How would I know whether my Business Idea is great?
What steps would I be able to take to come up with a Big Boss?
How would I discover a business opportunity for my Business Idea?
Before we talk about coming up with your Business Idea.
Let’s imagine there’s a man named Neil who has 2 dogs that he calls his “children.”
Since he loves being around Dogs, he carries his dogs wherever with him.
This even encourages him to make friends with other dog lovers.
Neil is getting a charge out of life so much, he feels that he should spread the happiness by volunteering.
Neil has tried volunteering previously, yet he’s never stayed with it.
So he needs to discover a program that he’ll focus on for a long time.
Let’s help him, figure out which type of volunteer work he should choose.
Sounds Good. Right!
There are few opportunities will in all probability keep Neil fascinating
- Picking up litter each Sunday morning
- Walking with dogs from the nearby safe house
- Reading to school children
Every one of the 3 openings is beneficial and encourage the community. In any case, Neil is crazy about dogs, so he’ll in all likelihood stay with the dogs walking program.
This type of thinking is like finding a big idea for your Business-there are a ton of smart ideas out there, however you have to discover one you’re passionate about and will be able to stick with.
It appears to be really clear that your Business idea should be great. However, the tricky part is being able to recognize when an idea is really worth seeking after.
Truly, a few ideas are obviously bad.
Nevertheless, a few ideas may appear to be bad or just ok at first, however, they could really form a great idea.
Then again, an idea that appears to be amazing at first might not hold up as time passes by.
While there’s no way to know whether a Business idea will be a huge success, there are ways to help enhance an idea’s likelihood of success.
The First step is to reflect on yourself.
What are your skills, and what are you passionate about?
Think about a very specific skill you have (“I can fix machines”) and in addition the larger one (“I’m a great project manager”).
You’re essentially evaluating what you’re educated about and how it can be connected to a potential Business idea.
At that point, consider what you’re passionate about. This is important to the fact that this passion will help you to weather the tough times as you begin your Business.
After you’ve searched internally, search externally.
Study the world around you – daily life, your job, hobbies, and so on.
What issues do you experience that aren’t currently being solved?
For example, Neil may live in a region that needs great veterinary care for his dogs.
At present consider how you can utilize your abilities to take care of the issue you’ve found in a way that takes advantage of your passions.
Suppose Neil is exceptionally gifted at coding and programming and nowadays creating a website has become so easy with CMS like WordPress, WiX, Drupal etc.
We definitely know he’s passionate about dogs and has a problem finding a good veterinarian.
So In this way, he can build a website or application that helps pet owners to get help from a vet on the web.
This is a “good” Business idea for Neil, in fact, it revolves around what he’s knowledgeable about and what he thinks about, and takes care of a real issue.
Neil’s idea may sound really well thought out, yet don’t stress over having a perfect idea as of right now.
You don’t need your entire Business plan and all the variables figured out before you begin researching about and characterizing your idea. Likewise, it’s totally fine to have doubts and worries about your idea.
At this moment, you’re simply evaluating if your doubts can be overcome, (or) if the Business idea should be downgraded from “great” to “not worth my time.”
Once you have your idea, ensure there’s a business opportunity (market) for it.
You know it’s solving a problem YOU have but are there other peoples who also have this problem?
Make a list of keywords related to your Business idea, then plug them into a search engine.
What results do you get? other Businesses?
Products on e-commerce sites?
What the number of the product are listed/have been sold?
Check your search results for blog posts (or) forum threads from people who are searching for solutions your Business idea gives.
Do they say any products (or) service that you can improve upon?
Next, plug your keywords into online tools like Google Trends.
Look at how frequently the keywords are searched, where the searchers are located, what else they’re searching for, and if the searches happen throughout the entire year (or) might be a fad.
Finally, look through your keywords on social media.
If Businesses show up, what number of followers do they have?
Do they get a lot of engagement?
What would you be able to learn from the comments customers leave (both praise and complaints)?
Finding different Businesses established on a similar idea you have doesn’t mean the death of your idea.
Don’t be afraid of competition.
Your Business idea doesn’t have to rethink the wheel. It simply needs to take care of the problem better than your competitors. To make sense of how you can do this, list the ways you’d improve what’s happening with at present (AKA list your key differentiators).
Would you be able to offer a higher quality product (or) service?
Develop better Branding and Marketing?
Create a better user experience?
For example, Neil may find a website that gives people a chance to email and gets a within 24 hours.
Neil might then choose his application will give people chat live and not need to wait for a response.
Keep in mind
Your Business also needs to be creative, profitable, obviously, so invest some energy, time thinking about how your idea will create enough money to be sustainable.
At last, it’s important to get feedback on your idea.
One of the worst things you can do is keep it to yourself.
Get feedback from people you trust, people in your field of expertise, and people who work in a similar space/industry as the problem you’re trying to solve (Neil might talk to dog trainers, for example).
Be open to criticism and suggestions, and be willing to have your idea change and develop.
A lot of Businesses start thinking they will take care of Problem A and after that understand that they’re really solving Problem B.
DO THIS NOW
Thinking of a Business idea can appear to be overwhelming at in the first place, but it helps to break it all down into small steps.
How about we make a plan for the day that will prep you for finding your big idea.
BIG IDEA CHECKLIST
Step 1: Make a list of your skills.
Step 2: Make a list of your passion and interest.
Step 3: Make note of any problems you frequently experience during your day to day routine.
Step 4: Make note of any problems you regularly experience at work.
Step 5: Evaluate how much time you need to spend on starting a Business.
Step 6: Evaluate if you have the necessary resources to start a Business.
Step 7: Make a list of people you trust who could give feedback on the idea you come up with.
Resources: Google Entrepreneurship Sites