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How to Formulate the Perfect Idea for a New Business

How to Formulate the Perfect Idea for a New Business

Behind every flourishing business was a million-dollar idea…

So – you’re an endeavoring entrepreneur with a dream of building your own empire. Before you jump into starting your own business, you have to get past step one: coming up with an idea for your future enterprise. Unfortunately, ideas can be hard to come by, especially when trying to find one good enough to base your career on. You don’t want to set yourself up for failure before you’ve even had a chance to get your business off the ground – which is why we’ve formulated a foolproof plan to developing an idea that will send your business sky high.

Pinpoint Your Opportunities

The source of your business idea can originate from almost anywhere at any time. There are endless possibilities out there, so it’s important to keep your mind open. It might be beneficial to carry a notebook with you or keep a note-taking app on your smartphone handy; you can easily take down any ideas you may have whenever you have them. Another thing you can do is identify a good market for ideas, like the following:

• Problems that need solving
• Recent trends or fads
• Hobbies you want to expand on
• Something missing from an existing business
• Skills you possess
• A brand new, helpful invention
• A business model you think you can improve

Ask yourself, “what’s something I want or would change as a consumer?” Chances are, if there’s something you’d like to see but haven’t, someone else wants that, too.

Get Opinions

Other people can be a big help in two key ways when it comes to selecting a business idea.

First, you can use them to help brainstorm for ideas. You’ve already asked yourself what you would like to see in the business world, and now it’s time to ask others. What do your potential customers want to see? What is a problem others have that you can fix? What’s something people want changed? Draw up a survey for the public or consult with friends and family. Who knows – maybe you’ll find someone with a business idea of their own that just needs someone to put it into action.

Second, bounce your ideas off others! Any feedback you get will help ideas in the making blossom into something you can work with. Outside perspective can help you see what needs improved, changed, or completely scrapped about your potential ideas.

To have a successful business, consumers need to appreciate your service or product, so your business idea should appeal to the masses – not just you. And remember, not every idea you have is going to be a great one!

Narrow it Down

Once you’ve compiled a list of ideas, it’s time to get to work choosing which one you’re going to develop. There are two things to consider about your ideas: what are you good at and what are you passionate about? Anything you don’t like should be discarded, and you may need to enlist help if you choose an idea you don’t have all the expertise or experience for.

Any ideas where there’s an overlap of skill and enjoyment are going to end up being the ideas that bring you the least amount of trouble. That’s not to say you can’t choose an idea that might be a foreign concept to you – just be prepared for any frustrations that could potentially arise!

Every business will take a decent amount of effort to launch, and as the business founder it will be something you’re dealing with day in and day out. Pick an idea that you know you will still be keen on and glad you chose five to ten years down the line.

Make it Happen

Now that you have your idea of choice, it’s time to plant that idea in the ground and let it grow into your beautiful new business! Keep in mind that a business idea is just the beginning – bringing your business to life takes time and commitment that shouldn’t be underestimated. Lots of hard work and perseverance will pay off if you stand behind your idea and let it lead you to success.

Coming up, we’ll be sharing our steps to starting your business once you have your vision. Stay tuned!

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