Every business starts with an idea. Even the likes of Google, Microsoft and Apple were nothing but small acorns in the minds of some highly talented and ambitious entrepreneurs. If you’re of the mindset that starting your own business is the way to go, you’ll first need to figure out what your startup will be selling. In this article, we’ll look at different ways to drum up some great ideas for your new business startup.
1. Look For Problems & Aim To Create A Solution. A business ultimately provides a product that fills a need. When customers want or need a product or service, they will pay you money when you can provide it. It’s really as simple as that. With that in mind, open yourself to the possibilities – what needs might there be that you can address? Take a walk along your high road – are there any screaming opportunities? Is there a lack of a butcher or a bakery? Or, if you’re planning an online venture visit forums like The Warrior Forum to get some business ideas. Find out what people seem to be in need of the most – then fill it.
2. Look For A High Demand Product That You Can Improve On. The vintage “build a better mouse trap” idea is usually a very good one. If you know of a product or service that enjoys feverish demand, consider supplying an alternative that can provide something better. The “better” part would be your USP and your marketing hook to steal away customers from the inferior product.
3. Offer An Existing Service Or Product At A Significantly Reduced Cost. Companies such as Amazon have managed to build their business on the basis of providing branded products at highly competitive prices. They have done this by leveraging the low cost of doing business online and passing on the savings directly to customers. Many traditional brick and mortar companies have been unable to compete with the likes of Amazon, as their shop floors incur high costs that have to be reflected in their prices. While you’re unlikely to be able to compete with Amazon directly, there may be opportunities within the service sector, or specialized niche sectors that you can exploit in this way.
4. Look For New Developments That Might Present New Business Opportunities. Pick up a newspaper and just peruse the current events. New laws and world developments could offer any number of potential business opportunities if you act on them quickly. For example, when governments decide to invest heavily in green energy with subsidies and grants, it creates opportunities for companies who are in the alternative energy industries such as solar power.
5. Use Price Arbitrage To Import From Cheap Countries. It’s a classic, proven business model. Finding a niche product that sells for a significant retail price in the UK, and sourcing it from cheap suppliers abroad. The more hot products you can source in this way, the more you diversify your risk in case one product doesn’t quite take off.
6. Spotting Market Gaps Based On Your Experience. Many successful entrepreneurs have started up their businesses by spotting market gaps while working as an employee for another company. If you’re an employee with a good understanding of the industry your company is in, keep a keen eye out for any potential business ideas that you might be able to leverage on your own.