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How to Come Up with a Business Idea

How to come up with a business idea

Coming up with a business idea requires determination, preparation and even carving out time for meditation. More importantly, there’s no one way to find your winning concept, so you can test the numerous channels designed to get you there.

In a timely manner, this article offers nine best techniques to come up with a business idea, helping you start a business for a new year.

How to come up with a business idea:

  1. Learn to meditate

  2. Ask yourself, ‘What’s next?’

  3. Use your skill set

  4. Improve an existing business

  5. Solve a problem

  6. Build the same, but cheaper

  7. Fulfill a need

  8. Get in research mode

  9. Invent a new service or product

01. Learn to meditate

When coming up with a business idea, our mind can run in circles and we often feel like we're hitting a wall. Through mindfulness meditation you can be brought back to the present moment which is characterized by being “here and now.” As a result, you will be less stressed, more balanced and kinder to yourself— all factors for enhancing the creative brainstorming process.

The practice of mediating is not only simple, but also accessible to anyone. Forget about going to a monastery or looking for an expensive retreat to get started. All you need is a comfortable area to relax and set aside time to clear your mind. Then take two or three deep breaths before closing your eyes for 10 minutes. It should be enough time to get to know your newfound headspace.

02. Ask yourself, 'What’s next?'

Some of the best business ideas are those that can anticipate a trend, new technologies or change. These ideas often originate from asking “What’s next?” thus inspiring us to think outside the box and evolve as a result.

Consider the example of Medium, an online publishing platform, which launched in 2012 and remains at the forefront of blogging today. As Alexis Lloyd, VP of Product Design at Medium, said on Wix’s business podcastNow What?”: “So if you create something now, you want it to be able to be integrated into whatever device or platform comes along down the road …. [For example] you had this idea that print media was the winning content mechanism for a very long time and people kept being convinced like, okay, we will just have to figure out which one of these things that’s emerging is going to be the next thing.” To sum up, coming up with a business idea means connecting the present and future.

Wix's business podcast 'Now What?'

03. Use your skill set

Figuring out how to come up with a business idea doesn’t have to be tricky. You can start by evaluating your own skills and see whether they can be combined in a different field. For instance, marketing and design, chess and finance, or teaching and coding. Having a diverse range of backgrounds can double your chances of finding the right niche for your next entrepreneurship.

04. Improve an existing business

Here’s a foolproof strategy to starting a business right away: Think of a company you admire and how you can improve what it does. The task is to find a model of someone who has fulfilled your entrepreneurial goals and actually experienced success.

“It’s always easier when you’re starting a company to try to improve an existing idea,” said Paul B. Brown, co-author of the 2012 book Just Start. With a good example to follow, you can begin brainstorming new ideas around your idol’s winning business. After all, Hersey’s did not invent the chocolate bar, but was a pioneer in producing bite-sized pieces of chocolate, Kisses, that turned the company into one of the most popular brands of candy in the world.

How to come up with a business idea

05. Solve a problem

One way to come up with new business ideas is by assuming the role of a problem solver. From climate change to better internet privacy, there are numerous issues we face today which have obvious yet not simple solutions.

For instance, it takes real innovation to tackle the world’s reliance on fossil fuels, but Tesla CEO Elon Musk’s mission is to convert everyone to adopt sustainable energy sources instead. His line of Tesla electric cars produce less CO2 than fossil fuel cars, the batteries are designed to last longer and then recycled, and the entire Tesla factory workplace is better than the industry average in terms of safety and sustainability, according to the 2019 Impact Report.

06. Build the same, but cheaper

There are products and services whose core is unshakeable, but perhaps whose price is high for many potential customers. If you can make the equivalent high-quality product for a fraction of the price, then you’re on the way to becoming a great entrepreneur.

Helping people save money can ensure making their lives a little easier. Not everyone can afford a Nespresso machine, however coffee lovers across the globe appreciate a nice caffeine boost in the form of a tasty espresso. Today’s marketplace is filled with an array of coffee machines producing award-winning espresso drinks at affordable prices.

07. Fulfill a need

People’s physiological needs include food, water, sleep and sex. At this point on the list, you can consider how to come up with a business idea in response to meeting either of these needs.

While many existing products and services are designed to do just that, it doesn’t mean every potential way to meet a need has been thought up. Take the reusable water bottle industry as an example of the most competitive markets to enter, yet each year more companies are launching their own version of bottles. That’s because these businesses are fulfilling an ever growing hydration need.

08. Get in research mode

The exploratory research phase of coming up with a business idea doesn't happen in any particular order during the process. However, it’s essential to read and research the industry you’re attempting to break into. You can come up with a simple research plan that states the objectives of the research, such as refining initial ideas, and include the type of information you’ll need to gather like types of products or services and competitors. Be sure to consider the entire product life cycle. You'll need to create a proof of concept (POC) in order to accurately test your business idea.

09. Invent a new service or product

With so many companies competing in an already crowded marketplace, at the end of the day, one is left wondering whether there’s anything new to invent?

The truth is a big part of coming up with a good business idea is identifying a need not being met. There are many creative examples of companies tapping into new market needs within the app world, where each app development staked their claim by selling a service that could “change the world.” From cheaper ride sharing to faster food delivery, Uber and Wolt are among the best mobile business ideas to date.

On the product side, take the example of SPANX founder Sara Blakely who created an original undergarment when she realized she didn’t see anything like SPANX in stores. It was her “a-ha” moment that revolutionized the underwear industry and today, SPANX can be found in nearly every female household in the U.S.

how to come up with a business idea

By Cecilia Lazzaro Blasblag

Small Business Expert & Writer


This Blog was created with Wix Blog

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