So, you want to start a business. Are you struggling with how to come up with a business idea?
You may already have something in mind, but if you don’t, there’s no need to worry.
There are ways to come up with ideas for a business, and they are easier than you think.
The product or service you’ll be selling is important, so coming up with the best idea doesn’t have to be difficult.
If you’re thinking of how to come up with a business idea that’s perfect for you, here are a few suggestions to get you started.
Consider “What’s Next?”
Many business ideas are ahead of the curve.
Think about the current technologies, trends, and ways you could possibly improve on those areas.
Pick any area that is currently brimming with new and innovative products.
Nowadays, there are a lot of innovations in home entertainment systems, living room products, and, of course, technology.
The two areas that can always benefit from new products are those that entertain people and those that make your home more accommodating and comfortable.
It doesn’t matter if your idea is similar to others that are successful.
You don’t have to reinvent the wheel in order to end up with a great business idea.
Taking an already great idea and expanding on it is always smart.
This is what tens of thousands of companies have done.
Just think of an idea that is already successful; then, determine how to improve on it.
At one time someone thought, if people love their cell phones and tablets, maybe they’ll need a case one day to protect it.
This is a great example of someone who took an already great idea and thought ahead enough to determine how to improve on that idea.
This step will help you generate a list of business ideas to start with.
Get to Know Yourself Better
Are still thinking of how to come up with a business Idea that’s right for you?
One more way to generate business ideas is getting to know yourself better.
This may sound like an odd tip, but there’s more to it than this.
If you list your top five strengths, skills, lifestyle goals, and even your values, it could tell you what you should do next.
Consider taking a personality test, such as the one by Gallup’s or the Myers-Briggs test.
Ask your friends and colleagues for honest feedback as well.
List as many traits as possible, even if there are dozens of them.
Next, narrow them down to five traits, which you can easily do once you’ve eliminated the traits that are similar.
It may take some work, but once you narrow it down to five traits, certain things will become obvious.
If your traits show that you are family-oriented and good with people, you may want to choose a service-related business or one that allows for a good work-family balance.
Whatever those traits show regarding your personality, go with it.
You’ll see a pattern in them, and this can help you determine what type of business to choose.
Determine What Your Areas Of Passion Are
When you’re deciding on the type of business you should choose, ask yourself these things:
- What skills have I mastered in a previous job?
- What have I studied in the past, either in college or in the school of life?
- Where have my passions always been?
- What has been my favorite hobby so far?
- What are the areas that I get excited about (whether you have experience in them or not)?
These questions will help you come up with a list of business ideas, some of which may be right for you.
Try to Solve Problems Before They Become Problems
In addition to choosing an idea that helps people solve existing problems, thinking up ways to solve problems before they become problems is another possibility.
Eventually, fossil fuels will run out, so the people currently thinking up ways to utilize sustainable ways to fuel a vehicle or cook your food are already one step ahead of the game.
You can think up a solution to keep animals from becoming extinct.
You can also develop makeup that protects a person’s privacy once face recognition software becomes more popular.
Preventative medications for illnesses such as Ebola and others is another great idea.
Additionally, coming up with must-have accessories for cars that drive themselves is a possibility.
Read up on technology that won’t be available for several years.
This will help you come up with ideas on your own.
Think about it a long time, and come up with practical ways to add accessories to future products.
In other words, take care of a problem that hasn’t occurred yet, or simply make a future product or services a lot more enjoyable.
If you research this topic enough, it’ll be easier than you think to come up with some great ideas.
Can Your Hobby Become a Business?
Not all hobbies can be turned into a business, but many of them can.
Even if your favorite hobby is playing with video games, it is possible for you to create new and more exciting video games for people to play.
The best thing to do is to sit down and start writing down some ideas of what you enjoy doing.
You can also start a side project that involves something you enjoy doing.
While you’re working on this side project, look for any issues or problems that occur while you’re working.
Next, keep an eye out for ways to solve those problems, which can be your most important learning experience in the end.
If you’re working on a side project, doing something you love, of course, the problems in this field will be easy to identify.
You can then capitalize on those problems to come up with great solutions that can be the foundation of your business idea.
In fact, many people find this technique a lot more productive than a simple brainstorming session.
It gives you a hands-on approach to coming up with the best idea for your business.
It also has a greater chance of producing an idea that is unique and one which will be profitable in the future.
Take Advantage of Networking with Others
Two heads are better than one, as the old saying goes.
When you’re trying to come up with a business idea, it is easy to assume that your new idea is a great one. However, it may not be.
If you network with other like-minded individuals, you are more likely to come up with the business idea of the century, or at least one that will work for you.
On your own, you can come up with a lot of good ideas, but together with a partner, the ideas can be phenomenal.
