2021 is around the corner. The start of the year is the perfect time for innovations and starting a business. First, you need to come up with a lot of business ideas and pick the most promising one. “Great companies start because the founders want to change the world, not make a fast buck,” Guy Kawasaki emphasizes.
Here are a few simple tips to help you think of a winning business idea.
Think about your Skills
Do you have skills or experiences that could become the foundation of your startup? Unsurprisingly, you are more likely to make your business idea a success if you use the skills you already have.
Ask yourself whether you can apply them in a new area or niche. For example, if you are an avid linguist and language teacher, you can team with a software developer and build a language learning app.
Consider your Lifestyle
Even if it may seem irrelevant, your lifestyle is a critical aspect of your ideating process. Your needs, preferences, and interests dictate the success of your company.
Imagine your perfect day at work. Eliminate all business ideas that contradict it and focus on what makes you happy.
Eliminate any unrealistic ideas and expectations.
For example, should you run a blog and monetize it if you are not fond of sedentary jobs that require significant time investments?
Talk to Potential Customers
To come up with a valuable business idea that aligns with the market needs, start by talking to potential customers. For example, if you are interested in selling glass smoking pipes and vapes, follow smoke shops in your area. Use social networks, forums, Q&A sites to listen to customers. Create an online survey to learn more about customers’ needs, interests, and problems.
The idea is to determine what your target customers wish they could find in the marketplace. That way, you will narrow down your business ideas and build a strategy that works.
Solve a Problem
Think about your everyday life. Sometimes, problems that bug you can be a perfect basis for your business. Look around your home, store, or office. You will notice numerous mundane tasks that could potentially be made easier by the right product.
For example, when the founder of BookRenter was in college, he thought that textbooks cost too much. When he graduated, he decided to address this problem by starting an online textbook rental company that allows students to rent textbooks for up to 80% off the retail price. The idea came from the frustration associated with buying expensive books and became a huge success.
Look for Gaps in the Existing Market
You do not have to reinvent the wheel to become an entrepreneur. Keep up with current market trends and identify their gaps. Is there anything the big industry brands are missing out on? The goal is to use your knowledge, experiences, and frustration to figure out how you can fill these gaps.
You can start by improving existing products and services. By creating an innovative product that stands, you will boost its value and maximize sales.
Many brands, including Airbnb, started this way. During the Industrial Designers’ Conference, there was a shortage of hotel rooms. Two unemployed guys saw the opportunity in renting out their apartment to designers looking for a place to stay. It began as a temporary gig and turned into a multi-million corporation.
Create a Cheaper Alternative of an Existing Product
One of the most common mistakes business owners make is believing they cannot succeed because there is competition. Well, if the idea is good, it will attract innovative entrepreneurs.
The question is how you will stand out in a competitive market. One of the simplest ways to do that is to offer high-quality products at a lower price. For example, Warby Parker, a New York-based online retailer of prescription glasses and sunglasses, was launched in 2010 by four school friends. They started selling prescription glasses at a revolutionary low price.
Ready to Start a Business?
Always remember that your business idea does not have to be perfect.
Let your thoughts swirl around in your head.
Combine and compare different ideas.
Stay creative and keep your mind open.
Observe things around you to seek inspiration. Analyze everything you notice from an entrepreneurial viewpoint.
Focus on customer needs, preferences, and expectations.
Most importantly, choose a business idea that aligns with your values, goals, and interest. Running a company you are passionate about is the biggest win.
