Most of us probably think of an entrepreneur as an individual with a great idea who is driven to turn it into business. The assumption is that the idea precedes the business.
In fact, many businesses are formed because an individual wants to start a business and then determines what kind it will be. If your dream is to start your own business, here are some strategies to help you find the right business idea to turn into a successful startup.
Before you begin searching for a business idea, think about what you love to do, since the most successful businesses are based on an entrepreneur’s passion. Do you love to read, cook, fish, or repair cars; are you fascinated by the newest technology; do your friends come to you for the latest fashion, makeup or hair tips; are you a whiz at organization and planning? Once you have narrowed your focus to a product or service category where you have the passion to turn it into a business, let your imagination take over as you search for business ideas in that market. Here are some ways to approach your new business ideas quest.
Look for an unsatisfied or underserved need in your market. Most of us have, at sometime, wished for something that isn’t available in our market – like a really good bakery that delivers or a pet daycare center. For the most part, we have these thoughts, then go on with our lives and either manage without these products or services or find a not-completely-satisfactory substitute. For you as a potential entrepreneur, however, these thoughts could be business gold, so pay attention to them and when you find one that seems to have real potential, look for ways to turn it into a startup.
Look for ways to improve on what is already there. Sam Walton, the founder of Walmart, didn’t invent discount stores, but he did improve on the concept and the rest is retail history. While a unique product or service certainly can be the inspiration for a new business, a new twist on an old idea can as well if it adds real value for the customer.
Look for ways to deliver a product in a new way. Providing an existing product in a way that is more convenient for the customer has been a winning strategy for many businesses and it might work for yours as well. For example, perhaps you love the services your local spa offers, but simply can’t find the time to get there more than once every six months. Maybe if you could receive many of the same spa services at home, you would use them monthly. That could be the idea for a new business that delivers an existing product, spa services, in a new and better way.
Look for ways to take advantage of societal changes. The advent of the Internet created a new marketplace and entrepreneurs responded with thousands of creative new businesses. Keep an eye out for changes in the products or services consumers and businesses are buying or in how they are getting those products and services. Then think about how you can take advantage of those changes in a new business. Catching a trend at the right time could get your new business off to a strong start.
Look for the new and unique. Some businesses find success by satisfying a need the customer doesn’t know he has. For example, I remember years ago finding a long-handled grilling fork with a readout on the handle that would measure the temperature when the tines were inserted in meat or poultry. Never having seen one of these tools before, I didn’t know I needed one, but I did. These kinds of new ideas are hard to come by, but if you have one that you believe could take the market by storm, go for it.
Sources:
Entrepreneur Staff, www.entrepreneur.com, Starting a Business: The Idea Phase/Entrepreneur.com
Tom Egelhoff, www.smalltownmarketing.com/new_business_ideas.html, How to Find New Business Ideas by Tom Egelhoff – Small Town Marketing
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