How to come up with a winning business idea
Sound familiar? “I want to start my own business and be my own boss, but I don’t know what kind of business to start?!?!”
It’s true; coming up with a great business ideas can be very hard. It is actually just the start of the challenges you’ll face on your entrepreneurial journey. A unique (and profitable) idea is at the heart of any successful business. Look at the successful businesses around you – from your local fast food chain to the latest iPhone, each of these businesses started with the right idea at the right time. How did these entrepreneurs do it? It seems so simple, yet how often have you wondered, “why didn’t I think of that”?
So, where do these revolutionary business ideas come from? Where can you get your inspiration? Here are some things to try…
1. Make a list
Work out your ‘idea muscle’ every day. Each day make a list of anything inspirational / interesting you can think of. It doesn’t have to be about starting a business. It can be about 10 books you read and loved, 10 books you would like to read, 10 meal you’d like to prepare, 10 places you’d love to visit, 10 good story titles, etc. This is a good exercise for your brain and your creativity. Keep working this; you never know when a great business idea will emerge.
2. Hunt for ideas
Invest in learning about businesses and trends in the markets that interest you. Talk to successful business owners. Get to know the people behind the businesses in your areas of interest. Study websites and different business models. Use existing products and services as your inspiration.
3. Find a solution
We all face problems and challenges on a daily basis. Identify the problems (big and small) that really get under your skin and start looking at these problems as opportunities. This is one of the easiest ways to come up with a business idea. Focus on a specific problem that affects a large number of people and see if you can find a creative and innovative solution. Many great business ideas are the result of someone’s effort to find a solution to everyday problems.
4. Offer a more affordable product or service
Can you find a way to offer people a less expensive version of an existing product? A great business can be as simple as giving people an opportunity to save money.
5. Imitate and improve
Having an entrepreneurial mind-set is not always about bringing the newest product to the market. Sometimes all you need to do is be on the lookout for a product or service that can be improved. Talk to people and find out what frustrates them about the products they love. Read product and services reviews. Once you understand the most common customer complaints and feedback YOU can be the improvement.
6. Talk to your network
People are FULL of ideas. When you’re with your friends, family and work network or attending a conference perhaps, take time to really listen and share experiences with others. Rather than swapping business cards, take time to engage and learn from their stories. Talking can really open up your mind to a flurry of creative business ideas.
To build a successful business from scratch you have to develop an entrepreneurial mind-set – to see the world as one opportunity after another. Work hard to open your mind to the thousands of great business ideas all around you.
Not sure if your business idea is a viable one? Struggling to come up with a great business idea? The Business Maximizer (Pamela Finnesand) can help! Schedule your free Business Breakthrough Strategy Session today!
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