Tweet

Coming up with a business idea

Written by: Helen Dowling

Article Overview: There’s nothing more frustrating than wanting to start your own business, but not having the right idea. Helen Dowling from Exceptional Thinking gives you 12 tips and techniques to help you to come up with that great idea.

Coming up with a business idea

There’s nothing more frustrating than wanting to start your own business, but not having the right idea. Maybe you’ve come up with several ideas, but not hit on the one that’s right for you yet. Maybe you’ve come up with an idea, but been put off it by the poor reaction from people you’ve told or seen someone else start up your idea.

We’ve put together this fact sheet to give you some techniques you can use to find the right idea for you, but when you do come up with the right idea, remember:

• People in general are very negative. You will always find someone who says “What if…” or “That will never work” or something similar and this can be hard when the person who is saying this is those close to you. That’s why you’ve got to believe in your idea enough to say “I can do this.”

• Don’t be put off by competition. Competition is a good thing – it shows there’s a market for a business idea. You can always do it better, quicker, or differently than someone else. All is not lost with your idea just because someone else has decided to do it too.

Ways to come up with a business idea

To use these techniques, you’ll need to get your creative hat on. Forget about the little voice in your head that says “that’s a silly idea” and get everything you think of down on paper. You can always dismiss them later. Work with a friend or family member if it helps – sometimes two or more people can be more creative than one.

TECHNIQUE 1: WHAT CAN’T YOU BUY?

Have a think about what you have seen abroad that you can’t buy here or what you have seen here that you can’t buy abroad? What did you used to be able to buy but you can’t buy it now? What have you tried to buy and found that it wasn’t available?

Examples could be:
• Toilet seat covers that they have in the US. I haven’t seen them very often over here.
• Shoes for different sized feet.
• Pet movers to take the stress out of moving a pet to a new house.

TECHNIQUE 2: WHAT OPPORTUNITIES HAVE BEEN CREATED BY CHANGE?

We live in a different world now – we have no time anymore and it feels like a scarier place. What business ideas could you think of to help?

Examples could be:
• How about a device that could fit into a watch so parents could see where their children are on a map?
• PA to pick up your dry cleaner, pay your bills and organise your builder.

TECHNIQUE 3: WHERE CAN YOU MEET CUSTOMERS?

Think about where you can meet customers: at home, mail order, internet, shows and events, workplace, agents, on wheels, phone – what business ideas would help you to reach customers in this way?

Examples could be:
• Language lessons by phone
• Window cleaning that’s guaranteed.
• A café where you can order food on-line and have it delivered to your desk.
• Mobile fancy dress to the customer.

TECHNIQUE 4: WHAT TRADES NEED UPDATING?

What trades can you think of that have been around for a while and are very traditional. Could you update them?

Examples could be:
• Hairdressers with wine bars inside them
• PA specialising in builders that could handle their quotes and paperwork
• Car mechanics that are in the style of a hospital

TECHNIQUE 5: ADAPT A SUCCESSFUL BUSINESS IDEA

Look at businesses that are successful – how could you adapt them? Could you apply this idea to another business?

Examples could be:
• A fine artist who makes sculptures out of chocolate
• Mobiles are successful, but not many people know how to use the new technology – could you train people how to use them and other technologies?

TECHNIQUE 6: BUSINESSES IN TROUBLE

Just because a business is in trouble, doesn’t mean that it would be if you ran it. What businesses do you like the concept of and can you provide a solution for?

Examples could be:
• Amazon selling books/CDs etc on-line rather than on the high street
• Ebay solving the problem of unwanted goods

TECHNIQUE 7: WHAT IRRITATES OR FRUSTRATES YOU?

What really annoys you? Could you provide a solution?

Examples could be:
• Providing quizzes for people that are on-hold.
• Solving the problem of noisy neighbours

TECHNIQUE 8: COMBINING PRODUCTS OR SERVICES

How could you combine two existing products or services to make something new?

Examples could be:
• Enabling people to order takeaway, a video & popcorn to be delivered to their home at a certain time.
• Bar selling soft drinks and smoothies to kids.

TECHNIQUE 9: IMPROVE A PRODUCT OR SERVICE

Think of an example of a poor service – how could you improve it?

Examples could be:
• A site that will help you come up with a present for the person who has everything.
• A restaurant where you can order meals by typing numbers into a keypad without speaking to anyone.

TECHNIQUE 10: BUY A FRANCHISE

Look at franchises for ideas for a business. Buy one or start your own version.

