How to find the perfect business idea by studying growing trends
When you’ve decided that you want to be master of your own destiny and start your own business, you need to find the perfect business idea for you. For one, what sort of small business do you want to create? Is there anything that you feel your business would do, for example, change the way […]

How do you spot a trend?
Most entrepreneurs start by assessing current business trends. They do this by listening to the news, reading industry-specific research, talking to friends, family, other entrepreneurs or drawing on their own personal work experience. They also use their financial data to gain better business insight. Case study: Ugly Drinks Hugh Thomas and his friend Joe Benn set up Ugly Drinks in 2015. Thomas’ inspiration for his business stemmed from a shift in public opinion for healthier sugar free drinks, with little or no artificial sweeteners. At that time, the NHS were highlighting the chronic diabetes and obesity levels in the UK amongst the nation, but particularly amongst children. Thomas and Benn also worked in the drinks industry for coconut water brand Vita Coco, and they noticed people were looking for the option of a drink without sugar or sweetener in it, but wasn’t water and still had a flavour. Hence Ugly Drinks came about.
Finding a business idea from Maslow’s hierarchy of needs
Jon Shaw, of trends and innovation studio Future Filter, says another way to spot a trend is “To look at trends through the filter of human needs. Maslow’s hierarchy is a good filter to use when judging an idea or opportunity. If the trends points towards a human need it is more likely to be successful.”
Do you have what it takes to spot a business trend?
Dr Emma Folmer, lecturer in entrepreneurship at Aston Business School believes that one of the reasons why entrepreneurs start up a business, and are successful at what they do is because “They identify a problem and want to solve it. For example, a problem in society is unhealthy eating, so why not create a business focussed on ‘clean’ or ‘healthy’ eating. “They also want to solve practical problems, for example, an ageing population or making society more sustainable. Entrepreneurs also want to combine their product or business with convenience. For instance, from my experience, subscription services are a very popular trend at the moment, like Hello Fresh – healthy eating boxes of food delivered to you. “Next year we should look out for more start-ups created around the themes of sustainability, convenience and affordability”, says Dr Folmer. Aston University in Birmingham runs its own business incubator for start-ups called ‘BSeen’. Dr Folmer says at this incubator, many of the entrepreneurs try to create businesses that address social problems or inequality within society. Case study: Class Careers Aston University graduate Christos Orthodoxou, set up Class Careers to end inequality in careers education. The business connects employers to young people in school classrooms across the country through live online workshops. Focusing on school leaver programmes and apprenticeships, Orthodoxou aims to raise awareness of the different career paths and opportunities available to young people as an alternative to university. By connecting young people directly with employers, Class Careers are able to facilitate meaningful chats and, in turn, raise awareness and drive applications. Chris is currently working with Lloyds Banking Group and PwC, with previous clients including Sky, Pinsent Masons and M&S. Class Careers has won a number of awards since it was founded, including Baldwin’s £10,000 Kickstart Youth Entrepreneur Award, BSEEN Social Impact Award and the SE ‘Passion’ category award from Social Enterprise West Midlands.Ready to get started?
Here are the five key ways to identify a trend and find your perfect business idea.- It meets a basic need.
- It’s relevant to your customers’ lives.
- It fits your brand.
- The trend is repeated across many fields. (Like sustainability for example).
- It has got the attention of competitors. (Imitation is the sincerest form of flattery!)
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