So you know you want to start a business but you’re not too sure what to go for? Great ideas don’t always translate as the best businesses, especially if it’s not one which suits you personally. Here are a few pointers to help spark some inspiration.
What should a business do for customers?
The first step in choosing a business idea is to understand what a business is really there for. This might seem obvious to some, but lots of people lose sight of why a business should exist. Of course, you want to make money and there’s definitely nothing wrong with that. But, don’t lose focus on what you’re providing to the customers, or the business just won’t be sustainable.
Customers will only hand over their money if they can clearly see the value of what you provide. The best business ideas are the ones that are out there solving problems, or fulfilling needs or desires.
What problems will you be able to solve?
One of the best ways to come up with a business idea is to take a look at your own experiences in life. If you have experienced a problem personally, could you find a way to solve it and market that solution to others?
This doesn’t necessarily have to be a brand new idea or invention. You can take an existing business idea and put your own spin on it. A good example of this is accounting! It’s a well-established industry, which we provide as an online service which is more in-keeping with the needs and lives of our clients. Making this change has solved the problem of accessibility and affordability for clients.
Products or services being too expensive or hard to access is a problem in many industries. That’s why there are businesses out there offering an alternative. Can you offer a more cost-effective service? Does your product offer something new, more functional, durable or luxurious?
Try listing out all the problems you face in various parts of your life and come up with ideas for solutions. Pick the ones you like and research the market and demand for them. If people need it, they will buy it. Where there is demand, there is a market you can make a profit from.
A word of warning
Your own drive and personal interest in your business idea are not to be underestimated. Don’t just pick an idea because it’s profitable, especially if you couldn’t care less about the industry/product/service.
Your passion as a business owner might seem like a wishy-washy concept in contrast to tangible facts and figures, but it’s so important to your success as an entrepreneur. It can make all the difference in your approach to solving business problems, and coming up with new ideas and angles.
Your passion and drive towards creating a lasting business that solves problems will also be noticed by your staff and your customers. If you’re not interested in your own business, why should anyone else be?
Where do you get your business ideas from? What problems are you looking to solve? Let us know in the comments below.