There are 800 franchises in existence. You can find many of the opportunities on franchise sites such as: http://www.british-franchise.org/

TECHIQUE 11: WHAT DO YOU SEE AROUND YOU?

Look around you. There are ideas for business ideas all around us – what can you see?

Examples could be:
• A restaurant that sells Starters and Desserts.
• A café that caters only for children.

TECHNIQUE 12: YOU!!

This is your secret weapon. Sit down with a group of friends or family and tell them about yourself. Pretend they don’t know you. What things do you like / what don’t you like? What hobbies and interests do you have?

Then get them to come up with some business ideas for you…what can you think of?

Using these 12 techniques should help you to come up with a business idea that you feel is right for you. If not, keep looking or contact me on helen.dowling@exceptionalthinking.co.uk for some help. We’ll happily have a free, no obligation chat with you to see if we can help.

If you come up with an idea, the next step is to see whether or not it’s feasible and whether it will work. That’s also where we can help as we specialise in doing market research and writing business plans. Check out our bio section for our contact details.

Finally, don’t be too concerned about coming up with the ‘right’ idea that you never actually start a business. Remember you can always change a business if it’s not right for you – it is your business after all.

Good luck and don’t forget to let us know how you’re getting on.

Related Articles
  Having Difficulty Finding A Home Business Article Idea?
  Non-Disclosure and Confidentiality
  Home Business Article Ideas - How Do You Find Them?
  7 Sure Fire Steps to Be More Creative
  How to be more creative in business

Article Tags: business idea, creative hat, fact sheet, family member, little voice, own business, pet movers, shoes, silly idea, sized feet, stress, toilet seat



Related Forum Posts
thanks Martin! - Thanks Martin! Coming from you... the most prolific poster here, I humbly thank you with a respectful bow. Everyone here has something good to share and it's great to be a part of these discussions. Cheers!
Re: Franchises in Texas... - Hey Kevin - I'll tell you what... I'll answer this question in a separate topic as a book review - I'll focus on addressing the entrepreneurial challenges that may arise when exposed to this knowledge. Coming soon...
Mediocre Idea Can Become Profitable Through Marketing - OK, here is an interesting question for everyone. What would then determine an idea to go bad? Was it a bad idea to begin with? Or Was it due to the lack of research before formulating of an idea? Or Was it perhaps... our lack of ability to turn the idea into a profitable venture (meaning, it's a good idea, but the business owner cannot turn profit)? There are bad ideas around the world that if someone else marketed it could have turned into a million dollar idea. Not necessarily a bad idea, but.... For example, Google is widely popular in North America, but in Japan, people dominantly use Yahoo. For whatever reason, providing exactly the same results, Yahoo is marketing something better than Google is doing in Japan. Not that an idea goes bad.... but it's more of who is doing what that ensures better success. So knowing clearly and concisely what we wanted to do before formulating an idea, and thinking about the hungry market first before a coming up with business idea will outperform majority of competitors because most business don't think about envisioning the end result and working backwards. Personally, I have seen way too many people in MLM world who blame every idea but themselves for their failure. But some succeed while others fail, dealing with the same prospect, same market, same product. I tell those people that an idea presented by companies is only the front end of the picture, but the knowledge, network, and skills each business owner brings to the table will really determine an idea to turn profitable or not. Regards, Takuya
Re: What exactly do you need to start a business - Hi phummy, I’m not sure what options you have in Nigeria or maybe you already know what you want to do but like any business, it’s all about supply and demand. Is there an interest in the product or service you are selling? Have you researched the market, perhaps approach other competitors to see what they have to offer, do you have any experience in the field. When you have researched your niche and decided what you want to do then it’s time for your business plan. Set your budget (very important) and stick to it, will you be working from home or an office and what equipment/stationary will you need. Manage your time effectively to concentrate on things that will push your business forward. Set realistic goal’s and stick to your plan. Coming to places like this forum are a godsend as you can save yourself time and grief by coming here and asking questions, good luck to you, Mal.
Re: Readers, Money or SEO? Which comes first? - Great advice from both of you and something that we all need to take seriously. Even with internet businesses, sales are still make to people and you are correct in saying that this is what you need to concentrate on. Coming across as a real person and '"speaking" to people still matters if you want success. MichelleJ


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

How To Become A Member of the Paparazzi

How to Ask for a Flexible Work Arrangement

How to Set Sales Goals that Work

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.