Ask business people who are in the field you are interested in pursuing to help you come up with an idea.
Ask everyone in the field, including the accountants and IT people.
Go to websites such as LinkedIn and look for industry-specific groups that you can contact.
Familiarize yourself first with the discussions and articles on these sites, and look for questions or problems that seem to recur throughout those articles and discussions.
If you notice a comment or question that pops up on a regular basis, this is a red flag that may indicate that it needs a solution.
The more you research the information, the more obvious it will become which problem needs a solution.
Pounce on that for a while, and the ideas will likely start to flow easily.
Complete a Venn Diagram
A Venn diagram is one where there are two or more circles with characteristics in each circle, and the place where they overlap is the area where the characteristics share a commonality.
If you write down your traits, many of them will overlap.
When it comes to the ones that do overlap, this is a great way to study them and try to turn them into the perfect business opportunity.
Make the process interesting and fun.
Write down all of the ideas that are popping into your head, even the quirky ones.
Most of all, open your mind because this is the only way to come up with something spectacular.
Most importantly, don’t just consider what the diagram is telling you that you should do, but you also should take a look at what you want to do.
After all, this is one of the main reasons you’re starting a business in the first place, to do something you enjoy.
Take your time doing this, and write down everything.
Pretty soon, it will become clear what you should be doing, and you can go from there.
Think Up Ways to Help People’s Lives Improve and Get Better
People buy both products and services to make their lives easier and better.
In fact, if you start by considering your own strengths and weaknesses, you can discover what others’ strengths and weaknesses are.
This, in turn, can help you decide what they might like to have to improve their lives.
Consider your specific experiences that have caused stress, and you can assume that others have had the same experiences.
Then, come up with a solution that can take care of the problem and improve your life and the lives of others.
Write them down, expand on them, and keep doing it until a good idea is developed.
Mediocre Ideas Deserve a Shot
When developing ideas for your business, you don’t have to be a perfectionist.
Don’t wait until the perfect idea comes up in your head.
If you have a list of “maybe” ideas, you owe it to yourself to explore them so that they have a chance of coming to full fruition.
If you get stuck on an idea you like better or you’re drawing a blank, those “in-between” ideas might be something to think about now.
Maybe, there are ideas you came up with several years ago, but you left it alone because it went nowhere, you might want to revive it now.
Regardless of where you are now in the process, it is a good idea to keep those “maybe” ideas on the table, at least for now.
Test And Refine Existing Ideas
Have you come up with a list of potential ideas?
At this point, it is never a good idea to just jump into creating your business.
Whether your business is selling a product or a service, you have to have customers in order to survive.
This is where you’ll want to conduct some market research, both informal and formal.
You have to assess your ideas to see if they’ll work.
This includes studying your would-be customers so that you can know who they are.
Ask potential customers what they think of your idea.
Based on their feedback, refine your list of ideas.
Interview experienced business people, and test your ideas.
Let them poke holes in your ideas.
This way you will get some valuable feedback.
Brilliant startup ideas are developed when you discover lateral business problems from those already in the business, and the only way to do this is to talk to successful business people.
In fact, the more you open up to others and share your ideas, the more feedback you’ll get.
The more feedback you get, the more you can hone and sharpen your own ideas.
Give Yourself a Break
If you’re frustrated because the next great business idea hasn’t come to you yet, stop looking for it for a bit.
Sometimes, the business idea finds you instead of you finding it.
Everyone has heard of the couple having trouble getting pregnant, so they decide to adopt.
Once the adoption process begins, pregnancy often occurs.
This is because, at times, you are concentrating too much on your ideas, which can cause stress.
Taking a break from the situation can help.
In these instances, you may find that business ideas just pop into your head while you’re on a “break.”
Even if this doesn’t happen, there is no need to panic.
Give yourself some time before you start up again with trying to think up the perfect idea.
Your brain needs a chance to rest.
Even though it’s good to have goals and timelines, putting too much stress on yourself is never good.
Give yourself some time and think about other things.
Once you go back to your efforts, your brain will be clearer.
This should make going back to developing those business ideas a lot easier to do.
How to Come Up With a Business Idea Infographic
Coming Up With the Perfect Idea For Your business May Take Time
Coming up with the perfect idea for your business may take time.
It might even be complex.
Take it one step at a time and go through the steps described above.
This will go a long way in helping you come up with the perfect business idea.
You may have to continuously introduce new ideas and revise your lists to come up with the perfect idea.
It’ll take some time, but, in the end, it will be worth it.
Set some goals for yourself, keep coming up with ideas, continue consulting with the experts, and research, research, research.
Don’t stop until you get the one that is best for you.
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