Where to Find a Business Idea: Tips from Jeffrey Fox

There are countless opportunities for small businesses — you just need to know where to look. Here are some of Jeffrey Fox’s best strategies for finding your next big idea.

📌 Look in the mirror.
What are you good at? Your personal talent or skill could be the foundation of a profitable business.

📌 Look at your family.
Is there a family business you could join or learn from? Perhaps you could study it deeply, gain experience, and later start your own venture in the same field.

📌 Study your current company.
Is there something your company doesn’t do — a market it overlooks — that you could serve yourself? Often, great business ideas come from identifying unmet customer needs.

📌 Revisit rejected ideas.
Many business ideas that large companies dismiss or fail to implement can become highly successful small businesses.

📌 Explore franchising opportunities.
Read franchise magazines or online directories. You could buy or start a business in a fast-growing field — for example, a fitness center for women over 30. The franchise world offers countless options.

📌 Target a specific ethnic group.
Identify a growing demographic and provide goods or services tailored to their needs and culture. For instance, learn what products are popular among Dominican immigrants and what’s hard to find locally. Learn their language and serve them better than competitors.

📌 Think about aging populations.
As people get older, they need more health-related products and services. This is one of the fastest-growing markets in the world.

📌 Watch practical TV shows.
Shows about home repair, gardening, and interior design can reveal consumer trends. Ask yourself: is there a company providing garage solutions? Selling online garden layout plans? Managing the personal lives of busy professionals or frequent travelers? Each niche hides a business opportunity.

📌 Buy the company you work for.
Consider a leveraged buyout or management buyout — this could be your chance to own an existing business you already understand.

📌 Look for businesses for sale.
Auditors, lawyers, lenders, or brokers can connect you with opportunities. Review listings and evaluate whether you could make the business more efficient or profitable.

📌 Analyze your travels.
What caught your attention during a recent trip? Is there a similar business in your area? If not, maybe it’s time to bring that idea home.

📌 Revive your old ideas.
Have you talked for years about a business concept but never acted on it? Do it now. Even an old school project might turn into a real-world success.