How to find the best business idea for your startup
Category : Uncategorized
Each year many people want to go into entrepreneurship or simple want to start their own businesses. Financial independence, having more time to do the things that you love and being able to take control of your own destiny are some of the reasons often cited. While some first time entrepreneurs may have a clear idea on the kind of business they want to start, a number may not. Getting a business idea is all about identifying opportunities in the market, and matching them to your core competencies and interests. You can follow well laid out processes championed by entrepreneurship gurus or do what works for you. Nevertheless there are some tips to help you.
Try to find out the things that interest you most
While the potential financial rewards are some of the main reasons why someone will want to start a business, passion is key to sustaining a business and taking it to new level. One of the first things you want to do if you want to enter into entrepreneurship, is write down a list of things you like doing e.g. snowboarding, keeping pets, cooking, meeting new people, travelling etc. Along this list, write down things or situations that you do not like. You may not enjoy such as speaking in public, long distance flights, packing clothes etc. Having done these two lists, try to ask yourself, “if there were three or five products or services that will make my life more fulfilling, what could they be?” At the end of this process you should be able to have a clear idea on what area/sector your business is likely to be based on your interests.
Browse hottest trends
You can browse for products and services trending, based on your identified area of interest. There are a number of online tools to help you do this. Google’s keyword finder and news trending are some possible sources. Trending topics can give you an idea of what people are buying or are searching for.
Test the idea
Once you have a clue about the kind of business you want start, entrepreneurship experts advise that you try to test the idea. For this, there are so many tools to do so. Create a prototype of the product or service and write down as much as you can about. Find a way in which you can approach the target group and get their opinions about your business idea. This could be in the form of a questionnaire, product testing sessions, making cold calls to prospects etc. If done properly, you may get even get ideas on how to improve the product.
Be Open Minded
Sometimes business ideas can come from the weirdest places or situations. For instance, you visit a local pizzeria at peak periods and realize that there is long line of people who are waiting for their orders. This could trigger an idea to develop an app, whereby customers can order their pizza, whilst still at work or hours in advance, and will simple pass by the shop to collect. This could improve customer satisfaction and boost the company’s revenues. You may expand this concept if successful to other areas.
Thinking of going into entrepreneurship, then its best to just make the leap for it.