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Working a nine-to-five in the corporate sector starting to feel like watching paint dry?
Does everyday look as dull as dishwater because you’re stuck in the same loop? Perhaps it’s time for you to take a step into the unknown and begin climbing your ladder, at a pace that suits YOU.
But before you take off on your entrepreneurial journey, you must realize that almost 50% of businesses fail in the first five years. We don’t mean to discourage you, but one of the biggest reasons behind all these failing ventures is not meeting market needs.
You must come up with a business idea that not only matches your interests but also meets market needs, and it’s not exactly what you’d call a piece of cake. But worry not, we’re here to help.
How to Come Up With a Business Idea – What’s the Key?
We know the advantages of setting up your own business. However, being able to be your own boss is not a solid enough reason to start a business. Even if you’re convinced to follow the entrepreneurial path, contriving a market-worthy idea is critical before you invest your time and resources.
Learning from others and adapting to the market is crucial to come up with a worthy business idea. But how do you tap into that?
Countless new niches are coming up for entrepreneurs to establish small firms, and the best way to find them is through research. There are innumerable sources of advice on how to start a business available on the web too.
The internet has made it possible for business owners to interact with their peers, learn from their failures, and use successful decisions as a guide for their own pathways.
How to Come Up With a Business Idea – 11 Creative Tips
If you want to start a business, you’ll need a remarkable small business idea. You may find it important to note that a remarkable idea is not necessarily a groundbreaking one. We’ll be discussing this, later on, so keep your eyes glued!
Below we’ve listed some tried-and-tested tactics some of which you can incorporate into your everyday routine. This will make finding a good business idea a walk in the park. This is because people with the appropriate mindset are discovering million-dollar ideas every day. They don’t have exceptional qualities, and their success can be replicated.
The tactics below will break down and simplify how to come up with a business idea, making it as simple as ABC!
1. Introspection: Examine Your Skillset
Begin by looking within yourself. Do you have a skill or a track record that might become the cornerstone of a profitable business idea? Examine what you do during the day and after work, and explore how you may apply those abilities in your own business.
To come up with a viable idea for a business, ask yourself, ‘What are my marketable abilities and experience? Will customers be willing to pay for my goods or services?’
2. Identify Unmet Needs
Always be aware of the market. Keep your eyes and ears open for areas in the corporate sector where there is an unmet demand. One technique is to read the news regularly to come up with a business concept.
You might be amazed at how many opportunities your creativity can divulge–especially when you stay up with current events and discover market trends, new fads, industry news—and occasionally just new ideas with commercial potential.
3. Create a Novel Product or Service
Look around your life and consider how different pain areas in your day could be resolved or enhanced. Inquire about any other services that consumers would like to see. Once you’ve started thinking, narrow your emphasis to a certain target market and develop service ideas for that group.
Finding and exploiting a niche market is one of the finest pathways to business success, especially if you focus on an area you’re passionate about. Coming up with a business idea doesn’t sound like much of an uphill task anymore, does it?
4. Effectuation: Using Effectual Thinking to Find a Business Idea
Causal thinking is the process of developing a business idea by following the pattern of cause and effect. Regardless of who you are to face the issue, you think of the problem and decide how to overcome it.
Effective thinking is the process of looking at your existing assets and determining what you are uniquely positioned to perform. Wondering how this information can help you come up with a business idea?
Knowledge, certifications, networks, and exceptional strengths are among your assets. They contain enormous value somewhere within them. It could be found in something that seems ridiculously apparent to you but is revolutionary to others.
Once you’ve had your fantastic business idea and determined what you’re uniquely qualified to perform, you’ll be filled with confidence in your own abilities and where they will lead you. You don’t have to come up with a spectacular innovation or establish a new service from scratch.
You might improve on something that currently exists. Make it less expensive. Or more convenient to use. Or more appealing to millennials, baby boomers, or whichever demographic you want.
5. Adding Value To Existing Products
Left scratching your head wondering how existing products can help you come up with a business idea?
