How to come up with a business idea - Part 2
In Part 1 of this article, topics like how to decide whether you will be providing a product or a service, defining what USP is and how to come with the tentative business idea were addressed.
If you want to follow along, you should go read through Part 1 first!
If you miss it you can check it here: How to come up with a business idea - Part 1
Let's continue developing this subject.
Perhaps no one in your area provides repair work for lawnmowers.
You can do this by asking yourself what the next logical step is for a product or service. Since distance learning and video conferencing is becoming more popular, for example, you might want to start a business that specialises in training entirely online.
By looking at current trends and taking them a step further, you might come up with an idea for a course that will be in demand.
Investigate the internet and see what the common keywords or internet searches are (Google this).
This will show you what people search for most often, which can spark an idea for you. Get on the internet (YouTube) and understand the process for Keyword Research this will help you enormously in your business down the track.
Oftentimes, you can creatively apply skills learned elsewhere to improve a completely different field.
When considering your business ideas, take all of your skills into account. You may have a certain talent that could work well a different field
If you need ideas, go to a local store, preferably a department store with a lot of products. Then just walk the aisles and take note of the products you see. What do they offer people? What are their flaws?
Talk to people from diverse fields. If you're trying to come up with a new software, don't only talk to fellow computer experts. Branch out and talk to people from different fields, especially fields that you aren't familiar with. See how they use products or services to improve their lives. This will help you think outside the box and look at things from a different angle.
The brain often thinks up ideas when you're not forcing it to. By taking a step back, you're letting your brain rest.
During that rest time, you should do your best to not think about your business, product, or anything related to it.
Next (and final) post will address how to evaluate your ideas and making your idea a reality.
To find out more about this topic you can watch these videos here: Business Idea Videos (a curated list)
If you want to follow along, you should go read through Part 1 first!
If you miss it you can check it here: How to come up with a business idea - Part 1
Let's continue developing this subject.
Identify a problem with the existing industry
Frequently, businesses or inventions began because someone was frustrated with the current way of doing things. A good way to come up with a business plan is to look for these problems. If you're feeling frustrated about something, it is possible that others feel the same way, which gives you a potential market.Perhaps no one in your area provides repair work for lawnmowers.
Now you've identified a problem that you could remedy by providing that service!
Build upon an existing business idea
Rather than a problem with the current industry, you might notice something that a business does well. Take that and see if you can improve upon it. By taking ideas one step further than the current industry does, you could carve a good niche for yourself in the market.Look towards the future
Successful entrepreneurs are innovators. They don't stick with old methods or technologies, but rather look ahead and see what will be successful in the future.You can do this by asking yourself what the next logical step is for a product or service. Since distance learning and video conferencing is becoming more popular, for example, you might want to start a business that specialises in training entirely online.
By looking at current trends and taking them a step further, you might come up with an idea for a course that will be in demand.
Conduct preliminary consumer research
While market research is usually only used after you have an idea, you can do some early research to discover what people value. This can help you come up with an idea based on people's wants and needs.Investigate the internet and see what the common keywords or internet searches are (Google this).
This will show you what people search for most often, which can spark an idea for you. Get on the internet (YouTube) and understand the process for Keyword Research this will help you enormously in your business down the track.
Apply your skills in a different area
Another way to come up with a new product or service is to use skills you've acquired in another area.Oftentimes, you can creatively apply skills learned elsewhere to improve a completely different field.
When considering your business ideas, take all of your skills into account. You may have a certain talent that could work well a different field
Foster your creativity
Don't be too critical of your ideas at this stage. During this brainstorming period, you shouldn't feel constrained. Instead, free your mind and see what you come up with.There are several ways you can stimulate your creativity and help come up with ideas.
If you need ideas, go to a local store, preferably a department store with a lot of products. Then just walk the aisles and take note of the products you see. What do they offer people? What are their flaws?
Talk to people from diverse fields. If you're trying to come up with a new software, don't only talk to fellow computer experts. Branch out and talk to people from different fields, especially fields that you aren't familiar with. See how they use products or services to improve their lives. This will help you think outside the box and look at things from a different angle.
A new viewpoint can give your creativity a big boost.
Take breaks
Though it is a bit cliché, the stories of people coming up with brilliant ideas in the shower are true.The brain often thinks up ideas when you're not forcing it to. By taking a step back, you're letting your brain rest.
During that rest time, you should do your best to not think about your business, product, or anything related to it.
Next (and final) post will address how to evaluate your ideas and making your idea a reality.
To find out more about this topic you can watch these videos here: Business Idea Videos (a curated list)
About Daniel Vukasovich
No comments