How to Come Up With a Business Idea

How to come up with a business idea is the most difficult part of starting a business, however, with a guide like this one, it becomes a piece of cake. If you’re finding it difficult to come up with a business idea, then read on and find out how easy it can be.

Overview

In my previous post, I talked about alternative business funding and how they provide financial support to businesses. Truth is, there is no financing of any sort without a promising business idea. To get funding for your business, you’ve got to, first of all, have a clear idea and a well-written business plan. 

Obviously, you can’t just go with the first idea that comes to your mind or even the second. You don’t want to start up a business and have it crash to the ground almost as soon as it begins, because of an undefined idea. There are ways to get a business idea that will stand through the test of time and yield profits season after season. 

Let us get right to it immediately!

#1. Concentrate on your passions.

Consider your hobbies and passions and how you can turn them into a business idea. Like I said, you don’t just roll with any kind of idea when it comes to starting a business. It has to come from within, it has to be clear and concise.

What a dream it would be to turn a hobby into a profitable business. For example, if you’re passionate about staying fit, you could consider starting a fitness franchise or becoming a personal trainer. Alternatively, if you have a strong affinity for animals, you could start a dog-walking or pet-sitting business. Do you enjoy baking? Begin a cake-making business or a cafe. The possibilities are endless, and we have a variety of start-up guides to assist you.

See Also: STARTUP IDEAS 2023: Best Startup Ideas to Venture in This Year

You could also use your hobbies to start a part-time business, such as writing a blog, creating a vlog (video blog), or making money from Instagram photos and selfies. If you’re a university student, you can start a number of businesses while you’re there, such as e-commerce, a social network, or an app business.

#2. Increase your knowledge and skill set

This may seem obvious, but doing something you’re good at increases your chances of business success. Assume you work as a web developer or in IT. You could use your skills to start a coding club, a consulting business, or even become a growth hacker.

Many entrepreneurs have found success by leveraging their previous work experience. Consider Purplebricks, whose founders, Michael and Kenny Bruce, launched their 24/7 online estate agency in 2014 after years of working in the property industry. The company recently raised £58 million through its AIM listing and is upending the industry by effectively eliminating the middleman.

#3. Conduct Market Research

Analyze potential markets to see if there is a way for you to get a piece of the action. For example, if a certain business is doing well in London, consider how you could create a similar business on a regional or even national scale. Craft beer clubs and services are a good example of this; while Edinburgh-based Beer52 has quickly gained traction, London-based competitors such as HonestBrew are also rapidly scaling.

Looking at the 100 index of the UK’s best and brightest start-up industries and some inspirational Startups Awards winners can help you better understand the market and the growth of specific industries.

Similarly, consider international markets and how you might bring a popular product or service to the UK. For example, a fermented yogurt drink. Kefir has long been a popular drink in Russia, but it has only recently gained popularity in the United Kingdom, thanks to start-ups such as Bio-tiful Dairy.

#4. Look to Others for Business Ideas

If you’re having trouble coming up with a business idea based on your own experiences, consider the problems that others are experiencing. Friends and family are usually willing to talk about the problems they face on a regular basis. Perhaps there is a business idea that can assist them in overcoming their difficulties. You can also conduct research on trends and the current market to find a business idea/concept that makes sense for today’s consumers.

When family and friends are having problems, make it a point to listen to them. Perhaps they are unable to locate reputable movers in your area who will not overcharge for a quote. Perhaps they’re expressing dissatisfaction with a specific issue with their motorcycle. Make a list of all the business ideas you can think of that are related to the problems they’re facing, both product and service-based.

Also, look into social media and online reviews. Social media is a great place to find family and friends complaining about their problems. People frequently go online to file a complaint before telling their friends or family. Examine which industries in your neighborhood consistently receive negative feedback.

#5. Create a list of possible solutions for your concept.

When you identify an issue to fix, you may immediately come up with a solution. If you’re having trouble coming up with a solution, there are certain techniques that can help you think more creatively. For example, make time for thinking during the day and make it simple to write down solutions. Also, look to others for inspiration to think creatively. Join entrepreneur networking groups and websites in your area.

