Many people think that entrepreneurs pluck business ideas out of thin air. However, this is simply not true. Most entrepreneurs have a tried-and-tested method for coming up with new business ideas. Through reading this article, you’ll learn how to develop new ideas.
Start with family
Many businesses are started by entrepreneurs who had an idea for a product that they thought their family would like. This is a great place to start because you already have market research subjects in the form of your family. Ask them what they would or wouldn’t like about a product – this gives you valuable insights.
Get a little help from your friends
Friends are also a great place to start gathering feedback on your idea. Ask them what they think about your idea, and then use that market research to improve your product or service. This process can be as simple or as involved as you want it to be – it’s a good way of refining your business ideas before you enter the market.
Write down things that annoy you
Have you ever noticed that when something annoys you, it is usually because the product developer didn’t take into account a particular pain point? For example, if your washing machine doesn’t quite dry your clothes enough then it probably wasn’t designed with your exact requirements in mind. So, think about all of the products or services out there, and write down things that you think could be improved.
Tap into your interests
What are you interested in? Sports, music, books, films, design? Whatever it is that interests you might also interest other people. Maybe you could start a service to meet that interest or design products around it. Once again, just ask people what they think about your ideas to generate market research – this can be as informal or formal as you want it to be.
The internet is a great place to generate new business ideas because so many people talk about their interests there. For example, if you are into cycling, then have a look at forums and blogs related to the topic. If you are into digital marketing, check out a website like Make IT Simple and see what kind of products and services they provide.
When traveling, what annoys you the most? Is it the local food, or perhaps the language barrier? Do airports need more security staff? These are just some questions that might provide new business ideas. Traveling is an experience that most people enjoy, but it has a lot of room for improvement – if there were less waiting around in airports, then perhaps people would be more willing to fly.
Keep your eyes open
Be on the lookout for businesses that could do better, or new ideas. For example, if you really like your mobile phone but wish it had better battery life, then this is a product that could be improved upon. Once again, all of these activities generate market research and potentially even new business ideas.