How Do You Come Up With A Good Business Idea?

How Do You Come Up With A Good Business Idea?

You know you want to start a business, but you’re not sure what type of business you want to start. Maybe you’ve got a decent idea for starting a business in a certain industry, but you just can’t come up with a specific concept. That means it’s time to brainstorm. Here are some tried and true methods for brainstorming success.

First, you gotta get your creativity flowing. Read as much as you can about small business, business in general and trends that relate to business and the industry you have in mind. Find your favorite business subject and learn all you can about it while your interest is at its peak. Read retail publications and websites, visit shopping malls and other venues in your area, and go online to all kinds of e-commerce websites. You’ll find that you absorb things much quicker and comprehend easier when you are enthusiastic about the subject.

Think about issues you are facing in your own life. Are there problems that frustrate you? Do you wish there was an easier way? Then you’re probably not the only one who feels that way, and if you come up with a problem that affects a big enough group of people, your solution could lead to a business idea. Ask your friends and family members about their frustrations, too. Most of our biggest and most common businesses grew out of little frustrations or daily inconvenient needs that were solved by someone.

Then think about businesses you rely on in your daily life. What do they have in common? Think past the surface and write down everything that comes to mind about why everybody like these companies, are they real one-of-a-kind products or are they successful because of their cool branding?

With all this mind raking, you should have plenty of possible business ideas. Now it’s time to narrow them down. Ask the people you admire and respect, what they think of your ideas. They’ll be able to give you some good insights about what to look for in a business.

Of course, keep in mind that your friends and family are not impartial observers. That’s why getting advice from business experts is the smartest thing you can do at the pre-startup stage. Bankers and investors won’t just give you the money, they will be a good compass for whether your ideas are valid or not.