Has your business idea got what it takes to succeed?
Many people say that they would like to start their own business. With unemployment at its
highest level in many starting your own business is viable option for many people.
Just like a novel, everyone has at least one good business idea. There is no predefined
process in finding a business idea but here are a few steps you should take in finding your
Utilise your own skills and contacts
You will probably find that it is not your own job you hate, it the company you work for you
dislike. You need to should think if you could run the same type of business differently.
Can you improve customer relationships by providing a more personal service?
Can you deliver the same service or products over the internet?
Can you deliver an improved service to people in your local area?
Use existing contacts within your industry start to your own business.
What are the hottest products and business practices at the moment, if you think the market
has not reached its peak, jump on the band waggon. You do not need to be the first person
in the market to be successful. A great example of this is Apple, they were not the company
to make a computer or a mp3 player, just look at how successful they have been. Think of
how you could improve existing products or services.
Can you predict what will be the next big thing? Use Twitter and Google+ have to see what is
trending at the moment locally, nationally and worldwide.
Create a group
Increase your chances of coming up with a great idea by creating or joining a group of friends
or colleagues to come up with ideas. Choose your group carefully because these people may
become your business partners in the future. If your group if serious about coming up with
ideas it is always a good idea to come to an written agreement prior to forming the group to
ensure no one can leave and start a company independently using an idea from the group.
This could save you lots of time and money in the future.
Inspiration is everywhere
Stimulate your thought processes by doing things outside of your normal routine like visiting
museums and art galleries. Use social bookmarking sites like stumble upon, digg, redditt
or delicious to surf the Internet, watch television, listen to radio especially Radio 4, read a
variety of magazines.
Once you have opened your mind to new ideas you will find inspiration almost everywhere.
Use Evernote or similar note taking cloud based software for taking notes on your phone,
tablet or on computer. Alternatively keep a notepad in your pocket or bag.
Use mind mapping software like FreeMind to develop your ideas further.
A great website for new business is Springwise, look at some of the examples and see if they
could work in your town or city.
The Unique Selling Point (USP) of most businesses is that they solve a problem. Think of
problems you could solve. Solving even in the smallest problem there is a potential business.
Its also worth speaking to your friend and family about problems they wish they could solve.
Find a Gap
Have you been on holiday and used or seen a product or service you wish you had in your local
area? If this is the case you have probably found a gap in the market.
To find a gap in the market you should think about what products or services you wish you
had but cannot find. Use google and local directories to check that there is not a company
that does what you are thinking of. If you find a similar company visit their website or call
them to find out what goods or services they provide.
Are you willing to do what others are not?
Over the past decade personal services is one of the fastest growing sectors in UK. A great
example of this is the growth of car valeting business. Think of other routine tasks that
people find time consuming or dislike doing.
Make money without an idea
Even if you cannot think of a good business idea you can still make money, you can invest
in someone who does. Crowd funding websites like CrowdCube and SeedUps allow regular
people to fund new companies as a collective therefore spreading the risk.