How to Create a Business Idea

Think of goods or services that will improve your life. Constantly aware of your own strengths and weaknesses. When you look at it, is there anything that comes to mind that will help you live a better life? Take time to reflect on your own experience. With time and a bit of creativity, it’s likely that you’ll be able to shape some product or service that will work for you. ^[1]

Determine whether you want to offer a product or service. The new business idea will most likely be based on a certain product or service. Any kind of idea requires thinking and creativity. They all have advantages and challenges that you should consider before making a choice.

• With a new product, you will have to develop or improve an existing product and then invest in production to create that product. Although it is expensive, a successful product can be extremely profitable.
• Providing the service eliminates the need to develop and manufacture new products. However, you may have to hire more people because it is difficult to grow your business when you are the only service provider.
• Both options require marketing and advertising. So expect to invest time and money in them, whatever your choice.

Identify the problem with the existing industry. Usually, businesses or inventions, initiatives stem from someone’s frustration with the current way of doing things. Therefore, figuring out the problem is a good way to form a business plan. If you feel disappointed about something, maybe others feel the same way and that will be your potential market. There may not be anyone in the area offering lawn mower repair services. You have now identified an issue that you can fix by providing that service. ^[2]

Based on existing business ideas. Instead of a problem with the current industry, you might notice something a business is doing well. Look at it and consider whether you can grow further. By going one step beyond what the industry is doing, you can create a good niche for yourself. ^[3]

• For example, when Google was just born, there were countless online search engines. However, Google is still known for its extremely accurate algorithm, which improves search results. They took a good idea – an online search engine, and successfully expanded upon it.

Look to the future. Successful startups are innovators. They don’t cling to old methods or technologies, but instead, look ahead and predict what will succeed in the future. You can do that by asking yourself what the next logical step for a product or service is. For example, as distance education and video conferencing are becoming more and more popular, you may want to start a company that specializes in setting up and arranging meetings entirely online. By looking at current trends and taking it a step further, you can form an idea that is ahead of its time with the potential to revolutionize the market. ^[4]

Conduct preliminary customer research. While market research is usually used only after an idea has been formed, you can do some research early on to determine what people value. As a result, build ideas based on their wants and needs.

• Do some research online and see what popular keywords or searches are. That way you’ll get to know what people are searching for most often, which might spark an idea in you. Read more articles on how to find your most searched keywords for simple ways to help you do just that.
• Alternatively, you can use a service like Google Adwords or Bing Ads. They also analyze search engines and determine popularity.

Apply your skills to another area. Another way to create a new product or service is to use skills acquired elsewhere. At times, you can creatively use skills learned in one place to improve an entirely different area. For example, Leo Fender used to be a radio repairman. He used electrical skills and amplification to create the first electric guitar. When considering a business idea, use the full range of skills you have. Maybe a certain talent in you will completely transform another industry. ^[5]

Write down all your ideas. Every idea, no matter how small or seemingly insignificant, counts. Get in the habit of writing down every idea you have in a notebook. Carry it with you at all times because you never know when inspiration will come. As a result, all ideas can be stored in one convenient place. Check back often to see the potential for further development of any recorded ideas. ^[6]

• Even if you keep the notebook with you, you should still consider putting it on your computer. That way, when the book is lost or damaged, you have a backup. Electronic archives also allow for neater and more efficient sorting of ideas.

Nurture your own creativity. At this step, don’t be too strict with your ideas. During this brainstorming phase, you shouldn’t feel limited. Instead, set your mind free to see what ideas you come up with. There are several ways that can help you stimulate creativity and idea generation.

• Walk. Several studies show that walking boosts brain activity, especially creativity. Take a walk a few times a week, especially when you feel stuck. Not only is it healthy, but it also helps you shape your next great idea. Don’t forget to bring a notebook with you and jot down any ideas that come to mind. ^[7]
• Explore stores. If you need ideas, head to your local store, preferably a department store, which offers a wide range of products. Next, simply walk through the aisles and make notes about the products you come across. What do they bring to the user? What are their downsides? Also, jot down what you don’t see because that will give you an idea of what isn’t on the market—something that could be a sellable product. ^[8]
• Chat with people from many different fields. If you’re trying to brainstorm new software ideas, don’t just talk to the computer experts in the industry. Expand and exchange with people from many different fields, especially areas unfamiliar to you. See how they use your product or service to improve their lives. As a result, you will be able to break out of the rut of thinking and see the problem from a different perspective. A different perspective can give a powerful boost to your creativity. ^[9]
• Read Think Beyond the Box for more ideas in creative thinking.

Rest. Although it may be boring, the story of great ideas born in the shower is real. The brain usually gives an idea when you don’t force it to do it. By taking a step back, you’re giving your brain a break. During this break, do your best to get the business, product, or anything else out of your mind. Distract your mind with a movie, book, walk, or other activity you enjoy. Maybe, during your rest, a flash of light will come and help you solve the problem that exists. ^[10]

Sleep a lot. Besides resting, the brain also needs sleep to maintain alertness. Make sure to have a good night’s sleep to bring the best performance to your mind. You should also keep a pen and paper near the bed. Maybe breakthroughs or ideas will come in dreams.