So you want to be an entrepreneur/business mogul good it is a noble pursuit and one in which I think everyone one should go after. The thing is just how do you start a business well that is a story for another day. As it involves a number of things that are too complex for us to answer in this simple report.
But one of the corner stones of starting a business is given in this simple report. This is a quick start guide to business idea development and a taster of how you go about developing a list of really great business ideas. It is in no way complete but it should get you thinking in the right direction.
(If you want a far more complete understanding of idea generation then the subject is covered in a much more detailed manner in “The Rapid Entrepreneur” which you can find for a couple of dollars over on amazon.)
Right so to it Here are the 10 quick ways to come up with business ideas.
1. Be A Solver Of Problems.
Every time that you have or hear of a problem you have an opportunity. All problems in some way provide a potential business opportunity for the person who can figure out an elegant solution. There will never be an end to people having problems so there will never be an end to you having the opportunity to solve that problem. Quick tip: listen out for people complaining about products or services you may find that there is a goldmine hiding in solving that problem.
2. Improve Anything
As the title suggests, there is no need to reinvent the wheel. Just look at every object,product or service that already exists and come up with a way to make it better. Let’s take the aforementioned wheel as an example. The basic design is the same as it was from the day it was invented. However, think how far that a wheel has been improved from its humble beginnings.
One of the advantages of improving an existing thing, is that it already has a proven marketplace. So start thinking about things that you can improve.
3. Model
Hey for the really lazy ones amongst you, you don’t even need to improve anything you can go take an idea that is already working and just copy it. There is no invention or reinvention required just find a business idea that is woking and copy it. Let’s take the humble coffee shop as an example. Would you try and figure out how to go about staring your own or would you just go into a Starbucks a couple of times and try and figure out just exactly what they are doing and do something very similar. Tip: If you combine number 2 with number 3 you could really be on to something.
4. Product (Niche 1)
Now we will look at some of the basic niches and what you can do with them. First is the product niche. Here is what you do with a product you take it and change its design. How it is seen, felt, heard, tasted and smelled. You can change its use. (i.e. think old factories that have been turned into apartments or old trunks that have been turned into tables).
5. People (Niche 2)
The next niche is the people niche. Is there a specific demographic that you can sell too. This can be things like age (Teens, Retirees, over 20’s, 30’s 40’s etc) gender (male, female) Ethnicity, Beliefs or Interests (Too numerous to name). Or again, a combination of all/some of them (How to play golf for retired black hindu females! you get the idea even if that one may not be much of a market).
6. Place (Niche 3)
This is a really simple idea. Take an idea that is already working in one area and transport it to another area. Use lag time as your advantage. So keep your eyes open for things that are working elsewhere that might work in another place. This could be from one side of a town to another, from one city to another or from one country to another. A simple way to think about this is food. Unless you are from Japan you will notice Sushi did not originate from around here.
7. Price (Niche 4)
There are three simple ways to think about creating a product/service based around price. First, you can just charge the going rate. Fair price for a fair product/service. Second option, maybe you want to get more market share so for most people what they try and do is make it cheaper. This takes you alway down to the very bottom the budget end of the market. Where you just compete on price. Third option you make it more expensive. This starts to take you up to the luxury end of the market place. Each area has its advantages often peoples go to method is budget. I would suggest maybe sometimes looking the other direction as all the sharks are feeding in the lower end of the market.
8. Package (Niche 5)
This is how you present you product. Here are some ways to make it different. Make it bigger/smaller. Make it portable. Add to it (shampoo and conditioner 2 in 1 or vitamins and water vitaminwater). Subtract from it (reduced fat). Do it fast (McDonalds) Do it slow (hand washed cars).
9. Promotion (Niche 6)
Think about how it is normally sold and change that. If face to face could it be on the internet, direct mail, radio, tv, flyers, telesales, or one of the hundreds of different ways to sell something. Most people stick to standard methodologies and especially in traditional markets and are often reluctant to change. This can give you a massive advantage. Think what amazon did to the bookstores.
10. Money Goggles
The final idea is not really an idea as such it is just a thinking methodology. From now on you should think about how business ideas are all around you. See the businesses everywhere. As I write this I am sitting on a leather couch in a coffee shop. If i was to think just about this couch I could see all the people who made money from it. The person who sold the couch. The person who manufactured the couch. The person who grew the trees to make the wooden frame. The farmer who raised the cows to produce the leather. The tanner who made the leather usable. The person who made the stuffing for the cushions. etc
You get the idea. Try that idea with my cup of coffee. Hey if you want to really get good at this try doing that with a car or a computer.
Ok so there you have it 10 quick ways to come up with a business idea. As I have mentioned this is in no way complete it was just a way to quickly get your brain engaged. If you want to have a full picture of this then you should go check out the complete course in “The Rapid Entrepreneur” as mentioned you can find it on amazon for a few dollars.
Snowy.