Starting your own business can give you great returns if done right, but even a single, fundamental mistake could leave you broke or bankrupt. So, for your business not to fail, you’re going to need to plan carefully to build a successful model that will generate the right type of business ideas and long term success.
If you get the formula right that can increase your income permanently. This technique may be quite difficult to develop especially if it’s your first time to start a new business. To create the right process requires your full attention and efforts in doing all the necessary steps to come up with a profitable idea for your business.
To begin the process you will need to brainstorm and evaluate your skills, training and talents. Ask yourself these questions; do you wish to do something that you are passionate about, knowledgeable in, or proficiently trained to do? Or is this something completely new that you will need to research and learn about first?
Building up a business based on your experience or knowledge would be a preferable position, as you will have a head start in terms of being able to create or offer the products or service for your business, based on what your good at doing.
A good place to start is the internet, you can find a lot of information in the area of interest or business you are thinking of starting, this will help to give you an idea about how popular your service or product might be, or how competitive your market place is.
Talking of the market, this is another important area to cover. How big is your potential market and prospective customer base going to be? Market sizing will help you gauge the scale and potential for your business. Whilst you are generating business ideas, you will want to focus on business that has a long term potential that will increase your income permanently.
Perhaps you have come up with an idea for a mobile app, web app, software or website, it might even be a quick turnaround product that could help you make some fast cash, but you need to have a long term business plan that can help you build a viable and stable business with a strong wealth ratio for your future.
This technique may be quite hard to get your head round at first, which is why it needs your full attention and efforts in doing all the necessary research, planning and preparation steps to come up with a profitable idea for your business.
One way that will help you do this before you commit, is to put yourself in your customer’s shoes, that way, you will be able to clearly know and understand the needs of your customers. This will help you come up with ideas that will be necessary for the growth and development of your business. Sometimes you need to think creatively to come up with some fresh ideas and scope for your business idea.
This lateral thinking can help you to open up your mind and see things in a different perspective.
Here are some ways of creating and generating business ideas:
1 Do something new
Have you checked your daily routine lately? If you have been constantly doing the same things every day, then it is time that you do something new for a change. You could travel to a place that you have never been to before, try listening to new music, sign-up for a class, or just do anything that you haven’t been doing for long time. The new activities that you are about to do won’t just get part of your brain humming, but it will also help you meet lots of new people where you will be getting new ideas from.
2 Carry a pen and notebook
It’s best that you always carry these things because you will never know when those great business ideas will be popping into your mind. By carrying a notebook or a digital recorder with you around, gives you a guarantee that those amazing ideas won’t escape and you will be able to record them.
Well, eavesdropping once in a while won’t do you any harm. So, the next time you are in a bus in the gym, or at the coffee shop, or just anywhere you happen to be, try to listen to what other people are talking about, what’s the trend, what’s the mood. Then, try to mix those ideas to create a story, and that could lead you to create a business idea that people need.
4 Listen to customers
I remember one of my mentors said to me, “you have only got one mouth but you have got two ears” I think this phrase is gold dust, remember to listen and learn, for example the ideas of your customers count a lot in growing your business and satisfying their needs. Use forums and join network communities, comment and post questions on blogs and forums, then read the comments, listen to what people are saying. It is important that you listen to what your customers or prospects are saying when they talk to you so you will know if you satisfy them or not.
You will also be able to improve your business for the better in order to meet the needs of your customers.
5 Make a master list
Open your laptop, computer or ipad and write down the issues that you have in your business or to the business that you are planning to have. The list helps you to keep things in order, not missing important details and actions that you want or need to do with your business. Write down all the things you need to do and work through the list diligently.
6 Read a lot
Don’t worry, it’s not yet too late for you to be a bookworm. So, grab any business books, magazines, blogs, newspapers, novels, or anything that will help you create business ideas. You must remember that learning lots of things that is related to the type of business you have will allow you to come up with new concepts that you will need in your business.
7 Consult the World Wide Web
Get on Google, Mashable, Tech Crunch, Entrepreneur magazine website, If you are stuck in an idea or if you are blank minded, all you need to do is type some of the words related to what you have been thinking and look at the search results to see what interests you.
8 Sell membership or subscriptions based services
This works either you have an online business or the traditional type of business. This idea allows you to have a recurring income since your members pay a membership fee every year, week, or month depending on your proposal, until the time they end their membership.
All you have to do is to create a membership site where your customers can sign-up and begin earning from your product or service. Some examples of these type of business are, e-magazines, publications, training and education, reports, apps and web software like mailchimp or Salesforce which have a number of membership plans that you can choose to subscribe to use the product or service.
9 Business brainstorming
Join a forum or community and post your key question, or invite your friends, family or any colleagues to a brainstorm, once a group begins to contribute their ideas, lots of new things can be generated, which will later on be an asset to the business you have or are trying to create.
Think of these groups as your team and encourage “your team” to participate in this activity, since more heads are sometimes better than one.
10 Give attention to feedback or complaints
Identify the main complaint of your customers so you’ll be able to provide a worthy solution for it. For example if you have developed an app, or some software and you keep getting the same feedback about an error or a problem, then clearly you need to address this.
Your customer’s complaints actually connect you to the idea, product or service you are building and delivering. In software, apps and web based services, you can do a lot of prototyping and beta testing before you fully release your final product. This type of testing and feedback can be vital before you launch your full product.
This process will be a huge benefit to your business. So, instead of fishing out ideas out of nowhere, simply solve the problems that your customers have or listen to the feedback whilst you are testing or prototyping to get it right first.
11 Do what’s in demand
You might be able to solve a problem that you’re experiencing that someone else has already been through. If you are having the same problem in your business, you could use the same existing solution which could save you time and headaches. Replicate what other companies are doing. Since it works for them, there won’t be any reason that it won’t work for you as well, right? You may just set apart the price or other things that will turn people to choose what you offer instead.
12 Think like a futurist
Aside from giving your attention to the present, why not think the future of your business, like, how do you see your business 5 – 10 years from now? Do you see your staff go double or triple in number, or do you see your company having branches worldwide? By becoming a futurist, you will be able to come up with ideas that will help you turn your business into the way that you have imagined in the future.
13 Hire a professional
This idea is surely a great investment that you can do in your business, so never be ashamed of hiring one. Most consultants just ask you the right questions that will help you extract the ideas hidden in your brain.
These ideas are useful for entrepreneurs, startup’s or new business owners who have the will and the power to take action, but just don’t know where to start. It is important that you know yourself, so you will be able to know how to create and generate business ideas that will benefit your business.
By being passionate in what you’re doing, you will be motivated to do what’s right and reach the pathway to an overwhelming success. Good luck and most of all enjoy the experience and keep learning as you go!
Please remember to comment and feedback below, share your ideas which are always welcome.