business area you're
thinking about, whether it is furniture
making or bee keeping.
Business Books
There are dozens of books on how to set
up a business and many of these include
Specialist Business Idea Magazines
These concentrate on making people aware
of all kinds of business opportunities.
Examples are "The Business Opportunity
Digest" and "Business Ideas" - they are
available only on subscription.
Newspapers
Northern Ireland’s three daily newspapers
have regular business supplements now.
They contain very relevant information on
new businesses, products and
opportunities.
Business Subscriber Publications
These are quite specialist and contain
details of new businesses looking for
investment or details of businesses for sale.
One example is 'Venture Capital
Magazine".
Government Publications
There are a number of other government
publications which contain a wealth of
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notes and tips on how to find ideas information, e.g.:
some actually list business opportunities. Household Expenditure Survey – gives
information on a whole range of products
Publications From Foreign Countries and services on which families spend their
Many countries produce trade
income.
newsletters and these contain details of
Social Trends – provides details on
products made in that country which may population, education, employment,
be offered on a licence, distribution or
income and expenditure, housing and
agency basis. A particularly good
much more.
example is the "American Commercial
Census and Electoral Registers - give
Newsletter".
detailed population statistics and identify
In the Republic of Ireland, the Irish
trends e.g. numbers in certain age bands.
Trade Board and the Industrial
Development Authority have produced a Licensing Magazines
range of publications which detail
Licensing can be a very attractive way to
opportunities in a number of markets e.g. start a business if you have particular
food, clothing and engineering.
skills, but are not sure about which product
to make. A license allows you the right to
Franchise Directories and Magazines make or assemble a product. You can be
Franchising is a method of getting into
supplied with know-how and plans only
business which is gaining in popularity. and allowed to make yourself or you can
A franchise is an offer from someone
be supplied with parts and allowed to
who has already established at least one assemble.
successful business to provide you with "International Licensing" is one magazine
all the know-how and expertise (and
which lists many licensing opportunities.
sometimes materials and equipment)
needed to set up a similar business. A fee
is usually chargeable. The franchise
industry produces several magazines and
directories which give details of most of
the franchises on offer. See journals and
directories for more details.
Two, or more,
heads are
better
than one
Talk your business idea over at an early stage, before you spend too
much time and money, with someone you trust. A very useful place
to start is your Local Enterprise Agency and their advice will be free
and totally confidential. You will find their phone number in Yellow
Pages under Business Enterprise Agencies. You can also contact
your local Invest Northern Ireland Regional Office.
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Checking out your Idea
In some cases you may have to check out the
technology of your idea – will your new
mousetrap actually work? In some cases you
may have to check out the availability of
premises – can you find a shop in the right
location to sell specialist records/CDs to
young people?
Regardless of what your idea is, you will at
some stage have to do market research.
You will be able to access most of
these sources from:
 your Local Enterprise Agency;
 Your Invest Northern Ireland
regional office;
 Your local library or Belfast
Central Library;
 European and Business
Information Centre, Upper
Galwally.
Market research means finding out if there
will be, or could be, paying customers for
the product or service you hope to offer.
It is usually sensible to consult all the
published data you can before
embarking on any primary research.
In this section there is some basic advice on
how to do your own market research.
Primary Research means carrying out
research yourself.
This can take various forms:
 Face to face interviews
 Telephone interviews
 Postal questionnaires
 Discussion or 'focus' groups
 Tastings or samplings.
Market research is conducted in two ways:
 Desk or secondary research
 Field or primary research
Desk research means consulting material on
your market which has already been
published. This information comes in a wide
variety of ways:
 Market research reports
e.g. Mintel, Keynote.
These are specialist market research
reports which are produced regularly and
which cover a wide range of topics.
 Directories
 Statistical publications e.g. social trends,
family expenditure survey
 Trade magazines
 Press cuttings
 Computerised databases
This short guide cannot go into detail
on all these methods. If you need
assistance to carry out your own
research you should approach your
Local Enterprise Agency for help.
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Before undertaking any research you need to
be clear about what you want to find out.
Here are some of the questions you might
want your market research to answer:
 what is the overall size of the market?
 are there any trends which are
noticeable? e.g. are sales increasing or
decreasing?
 who buys this product or service?
 who uses this product or service?
 who actually makes the decision to buy?
 when and how do people buy?
 where do they buy?
 what essential features must the product
or service have?
 why do people buy?
 what benefits are people buying?
 are there any standards or regulations my
product or service must observe?
 who are my competitors?
 what are their strengths and weaknesses?
 what price should I charge?
 what terms and conditions do buyers
expect?

how should I promote my product
or service?
If you are able to answer these, and
perhaps other questions satisfactorily,
you should be in a position to estimate
the amount of sales you are likely to
achieve.
The key question is will these sales be
sufficient to allow you to operate a
viable business?
To help you answer that question, you
will need to consult other publications
in this series.
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Sources of Support
If you need further help to find a business
idea or to develop an idea you have already
found, your first point of contact should be
your Local Enterprise Agency. Many
agencies run special courses on finding ideas
and they will all be able to help you think
through your idea. They will also be able to
point you in the direction of further support.
The Library Service
Central Library Tel: (028) 90509150
ext. 5165).
The European and Business
Information Centre (EBIC) is also a
major source of information for
businesses and holds research on many
different industries, Tel: 028 90
491031.
E-mail:eic@investni.com
Your local library will also have some
useful information.
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