Before you start thinking about sales and investors, you need an idea. You can’t start a business without an idea. However, finding an idea that would successfully launch a start-up is often easier said than done. Consider these tips:
Again, this is easier said than done. Start by listing all of the things that interest you, as well as things you are good at. Also, ask yourself why you even want to start a business in the first place. This list doesn’t have to make sense: it is meant to make you think about your strengths and weaknesses, and how you could use them in your start-up. If your idea is something you are passionate about, chances are you will be successful.
You should also consider your financial situation, and know how much money you can afford to invest in your business, as this may influence your start-up ideas. Don’t start a business relying solely on investors: be prepared to use some of your own money as well.
Fill a Need
Think about your own life, and how you can make it better. You can think of small improvements or big ones. Ask yourself: how could my life be better as a father, mother, husband, wife, grandparent, etc.?
Look for inspiration in the outside world. Whenever you go out, think about how you can make it better. If you are thinking it, chances are you are not the only one, and your idea can fuel a start-up. Here is a good example: Reed Hastings once got charged 40$ of late-fees while returning a DVD. Instead of simply paying the fee and moving on with his life, he thought about how he could make this small aspect of his life better: and that’s how Netflix was born.
Think about the long-term
Get inspired by everything around you, but don’t forget to consider your business idea’s potential in the long run. Think about current market needs, trends, and demographics that are ever-changing and could impact your business idea. You can use the media to constantly stay connected to market trends.
You should also consider competitors when you search for an idea. Sure, every business has competitors, but you shouldn’t be wasting all of your money in a pricing war. Use something with minimal competition so you can invest money on growing your business instead of competition.
Above all, your idea is about you: your strengths, weaknesses, and interests. If you choose an idea you don’t care about, it will be harder to stay inspired and make it successful. Don’t forget that once you found your idea, protect it: use non-disclosure agreements, trademarks, and patents, to keep your idea to yourself.
Wherever you go, keep looking for inspiration: you never know when you will find the idea that will start a successful new business.Email This Post