Got funds to start a new business? Read on to figure out how to come up with business ideas that’ll put your funds to good use.
Like you, 63% of people in their 20s also want to own and run a business. With this fact in mind, you need to come up with a business idea that will stand out and sell. If you’re planning on venturing into a business, especially in e-commerce, the first step you need to make is to come up with a winning business idea.
To get the ideation process started, here are practical yet effective ways to come up with an idea for your next business venture:
Identify problems you can solve.
Each one of us faces problems each day. Take notice of these problems and start with yours. You can utilize the problems you’ll discover for a business idea. Find ideas on how these problems you’ve defined can be solved. Solutions to people’s day-to-day concerns and problems is a great business idea in the making.
In this process, you might discover or devise a better way to solve a specific problem. Try to think of a specific need you can provide a solution to. You can even browse shark tank or Kickstarter products for inspiration. Most often, the product ideas featured there are born from different day-to-day problems most of us face.
Identify a set of skills you are good at.
For a less expensive business idea, you can start with what you’re good at. Examine your skills and expertise. With your set of skills, you can offer an array of services like consultation, tutorials, or coaching. You can also create and sell products such as e-books, manuals, and the like if you capitalize on what you’re good at.
If you’re more like someone on the creative side, you can leverage your creative skills for business. You can make a living as an artist by selling your artworks, conducting workshops, or offering your talents as is to clients. Whatever skill you choose to utilize, just make sure that people will be willing to pay for it.
Keep up with the current events.
Practice watching the news regularly to identify the latest trends, industry news, and the current events near you. Being aware of what happens around you can spark up business ideas and open you to different opportunities for business. Watching the news can also give you an idea of the needs of the people around you.
For instance, when plastic was banned in some cities, entrepreneurs began selling alternative, biodegradable packaging products. In some areas and countries where tourist flock for their trips, entrepreneurs started building B&Bs and transient homes they can rent to tourists. There are a lot of ideas you can find in the news.
Improve an existing product or service.
If you can’t invent or think of a new product or service, try looking at the different products and services that are already existing. Then, brainstorm ideas on how you can make these products and services become better and more sellable. Incorporating a novel improvement to an existing product or service can make you sell.
For example, although milkshakes, frappes, and fruit shakes are common, some entrepreneurs found their way to make their menu different from the rest. Take the unicorn frappes, mermaid frappes, and other candy-laden drinks for example. Entrepreneurs utilized the customers’ desire for unique, Instagram-worthy drinks.
Open yourself to new experiences.
By opening up yourself to new experiences like traveling, trying new activities, and the like, you’ll also spark and inspire new ideas. You can’t think of new ideas if you don’t go out of your way to try and discover something new. Who knows? You might be able to find a “eureka” moment while you’re on a trip or a visit to an exhibit.
According to Andy Boynton of The Idea Hunter, “If you open your eyes, the answer is there, but your world has to be broad enough and diverse enough to feed you the ideas you need.” For a more effective search, be observant of the new people you meet or new places you visit. Be intentional in looking for novel ideas.
You must prepare yourself for what you’re getting yourself and your funds into. Consider the above tips to come up with a business idea that’ll sell!