Bizstartup.ie - Start Up Kit

Not having a business idea is obviously an initial barrier to creating an enterprise but it does not need to stay that way as there are many ways in which you can identify business opportunities.

The franchise formula

The easiest technique to use in identifying a business opportunity is to purchase someone else’s idea. Franchising is a very effective method of starting a business since you are using a business model that has already been proven to be successful and failure rates for franchises is significantly lower than for non-franchise enterprises. To look for a franchise opportunity in Ireland, you should go either to Whichfranchise.ie or The Irish Franchise Association. Both of these websites provide a wide variety of franchise ideas and details on the advantages and disadvantages of franchising in Ireland.

Purchasing business ideas

But there are also other ways in which you can purchase business ideas. Almost all universities and institutes of technology now have Technology Transfer Offices which are looking to sell products or services (through product licensing) that have been developed through research and development within their institution. As one example of what ideas are available, go to the Dublin Institute of Technology website. Alternatively, check out the website of the Irish Patents Office.

I would recommend to everyone interested in starting a business that they should trawl the internet to look for business opportunities as it helps you to train your mind as to what types of business ideas are currently available.

Open your eyes to opportunities

Other ways in which you can also generate business ideas include keeping your eyes open for opportunities when you travel abroad. How often have your been in some other country and seen a product or service that is not available in Ireland and you thought to yourself “I could do that in Ireland?"

The reality is that as soon as we return to Ireland we forget about the idea but that doesn't change the fact the business opportunity still exists. In a similar vein to this technique, enterprise support agencies love the idea of import substitution so if you can manufacture a product that is currently available only through importation then you're quite likely to receive support from your local enterprise agency.

Look at your hobbies for inspiration

Other methods of identifying business opportunities are through networking at business events, your own work experience (can you make it better, faster, or cheaper than your current employer) or your hobbies. Many photography businesses have been started as a result of a hobby.

Some years ago, a person on a course told me of his idea to open a bed and breakfast house in the west of Ireland that caters for animals as he couldn’t bring his dogs away with him for long weekends because no accommodation existed that welcomed animals.

Be proactive

Generating business ideas becomes easier if you take a proactive and open approach to business opportunities. It won’t happen like a bolt of lightning suddenly striking you and you awakening to a fabulous new business idea.

Can I also remind you that less than 4pc of businesses that get started each year are based on truly new ideas, the remaining 96pc are based on ideas that already exist.