How to Generate a New Business Idea in 4 Simple Steps
Whether you are looking to start a business or simply earn extra income, coming up with a business idea that is unique, provides a desired good or service, and lends itself to your own personal fulfilment is no easy feat. It seems like the market is already saturated with original and innovative ideas, so is it possible to develop an idea capable of growing into a total success? Absolutely!
While your dedication and consistency will help drive the growth and progression of your business, there are a few key steps that will enable you to generate a unique business idea and create a brand sought after by consumers.
Step 1: Brainstorm Existing or Potential Problems
You may have already had your “Aha!” moment and identified a problem you’d like to solve. If this is true, move ahead to Step Two. If not, start off by creating your business idea around a problem that either already exists, or you foresee arising in the near future. The most innovative business ideas, while they may take more time to gain momentum, are typically ahead of the curve and outside of the box.
If you don’t feel that you’re the innovative type, not to worry ⎯ a successful brand still awaits you! Do some research on some popular brands or industries and the problems they solve for and identify if there are any gaps you could potentially fill. Airbnb founders Brian Chesky and Joe Gebbia built their $31 billion empire just by realizing they could make an extra buck by allowing conference attendees to crash on air mattresses in their apartment because all of the hotels were sold out (Aydin, 2019).
Step 2 - Write Down Your Skillset
Most women have a hard time sitting down and thinking about the things they are truly good at, but it’s important to ⎯ so grab your pen and paper! Jot down any skills you can think of that you are remotely good at. It could be a “hard” skill such as proficiency in specific computer software, or a “soft” skill as simple as being a people person or good communicator. You’ll be surprised at just how much you can come up with ⎯ and it’s a good self-confidence booster, too!
Step 3 - Find Your Passion
Some may ask, “Why is it important to be passionate about the work I’m doing? I just want to make money.” Having passion behind your work is critical to driving and sustaining long-term success. If you love what you’re doing it becomes much more difficult to get burnt out or give up, and you are much more likely to pay attention to key details of your brand that will make all the difference.
So how do you find your passion? Well, you may already know what it is. And if you don’t, chances are you have a good idea and just haven’t exactly been able to pin-point it. Write down what you love to do or have a heightened interest in. Enjoy playing a sport? Love creating new things? Interested in wellness and healing? Write it all down.
Step 4: Determine Your Niche
Looking at all three of your lists, do any of the business problems you’ve identified exist within one or more of your particular areas of interest? What capabilities within your skill set could help solve the problem, and how?
Tom’s of Maine, a well-known brand name of all-natural personal care products, is a wonderful example of a niche brand. Tom and his wife were minimalists who had relocated to Maine and struggled to find natural, unprocessed goods. They used their love and knowledge for holistic products and the minimalist lifestyle to create their own line, filling in the missing piece in their area and for consumers across the globe (Fox, 2012).
Coming up with a new business idea seems like a daunting task. It takes time, research, and a bit of introspection to generate an idea that solves a legitimate business problem in ways unique to your skillset. But, if you are passionate about what you are doing and have the will to succeed ⎯ you have the key ingredients to build a successful business!
Aydin, R. (2019). How 3 guys turned renting air mattresses in their apartment into a $31 billion company, Airbnb. Business Insider. https://www.businessinsider.com/how-airbnb-was-founded-a-visual-history-2016-2
Fox, M. (2012). 10 Ideas That Made $100 Million. CNBC. https://www.cnbc.com/2012/06/20/10-Ideas-That-Made-$100-Million.html
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