How to Think of a New Business Idea

Posted in Business on August 31st, 2020

Half of the success of a new business relies on the idea behind it. Without a good idea, it doesn’t matter how fantastic your organization, marketing or customer service is – your business will be dead in the water. Millions of people across the world are desperate to start their own company, and the thought of competing in such a huge, difficult market can be overwhelming.

However, how many of those millions can come up with a single, striking business idea? The answer is, not many. Use these methods to help you decide on a unique, essential idea for a service you can provide to the world, and you will be well on your way to beating the competition.

Play to Your Strengths

It’s no good starting a delivery company if you can’t drive. To start, make a list of your strengths. These can be anything, from organizational skills, to Excel spreadsheets, to knowing the difference between a neap tide and a spring tide (if you’re a sailor!). Take a step back, and ask yourself what these strengths tell you. Is there anything you are better equipped than others to provide? What is your USP, or Unique Selling Point? Following the clues of your own strengths could lead you to a remarkable business idea with that golden element; only you can do it.

Think Outside (Your) Box!

Whilst playing to your strengths is all very well, sometimes you may need to think outside the box. After all, it’s easy to think of a common, general business idea – but specificity can be the best way to carve yourself a niche in the market. For example, Oil Water Separator Technologies are a vital part of many industries, but they’re supplied by far fewer companies than, say, homeware. By thinking outside your box, you might come across something you would never have imagined, but that could provide you with a fantastic niche to enter the market. If you can think of something like this that pairs well with your existing skill set, you’re onto a winner.

Put a Twist on the Classics

There are some business ideas that have stood the test of time for centuries. This can be for many reasons, but usually, it’s because they provide an essential service that will never go out of fashion. The methods can change – for example, the internet has had a huge effect on the news industry – but successful businesses will evolve to continue plying their trade through changing mediums. Can you think of a classic business idea that you can update for the modern-day? Recent successes have included food-delivery boxes such as Simply Cook, or even online gaming apps that put a twist on favorites like Scrabble.

Conduct Market Research

It might feel strange to conduct market research before you’ve even developed your idea, but why not?! This can be the best way to come up with a unique business model. Interview family, friends, and others about what service or product they feel is missing from their lives. They might have some smart ideas – or they’ll give you the spark of inspiration to come up with yours.

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