Make Time for Thought

Make time during the day to consider the issues you’ve listed. Some people prefer to do this through meditation, in which they sit for 30 minutes to more than an hour and examine the situation. Others go to a sensory deprivation tank, which is an enclosed container filled with 12-inches of room-temperature salt water for 30 to 120 minutes, to relax their minds and think more creatively. Consider also, going on walks and spending time in nature. Mark Zuckerberg, the CEO of Facebook, holds walking meetings in the hills surrounding the company’s Menlo Park offices.

Furthermore, you can receive a business idea at any time of day, whether you’re driving, showering, or eating lunch. When this happens, jot it down in a journal or on your phone, no matter how minor the idea is. It’s also a good idea to keep the solution wherever you can immediately see it. Consider writing it down on a sticky note so you can think about it later. Don’t be too hard on yourself if the idea is a dud. It’s beneficial to be your own best friend during any creative activity.

#6. Collaborate with your peers

It’s a terrific method to think creatively by talking with people about the problem you’re trying to solve and possible solutions. Extroverted people may prefer to talk to their coworkers rather than write in a journal. If you don’t have any family or friends with whom to talk, consider joining a local Meetup or business club, such as the UK Chamber of Commerce, to meet other successful entrepreneurs.

#7. Determine the Quality of Your Idea by Validating It

Validating your business idea is determining whether the solution you’re selling is one that people will pay for. True validation occurs when a customer purchases your goods or service. However, until your product is built or your firm is open, you may not be able to determine with certainty how well it will perform in the market.

Consider conducting focus groups and doing surveys to elicit input. Creating an online audience is an excellent approach to soliciting input on your idea. Additionally, launching a crowdfunding campaign is one of the finest ways to validate the viability of your business idea. 

Another interesting way of validating your business idea is by constructing an online audience or potential customer base before presenting your product or service. Consider forming a Facebook group for local residents interested in tabletop gaming, for example, if you’re considering launching a tabletop gaming venue. This will need effort on your part, such as advertising your Facebook group at networking events. However, once the group is up and running, you will have validated interest and potential clients for your business.

#8. Actualise Your Business Idea.

Once you obtain the validation that clients are eager to spend money on your solution to an issue they’re having, it’s time to make your business happen. Your first step is to establish a company strategy with thorough financial estimates. Then, you’ll want to secure your business or idea through legal means. Finally, raise the funds necessary to make your goal a reality.

How to Secure Your Business Idea

If you have a new business idea, it may require a patent, which is how you legally protect your idea from being stolen by another individual or business. Patents are costly. While you can register a patent on your own, the majority of business owners engage a patent attorney to do so on their behalf.

A patent typically costs between £1,111.82 to more than £11,115.52, depending on the complexity of the claim. Sign up for a free online legal consultation with an attorney to save money. For a price ranging from £1,000 to £3, 299, Rocket Lawyer will have one of its attorneys create the necessary patent papers and submit an application.

Create a Business Plan

Like I said at the beginning of this post, a business idea goes together with a business plan. All businesses must develop a business plan or strategic roadmap to guide their operations. Numerous components comprise the business plan, including market study, competitive analysis, and financial predictions. A business plan is required if you are seeking finance from a bank or an investor.

Numerous business owners choose business plan software to assist them in developing a plan. A business plan software program guides users through the process of creating a business plan. A well-designed piece of software will have educational resources and simple-to-read financial graphics. LivePlan is an easy-to-use business plan program that comes pre-loaded with over 500 sample plans. Begin today for only £14.78 per month, or perhaps, you could read our post on how to write a business plan.

Conclusion

It is difficult to come up with a business idea. When selecting a new idea, keep in mind that it necessitates deep creative thinking. Hence, surround yourself with sources of inspiration and use every opportunity to brainstorm everyday problems that need to be unraveled, as well as potential solutions. Remember that you will be spending a significant amount of time working on your business, so you must invest time in the idea creation to ensure its success.

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