The success stories of businesses all start with a business idea.
Coming up with ideas or products to work with is definitely easier said than done. Sometimes you’re overflowing with ideas but don’t know which one to work with. On the other hand, there are times when you can’t come up with anything at all. Some entrepreneurs and businessmen would even say that generating a big idea is harder than making an actual business plan.
How do you come up with that winning business concept? Here are some tips on how to generate viable business ideas you can build upon:
- Think of Your Passions, Hobbies or Interests
Consider your knowledge and level of expertise in these as well. For example, if you enjoy working with videos, you might want to start a video production business.
- Get Creative
Creative juices won’t flow if you’re just sitting in front of your computer. Get up and find inspiration! Nothing stimulates the mind and imagination like exposing yourself to different environments outside of your comfort zone. There are so many ways to do this, like taking a trip out of town, reading a book, talking to people outside of your normal circle of friends.
- Identify a Problem or a Need
After all, isn’t necessity the mother of invention? Go back to your hobbies and interests and find an existing or potential concern. For example, you like baking and you observed that more people are looking for homemade goods to give out during the holidays. You could build your business around that need.
- Write Down Your Ideas
Don’t filter them out just yet. Keep a notebook or your smartphone handy to take note of your ideas so you don’t forget.
- Narrow Down Your Ideas and Brainstorm
When narrowing down your ideas, consider factors like your skill set, your target market and your financial capabilities. Also take into account how much time, money and resources you’ll need to put in. Take your time to decide on a final concept to work on.
- Manage Your Business Expectations
Aside from profit, what does your business hope to achieve? For example, does your business aim to improve local tourism, or are you hoping to provide entrepreneurs with online resources to help jumpstart their businesses?
After you’ve come up with a solid business idea, you can start developing it and working it into a business plan.