How to find the best business idea?

Most people want to start a business with the next big idea. Practically the entire population of  entrepreneurs falls into one of two categories:

  • Those who think they have the next great idea, or
  • Those who are looking for the next great idea.

Both of these types of entrepreneur think that having the next great idea will ensure that their business will be successful; but what if a great idea isn’t needed at all? 

If a great idea isn’t required, then what is?

A successful business depends on:

  • a good idea, doesn’t need to be great and earth shattering
  • good planning, networking and persistence.
  • It also may mean that failure helps redefine the next business attempt.
  • Finally, a successful business requires strategic and clever marketing.

Many people think of marketing as the advertising you see about a product or service. Marketing starts long before a business even has a product or service to offer. It only begins with finding the idea that can be transformed into a successful business.

Some of the early steps in finding a business idea are:

  • Understanding potential customers and the problem they face. Your task then is developing a solution that solves this problem.
  • Developing a message that informs your target audience about your product or service in terms that are understandable and that allow the consumer to see the benefits offered and grasps their interest
  • Defining the size of the potential market.
  • Knowing that your customers are spending or willing to spend money on a similar product. This also means knowing how much they are willing to pay for something that offers some type of benefits.

A great product idea is one that simplifies. Your idea may not be new in terms of doing something different, but if it makes life a little easier, people will buy it.

The idea of simplification means being willing to break the mold and the ‘norm’. Remember that making things easier can just as well be done with items you already are producing.

A great way to get product ideas is to ask your customers. If you don’t have contacts in the area you want to venture into, then find places where these people are and join in the conversation. Do some market research, enlist the help of professionals to data capture what your target audience need and want. Today, with online communities, you can find a group talking about just about every possible topic.

You also can attend trade shows, talk to your employees, work your network and even watch or get in contact with potential competitors, especially if you are outside of their trade area.

The point is, creating a business needn’t be that difficult and with the right ingredients, it can be so simple to start.

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