Work & Life

How To Come Up With A Business Idea

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W ith how much the business landscape has grown, especially with social media, coming up with new business ideas is harder than ever. There doesn’t seem to be anything you can really do that people would like and there are very few unique ideas left.

However, it doesn’t have to be that hard. Here’s how to come up with a business idea that you and everyone around you will love.

1. Brainstorm

To come up with a good business idea, first, you need to come up with bad business ideas. A lot of them. Simply write down and expand a bit on each idea you have, no matter how simplistic, far-fetched, or terrible it might be. In that endless stream of bad ideas, you might just come up with one or two that work.

2. Solve A Problem

One great way to start a business is to simply solve a problem. Think of all the problems you face in your life that can be resolved through a service and then work on providing it. For example, an entrepreneur struggling to find the money for start-ups could start a financing business for struggling start-ups. Apply your skills to solve the problems that bother you and chances are, if it bothers you, it probably bothers others too.

3. Play To Your Strengths

Don’t try to start a chemical-centered business when you have majored in finance. Play to your strengths, what you’re good at, and your passions, and soon enough, you might just have a brilliant business idea in front of you. When someone is truly passionate about something, not only is the quality a lot higher, but they are more dedicated to it than someone just in it for the money. Make sure your business is something you truly stand for and represents what you believe in and don’t try to explore fields you think are profitable but have no knowledge or experience in.

It’s much better to try your luck in something you’re good at rather than something you have no clue about.

4. Work On Improvement Rather Than Uniqueness

With how vast the business landscape has become, chances are your business idea is not going to be unique. Instead, focus on improving a product or service already being provided to draw more consumers in. Similarly, you can also try to produce the same goods at a cheaper price. This way, a lot of the work is already done for you and your products or services are a lot more attractive than competitors without you having to face any losses.

5. Conduct Research

If the customer is king then what you’re giving the customer should be what he actually wants. Ask people for businesses they’d like to see and conduct research for the local interests of the people around you or even online to see what people are looking for. This way, you will have a ton of ideas to build off and a potential market as well.

6. Play To Other People’s Emotions

A lot of the time, it’s less about what people need and more about what you can sell them. This is very easily achievable by playing on people’s emotions. What is something that makes people angry and what can you make or provide that can play off of that? For example, people don’t need products like dry hair shampoo or hair oil but the need to look as good or better than others stemming from insecurity allows you to sell those products anyways.

Figure out what makes people tick and use that to your advantage.

7. Turn Your Hobby Into A Business

At the end of the day, something you're passionate about is the thing that you can sell the most. If you enjoy baking, start a business selling those baked goods. Passion far exceeds any technical aspect of starting a business and something you're passionate about is something you can work to sell.

At the end of the day, coming up with a business idea is not that hard. Brainstorm and come up with bad ideas to find a good one and give the people what they think they want. Sometimes, it’s less about how to come up with a business idea and more about how to sell the goods you think they’ll buy. Even the most terrible of businesses can be successful if only you can answer the question, ‘How do I sell this?’