Becoming an entrepreneur requires a lot of hard work and dedication, but most of all, it requires a great idea.
Brainstorming a solid business idea is anything but easy. With saturated markets as far as the eye can see, you really have to think outside the box to come up with a viable moneymaker, and even when you do, you’ve got to be sure that it’s not so outside the box that you won’t find any customers. It’s a tricky line to tow.
In this post, we’re going to try to help you find a new business to start by telling you how you should be thinking about it. There are some key concepts that you can integrate into your brainstorming which will help you separate good ideas from bad ones and great ones from good ones. Once you’ve got a few ideas, it’s all about doing the proper market research to figure out what’s viable and what isn’t.
Having a good idea is the beginning, but putting the hard work into developing the idea and starting the business will be what takes you over the top. Let’s dig in and turn you into the entrepreneur you’ve always wanted to be.
Don’t Get Too Cute
The last thing you want to do when coming up with prospective business ideas is to overcomplicate them. Being original is a good thing, but you shouldn’t have to go too far out of your way to come up with something that’ll work. At a certain point, when you get too cute, your business idea will fail to resonate with the general public.
Let go of your desire to be the first person with an idea. There are simply too many businesses out there for you to be completely original, so focus your energy on making a sensible business instead of something out of left field.
Stick With What You’re Passionate About
When you’re starting a new business, it’s easy to get wrapped up in a niche that seems promising. However, you have to think long-term if you’re going to be trying to run a business successfully for an extended period of time. Are you going to be in love with this business in 5, 10, or 25 years?
Stray away from flash in the pan ideas that feel right in the moment. Your business should be something you’ve been passionate about for a while and if it isn’t, you should sit with it for a while to make sure it’s something you want to invest a significant amount of time in.
Find Holes and Project Forward
One good method for brainstorming is to look at some current businesses in a particular niche and analyze them to figure out what they’re doing wrong. It’s okay to take inspiration from local competitors and copy what they do well, but you should be able to improve upon their deficiencies in order to rise above.
Another thing to look at in this vein is what the market for a particular niche will be like in the future. Technology and progress is something that turns over very quickly, so projecting forward and embracing changes, whatever they may be, can only help you get your business off the ground.
Redeploy Your Existing Skillset
If you’ve got an extensive background in a certain niche and you’re looking to go off on your own, figure out how you can use your skillset in new ways. Just because most of your experience exists in one area doesn’t mean you have to stay in that niche.
In fact, combining niches can be a really effective way to come up with innovative business ideas. A mix and match approach to brainstorming might not yield amazing business ideas across the board, but when well thought out, you can stumble on interesting product or service ideas.
Finding Easier Ways to Do Things
In general, there are a few approaches to deliberating on business ideas. At the end of the day, you’re trying to solve problems for the general public, so one way is to look at existing products/services and attempting to think of ways to make customers’ lives easier.
A hugely popular example of this might be something like Uber. This innovation took the technology that was available and allowed people to find an easy alternative to taking cabs, while simultaneously creating jobs for car owners.
Finding Cheaper Ways to Do Things
The other main method for analyzing business ideas is to find cheaper ways to do things. Take an existing business that costs customers a large amount of money and figure out how to make the same product/service available for cheaper.
A good example of this would be Warby Parker, which is a company that saw how expensive eye glasses were and successfully made them available for cheaper.
Flesh Out Ideas Thoroughly
Once you’ve narrowed your business ideas down to a few candidates with the most potential, flesh the ideas out thoroughly by writing out a business plan. A good business plan will cover everything from startup costs to all of the legalities of forming a business entity. You can never understate the importance of proper business formation, so it’s crucial to have an idea of how you’ll go about starting and running each one of your business ideas.
The ones that have the most seamless looking business plans are more than likely going to be the businesses that will be the easiest to get up and running. Let your market research and passion dictate which business you decide to move forward with and then use your business plan as a guide to make those first steps forward into entrepreneurship.
Finding a New Business to Start Doesn’t Have to Be Painful
Finding a new business to start will feel like climbing a mountain at first, but once you’ve found something that you really love, the work will be enjoyable. Use these tips to brainstorm and narrow down between your business ideas, but your unique approach will guide you on your path to success. There’s nothing more rewarding than running your own successful business, so get brainstorming and prepare to turn your idea into a thriving company.
If you enjoyed this post, come back again for more helpful business tips.