Small business

What You Need To Know About Developing A Great Start-Up Idea

So you’ve decided to start your own business – congratulations! Everyone around you knows about this decision, however, there is just one issue, you do not have a business idea.

You are not alone. A lot of business owners start out without having a particular idea they want to work on. With so many great business ideas, settling on one is harder than it seems. And then when you pick one it might seem like the greatest ideas are already taken. Developing a great business idea can be tasking and take up a lot of time. If not done properly, you might end up spending a lot of money, resources and time on an idea that was never great to begin with.

To help you avoid that, we have compiled a list of guidelines to help get you started on developing that great start-up idea.

1.What Problems Can You Solve?

A lot of successful start-ups were founded to address the pain point of the owner, so this is always a great place to start. What are the things that you wish were different? It doesn’t matter how big or small it is, if you are bothered by it, then there is a big possibility that other people are also frustrated by the same problem. Creating a solution for these types of problems is a great way to come up with a business idea.

For instance, if you love bowling but there isn’t a bowling centre in your neighbourhood, run a quick survey to find out if other people in your area would appreciate a bowling centre, if the numbers are good then you could consider starting up one.

2.Consider Existing Ideas

A great business idea doesn’t have to be new or fresh. Instead of looking for out-of-the-box or out of the way ideas, how about looking for alternative ways for an existing idea to be executed. There are a lot of great business ideas that you can adopt and make better.

For example, Steve Jobs is regarded as an innovator not because he invented the mobile phone but because he created his own unique version.

3.Creates Solutions For Everyday Problems

If you look carefully at your immediate environment, you will discover that there is a particular issue that everyone around you wishes could be solved. For example, wireless earphones is a direct solution for the problem of tangled earphone wires.

There are a lot of everyday problems, such as dealing with snow on your windshield while driving or early morning traffic that require unique solutions. Another option is to improve on already existing solution just like the wireless earphones.

  1. Consider Your Passion

Developing a business idea from what you are passionate about is a great way to go. Of course being skilled at something is totally different from being passionate about it. So carefully consider all the things you enjoy doing as it could be the next great business.

For instance, you could be an incredibly skilled engineer but be very passionate about arts and crafts. If this is the case, then you might want to consider setting up an arts and crafts shop. Settling for a business idea that you are passionate about word help drive you to acquire the skills that you would need to make this business successful.

  1. Look Within

You most probably already have a unique set of skills that you have acquired over the years, before you even considered starting up a business venture. These experiences can be the foundation for your new business.

For example, if you’ve worked with the company that does contracting work or home repairs, then starting up your own contracting business would not be a bad idea.

  1. Do Market Research.

Do you have a vague business idea that you aren’t quite certain about how to apply? Run a market research to see what solutions already exist and how you can fine tune yours. Library stops and online searches are a great way to begin. There are also several no- cost resources available that provide entrepreneurs with relevant, current, timely information about markets, competitors, partners, best business practices and potential investors in your industry.

When brainstorming on how to generate a great business idea, do not depend on chance. Instead, look at common patterns, hash out applicable solutions and get proof of concept before building out the idea.

If you have any questions, please ask below!