Many people today want to start a business, they want to become a business owner. Perhaps they’re experiencing a bit of FOMO (fear of missing out) on the entrepreneurial wave right now however, they don’t have a business idea to work with or don’t know what product they’d really like to sell.
So how do you get clear on what a great business idea is?
Probably one of the best ways to start to think about a business idea, is to first to start thinking about what problems do you have, or what problems could you solve, that are relevant for your own life.
Many of the businesses that have been most successful were founded because the person who started them had a particular problem that they needed solving. They founded the company because there simply wasn’t a product out there on the market that could solve that problem for them.
These entrepreneurs become so frustrated by that, they would go and create a solution. All in the hope that there would be other customers, just like them, who also felt the same way and would pay money for the solution to this problem too.
Problem solving is often a really good place to start as it is usually based on real customer demand. You are your own customer and if you feel there is a product missing in the marketplace or a service that is not offered, then it could be an opportunity and that other potential customers feel that too.
Your business idea can be something very niche. Niches work as an online business, so even if your business idea is very niche, and there may only be a few of you in your local town that feel that you need that product, service or solution.
However when you take that business idea online and research that demand globally, there could be enough of a market to justify a business.
With doing this approach there is always an element of needing to research this though, in case your specific demand or problem you are trying to solve is really just unique to you and your 10 friends… and that there is not enough demand in the market place to make it a profitable venture.
The other way to come up with great product ideas is to look at existing products that are already out there today, selling at volumes, that are popular right now today and perhaps putting a new spin on it.
So your business idea might be added functionality, it might be a new colour, new design, a new use or new application or integration that sits alongside that product.
Some of the most innovative business breakthroughs have been created from rethinking existing business and product ideas…
Lastly, another way to be inspired for a new business idea is to look at trends – take the time to look at whats trending on social media, trending globally, or growing in popularity.
Take the time to research what’s trending and you may be surprised and how underserved these new market places really are.
There are many marketing agencies that offer full research services on current trends. Make sure you brief a marketing agency clearly on what you want to research. As an opportunistic entrepreneur and business owner you can piggy back on those trends.
For example, the trend for subscription products is a growing one to watch for – so what else can be taken onto subscriptions? – e.g The Dollar Shave Club have taken the subscription model for men’s shaving and made it a huge success.
There are many options out there. Looking at solving problems, finding a niche with demand, flexing existing functionality and checking out the top trends can often be a great way to get inspiration for planning your big idea.