Think of a business idea.
Do you already have a good business idea? If so, congrats! You can continue to the next section. If not, there are lots of ways to start brainstorming good ideas. 8 Ways to Start a Business Idea gives people ideas for businesses.. Here are some pointers from the article:
Want to know what’s next. What technologies or advances are coming soon and how will they change the business landscape as we know it? Can you stay ahead of the curve?
Fix something that’s bothering you. People would rather have less bad than more good. If your company can solve a problem for your customers, they will be grateful.
Apply your skills in a whole new area. Many companies and industries do things their way because that’s the way they’ve always been. In these cases, a fresh look from a new perspective can make all the difference.
Use a better, cheaper and faster approach. Do you have a business idea that isn’t exactly new? If so, think about the current offerings and focus on how you can make something better, cheaper, or faster.
Reach out to people, ask questions, and take advice from experienced entrepreneurs..
Refine your idea.
If you’re thinking about starting a business, you probably already have an idea of what you want to sell, or at least what market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what brand leaders are doing today and find out how you can do it even better. If you think your company can deliver something no other company can (or do the same thing but faster and cheaper), you have a solid idea and a business plan ready.
“To quote Simon Sinek, ‘Always start with a why,’” says Glen Gutke, CEO of Awake Consulting and Coaching. “It’s great to know why you started your business. In this process, it is useful to distinguish whether the business is serving personal goals or market goals. Companies focused on meeting market needs have greater reach than those focused on personal needs.”
Another option is to open a franchise from an established company. The concept, brand loyalty and business model are in place; All you need is a suitable location and funds to finance your operation. Whichever option you choose, it’s important to understand the reasoning behind your idea. Stephanie Desaulniers, director of business operations and programs for women at the Conation Center, warns entrepreneurs against writing a business plan or thinking about a company name before they have determined the value of the idea.
“A lot of people think they have a great idea and start their business without thinking about who their customers will be or why those people want to buy from them or hire them,” says Desaulniers. “Second, you need to be clear about why you want to work with this client–do you have a passion for making people’s lives easier? Or do you like making art to bring color to your world? Identifying these answers will help clarify your mission. Third, you want to determine how you are going to deliver that value to your customers and how you are going to communicate that value in a way they are willing to pay for.”
During the idea generation phase, you should clarify the basic details. If you don’t care about the idea or there’s no market for your creation, it may be time to think about other ideas.
How to recognize a business idea
There are lots of great business ideas out there, and not all of them are unique. In fact, new companies continue to enter markets in saturated industries successfully, and for the most part, they are not very disruptive..
Some just take advantage of the huge market. For example, food and beverage entrepreneurs know that people will always be hungry and thirsty. Most consumers have a myriad of ways to satisfy these basic needs, but when a new product stands out—whether because of better taste, brand, or nutritional value—they often reach for it.
Or take the multibillion dollar razor market. Established players with colossal advertising budgets dominated the market for years before the Dollar Shave Club emerged. And founders Michael Rubin and Marc Levine didn’t need to invent revolutionary new products to gain market share and attract venture capital. Their marketing plan used a subscription model and within five years, their product went from viral videos to a billion-dollar success..
Dubin and Levine had a proven viable idea, and they developed a unique value proposition to sell it. The quality of their razors and the convenience of their subscription service are factors that help them stand out. Easy, right?
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