I can see you right now: the entrepreneur in you is ready to start travelling down the entrepreneurial path. You are fed up with being the model employee, you want to start your own business!
But you have plenty of questions. Like: “Where to find business ideas?” or “How do you know that my small ideas can lead to a great business success?”.
Bring the solution to a real-life problem!
First, think of an idea that would be suitable for the business market. When you are open-minded and a good listener, you can find business ideas everywhere around you. The key is to talk to people, actively listen to their problems, and use your heart and imagination to create solutions!Coming up with an answer to a problem shared by a lot of people around you, is a hint that your idea is adapted to the market.
For example, dog-owners around the world complain that, when they go on holidays, they cannot make sure that their dogs are properly taken care of, during their absence. This is a well-spread problem waiting for proper solutions.
Make a habit of always carrying with you a block note or the note application in your phone. As soon as you detect a problem (read: potential business idea), write it down! At this stage you don’t have to think about feasibility or profitability. Just brainstorm!
Is the business idea in line with your motivations?
You saw where to find business ideas. But having ideas is only the start of the journey.
As a second step, you need to assess if the activities and actions necessary to make the idea real, are related to your core values and pleasures. If you cherish dogs and you have experience with them, setting up a dog-sitting business, if needed by the market, would be an excellent idea.
When you really understand why you want to launch that business, what are your inner motivations, you will put your mind, effort and also your heart into it. It is very important for you to be identified with your business project, so that you increase the chances of success.
Who is your target client?
Another vital step is to narrow your customer segment.
Imagine and describe your ideal client and analyze the impact of your specific product or service for your ideal customer, before setting up your business. How do you sell your product and what value your service or product can bring?
What your competition reveals about your idea?
Who are your main competitors? If you are not the only one offering that service or product, you have to analyze the competition on the market you target.
If you have no competition, you have to be very vigilant and test the market first. You may have this unique idea before anyone else. In this case, the road is open for you to succeed.
But, in most of the cases, others may have estimated that the idea has not enough market for it or is not profitable enough. They dropped it, so you may want to do the same. In other words, the existing problem is not big enough and worthy to be solved. But if there is a strong competition, it may be difficult to enter the market.
How to wrap your service and propose it to your customers?
In addition, you have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service.
Your chances to succeed are higher when the clients can repeatedly buy your product or service. As a dog-sitter, you can build a solid reputation and have loyal customers to buy your services.
Timing and costs – two key components of your decision
Is it the good timing for your idea? Sometimes you can have a great idea but if doesn’t hit the market at the right time, it can be rejected. This happened especially with some high-tech products, which at first has been refused by the market, only to be adored several years later.
Finally, you have to think about your resources that you are ready to invest in your business. There are many business ideas that need little investment and bring great profit. Decide if your own capital is enough to launch or if you have to find partners to enhance your finances.
Even if you can find business ideas basically everywhere, getting the idea is only the first milestone on the road. Before investing your time and energy in your idea, decide if it is an answer to your inner motivations and do your market research. It is only then that you can fully adopt the idea or abandon it.