How to easily create amazing new business ideas

How to Create a Business Idea

So you want to start your own business, right?  That’s great!

What kind of business do you want to start?  

The truth is… coming up with a great business idea is harder than it sounds.

Luckily for you, I’ve outlined the simple steps you need to take to come up with a great idea that is marketable and achievable.

By the way, starting your own business doesn’t need to cost a lot of money, either!  

 

1. Your Business Idea Must Solve a Problem

Businesses exist to solve a problem.  I don’t think anyone is going to contest that.

We will pay money for someone else to solve a problem that we can’t solve ourselves.

Whether you are connecting shoppers with discounted hotels and flights (such as Kayak) or you are servicing air conditioners, you are solving a problem.  

So that’s exactly what you need to ask yourself when you want to start a business.

What problem can I solve for others?

Why do people need or want this product/service?  

If it solves a problem that people already have, then you are golden.

 

2. Creating a Profitable Business Idea Must Shift the Focus Away from YOU

The first mistake entrepreneurs make when they think about business ideas is that they focus on themselves rather than their customers.  

An entrepreneur may think “I have business ideas for small towns… I’m good at making cabinets, so I’m going to start a cabinet making business.”

Okay, that’s great that you are good at this skill.

But, you need to shift your focus to your customer.

Think about it this way: “There aren’t very many highly skilled cabinet makers in my area; I should start up a business.”

See how that works?

You are now solving a problem (think back to number 1) by shifting your focus back to your customer.

When you focus on your customer from the very beginning, you’re setting your business up for success.

 

Psst… This is a good spot to think/learn about How to Find Your Target Market

 

3. Start Your Business Idea Planning by Identifying a Niche.

You know the cliche ‘jack of all trades, master of none?’

Yeah, don’t be that guy.

Instead, become a master of one very specific niche.

And how you do that is pretty simple, honestly.

All you need to do is identify products or services that are highly specialized in one specific area and not currently serviced.

That opens the door for a huge business opportunity!  

Highly successful businesses have used this model to market specific products to a very focused audience.

Think about it.

DNA testing for dogs – huge market! Who would’ve thought?

I’ll admit, these niche specific businesses seem silly at first.

But once we do actual market research, we find out there is a demand for these products.  

Like the guy who sells a baggie of snow from Boston for twenty bucks!  Seriously!

So think outside the box and keep an eye open for niche markets in your everyday life!

 

4. Forward Progress while Brainstorming Business Ideas

This all sounds great so far, right?

Well, I’m not going to lie: starting a business in today’s environment is challenging.  

We all have an infinite amount of information available at our fingertips, so every business must be continuously pushing forward.  

So when you are thinking about your business idea, think of problems that will become more prevalent in the future.

Think forward.

Assume that your audience will change very quickly – because it will.  

Then predict those changes.  Easy, right?!

I know, it’s not easy to predict the future.  

BUT, if you are thinking forward and trying to predict the future, you are already ahead of the curve.

Most businesses are just trying to keep up.

So change that thinking to forward and get ahead of new trends.

 

5. Confirm the Market of Your Business Idea

You have your brilliant business idea.  Congratulations!

But no so fast…

You still have to confirm your market exists.

Wait… what?

You’ve identified a niche market that is underserved.  So now, you need to make sure you have some interest. Because without a market, you have no business.

And it’s much better to find that out now, in the planning stages, than after you have put time and money into developing your idea.  

Just trust me on this one… you don’t want to find out the hard way.  

Conduct surveys, ask around, get online.  Do market research!

Once you know you have a marketable idea, you are ready to move forward!

 

6. Believe in Your New Business Ideas

We’ve almost made it to the end of formulating a business idea!

Now for the most important step…

BELIEVE IN YOURSELF!

If you don’t believe in yourself and your product, why would anyone else believe you?

News flash: they won’t.

And you won’t sell anything.

BUT, if you believe in yourself and in your product, you can do anything.

Starting from a point of success makes the rest of the ride a much easier pill to swallow.

‘Cause it’s gonna be a crazy ride! (But it’s worth it!)

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Stephanie Yarbrough

Stephanie Yarbrough

Business Strategist

Hi! I’m Stephanie, small business strategist, business planning superhero, and owner of Portage Consulting.  I live for hiking and snow skiing ...oh, and helping small business and startups develop growth strategies and achieve financial success.

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Author
Stephanie Yarbrough

Stephanie Yarbrough

Business Strategist

Hi! I’m Stephanie, small business strategist, business planning superhero, and owner of Portage Consulting.  I live for hiking and snow skiing ...oh, and helping small business and startups develop growth strategies and achieve financial success.

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