How To Find Your Next Business Idea

There are millions of blogs, podcast episodes, and YouTube channels that brainstorm business and startup ideas based on Google search volume trends or data on where “smart” VC money is flowing.

Too many people study these hot trends like it’s some kind of religion… hoping to start something from nothing and make it “big.”

I won’t lie. It’s great for views and clicks… which is why there’s SO MUCH content like this.

If you’re one of these people, I have bad news for you… I hate this approach. (I have a better plan… Read on.)

5-7 years ago, it was crypto. Today, it’s AI. Next year, 3D printing. Blah blah blah – Stop it.

Stop chasing the next shiny object trying to “get rich.” This is not the game you and I should play. It’s too dangerous.

The problem is that…

• a) you’ll burn out chasing the big bucks

• b) the “shiny object” will wear out and you’ll chase another fad

• c) you’ll be competing with everyone else including scary VC-funded startups

Now, you might really be into crypto or AI. There is nothing wrong with that. If you’re one of the early AI newsletter operators that made it big riding the AI wave, good for you.

But, good luck when AI fizzles out. Or, when bigger players come in pouring millions of dollars to drown you out. And hopefully you won’t burn out while this is all happening at once.

The point is… if you’re bootstrapping a business, I never recommend starting a business based on a “hot trend.”

Business is a personal journey. One that will stretch you financially, mentally, physically, and spiritually. No joke.

If there’s one thing I’ve learned during my 9 years of entrepreneurship… you need to LOVE what you do. It’ll get you through your darkest days. And make your small wins that much better, too.

Build a business you’ll love now AND in 10 years. This is what’s important. Not what’s trending on Google search.

So, let’s get to the good stuff…

How do you find your next business idea?

Credit Card Statements

1. Grab your credit card statements for the last 6 months.

2. Cross off any expenses related to living costs (utilities, groceries, Uber).

3. Categorize your expenses – fancy dining, collectible sneakers, gaming, mechanical keyboards, etc. (It’s OK – no judging here.)

Do you see a pattern? Where are you spending most of your hard-earned money?

This exercise should give you clues to what your interests, hobbies, and passions are. Great place to start.

‘Free Time’ Study

Besides cold-hard cash, what’s the other precious asset that we all have? Time.

I’d argue time is even more valuable than money. So, how do we spend our limited, precious free time?

Audit your time. What gives you joy?

If your spending habit activities overlap with your ‘free time’ audit, you’ve hit jackpot.

That’s the niche you should double down on.

Now, a niche or industry alone isn’t a business idea. You need to solve a specific problem within that niche.

Create Your Own Luck

This is when the fun begins. Here’s a step-by-step guide on how to create your own luck (and find your next business idea).

1) Join as many in-person or online communities as possible within your niche.
2) Expose yourself to valuable, respected people in your niche.
3) Provide value upfront without any expectations.
4) Keep showing up – day after day.

If you hit a dead end, repeat Steps 1-4.

That’s it. Stir up your “luck” pot. See what happens after a few years. I promise you that good things will happen.

You’ll naturally bump into frustrations voiced by folks within your community. If you run into the same problems over and over again, you might have something to offer your community.

And that’s how you find your next business idea. Start simple.

How do I know this works?

Because I followed these exact steps 9 years ago when I launched Urban EDC from my one-bedroom apartment in San Francisco.

Trust me – it works! 😄

'Til next time,
Yong-Soo

P.S. In the spirit of the holidays, I’m taking the next two weeks off to wind down and reflect on a crazy and life-changing 2024. I wish you happy holidays – see you in 2025!

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