Let us jog your memory. Remember we mentioned earlier that you don’t need a groundbreaking idea to create a business? See, you don’t have to reinvent the wheel to start a great business. Instead, consider how to improve an existing product. Here are some improvements that can be done to improve something:
- Customer satisfaction
Is it possible to improve an existing product by having it delivered? Or, could you deliver a new product or service to an underrepresented geographic market? Can you, on the other hand, increase customer experience by, say, forming a community around the product or service you’re offering?
Consider the items you buy and what you could do with them to add value and build a profitable business.
6. Change Your Surroundings
Changing your surroundings will alter your thinking. Your brain is compelled to switch off autopilot as a survival strategy. It’s humming along, digesting new data, and scanning for threats. It’s prime idea time.
Frequently alter your routine. Make spontaneity your regularity. Refuse to repeat the same weekend. Refuse to repeat the same walk. Stop reading the same authors’ novels. Expand your consciousness to become a magnet for ideas. Spend time with new and entrepreneurial people to encourage your own. To stay attentive, hear new viewpoints, and absorb new influences, do something new every day.
Looking deeper into the mundane things that happen around you can lead to a brilliant business idea.
7. Look into Other Markets
Another technique to generate a business concept is to identify a new market for an existing product. One technique is to use low-end disruption, which involves positioning your product at the bottom of the market using a low-cost product or service. Then you can advance to serve larger markets.
You can also build a new market within an existing segment. Essentially, you are providing new innovation and customer access.
8. Get on the Bandwagon
Markets can sometimes spike as a result of current events. Large numbers of people suddenly desire or need something, and the accompanying demand cannot be satisfied immediately. For example, Etsy sellers sold $376 million in handmade masks during the second quarter of 2020.
Examine existing firms and the products and services they provide to see if there is a need for additional of those items or services. If so, create business ideas to fill the market vacuum.
9. Conduct Market Research
No enterprise should be established without first conducting market research. Construct an online questionnaire with Google Forms and share it with your target audience. This surpasses geographic limitations, which is a significant advantage over on-field surveys in that it allows you to acquire a broader, global perspective.
Another option is to do a focus group session. This is where you ask people from your target demographics to join in a group conversation about the products or services. A focus group can help you achieve the following goals:
- Determining the consumer’s first impression of the product or service based on packaging and/or marketing campaigns
- Obtaining customer feedback in real-time
10. Use Your Network
Talking with people about your problem and potential solutions is a terrific method to think creatively. When it comes to questions like “how to come up with a business idea”, extroverted personalities are arguably one of your best bets.
Such individuals may prefer to talk to business colleagues rather than write in a journal, but associating with these personalities can aid you in creating many beneficial relationships. Overall, networking is an excellent approach to making relationships and finally selling your product.
11. Ask Your Loved Ones
Asking family and friends to validate your business idea should be your final resort. Because they don’t want to hurt your feelings, they will often give you nice feedback. Furthermore, people may buy your goods or service simply to show their support.
They may, for example, support your crowdfunding campaign despite the fact that they would not have purchased the goods or services from an unknown business.
Frequently Asked Questions on How to Come Up with a Business Idea
Consider names that exemplify your brand and differentiate you from the competition. Then, use your state’s business name search to see if the name has already been registered. Consult your state’s secretary of state or another office in charge of business entity filings.
Once you’ve discovered a suitable available name, don’t lax off, and get straight on to register it with your state. It is also possible to register it as a federal trademark.
Read our detailed guide on how to come up with a business name.
There are several steps involved in launching a business. The first step is to conduct market research to validate your concept. Then you may create a business strategy and determine what type of finance you will require to get started. Determine your company’s structure, name, and location. Finally, obtain any necessary licenses or permits and open a business bank account.
Bottom Line on How to Find a Business Idea
Are you teeming with business ideas right now?
Make a list of your thoughts. Allow them to whirl and merge in your mind. Maintain an open mind and continue to evaluate everything you read and hear from an entrepreneurial standpoint. With the newfound knowledge that we hope you’ve gained after reading this article, you’ll find that coming up with a business idea is quite like child’s play!
You don’t want to jump into the first business concept that comes to mind. You want to choose the one that is most suited to your abilities and objectives. Coming up with a business idea isn’t that difficult. Thinking, and planning to subsequently turn that business idea into the enterprise you’ve always desired, however, is quite a daunting endeavor.
We wish you the best of luck in your endeavors!