Coming up with new business ideas, whether starting a new business or developing a new idea within an existing business, can be difficult. Ideas will pop in but the point is to come up with creative and profitable ideas that customers will like and purchase. Identify any existing gaps in the market, be creative and inventive but don’t forget to stay focused on the target market.
Originality might not be the best idea, making an existing idea different or unique can be the answer.
- Can you make something better?
- Can you supply something quicker and cheaper?
- Can you add new features to a product or service?
- Can you improve the performance or safety?
Brainstorm your ideas with friends and family and then draw a mind map and see what emerges.
There are things you must keep in mind though:
- What do people buy?
- What do they want but can’t buy easily?
- Where do they buy from now?
- Why do they buy?
- What else might they need?
Base your approach on these areas:
This is when you buy all the materials, ingredients, parts etc that you need to make a product yourself.
This is when you buy products from a wholesaler or manufacturer and distribute them yourself.
This is when you provide a service to customers yourself.
Business ideas also need substance if they are to be successful. Fads come and go and you could get stuck with unwanted stock or debt if you follow a fad.
Think about your idea in terms of if any large corporation are selling or providing the product or service, can you really compete?
Do think about emerging trends
- Is the population aging in your target market?
- Are people looking for more online services?
Research your ideas with those in your network. Conduct surveys if you can or social network your ideas and monitor the feedback.