Thursday, May 27, 2010

Business idea - how to find an idea for your business

You want to start your own business? You want to become an entrepreneur? But you are stilll missing the right idea for your business?

Go through the world with open eyes. Look at what people do and how they do it. Then think about how you could make processes simpler, faster and more efficient. Maybe you will realize what is missing. Then you already have your business idea. Or maybe you had the problem already that something (a product or service) was missing in a particular moment?

A different approach for finding your business idea is to turn what you like (e.g. a hobby) into a company. Do you like knitting? You could develop an Internet platform with information on knitting, where you can also sell your knitting.

Do you have certain skills that you can use to build a business? Perhaps you can offer something that no one else offers - a particular product or a particular service? Through this you could also develop a business idea.

Look out for trends that are just emerging and also for market niches.

A good starting point for developing ideas are your own strengths. Build on your strengths and try to work around your weaknesses. It makes little sense to look for capital-intensive ideas, if there are no prospects for getting money.

In general, business ideas fall into one of three categories:
  • Product for which you buy parts / material and assemble the product itself
  • Product that you buy from a wholesaler, retailer or manufacturer
  • Service you offer

The simplest business ideas are existing products in existing markets. However, here you have the greatest competition.
The most difficult ideas are new products in new markets. Here you have (almost) no competition.

Good methods in order to find ideas are:
  • Brainstorming with your friends and colleagues
  • Asking others for their ideas
  • Reading magazines about the market in which you want to be active

Often, business ideas arise by accident, out of a certain situation or just when you are at the right place during the right time.

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