What is the Process to Develop Great Business Ideas without Breaking my Budget?
Every successful business begins with an exceptional concept.
But what exactly is a Business Idea?
A business idea is a vision or concept for a product or service that has the potential to produce income and value for consumers. It serves as the cornerstone for a successful firm, giving a clear path for strategic planning and decision-making. Creating a strong company concept entails the following steps:
- Identifying a market need or issue.
- Developing a distinct value proposition.
- Recognizing the competitive landscape.
To define a company concept, extensive study and analysis are required to analyze its feasibility and potential for success. Examining market trends, identifying target clients and their requirements, analyzing competition, and determining the financial viability of the concept are all part of this process. Following the consideration of these aspects, it is critical to develop a formal business plan that includes the strategy, objectives, and methods for establishing and expanding the firm.
Overall, a successful company concept provides a one-of-a-kind and useful solution to a market issue or need, as well as a clear grasp of its target audience and competitors, as well as a sound strategy for execution and development. A solid company concept may be turned into a flourishing and sustainable organization with proper planning and execution.
How To Think of a Good Business Idea?
**This is an effortless and elementary way to start thinking about business ideas. At the end of this article, we include a small guide to the professional steps used to develop a business idea.**
START DEFINING YOUR IDEA
- Find paper and pen: start writing categories that you are interested in, for example, pets, home goods, fashion, and autos. Write as many as you like—at least more than five.
- Make a circle in those categories you like the most. If you wrote five, select the two you want or are closer to your vision.
- Now make two columns and write each category on the top.
- Next step, start to write concepts; for example, if your category is pets, then you can write collars, blankets, beds, bathtubs, and shoes under the category.
- Select only the two concepts you think are the best once or you like the most. For example, let’s say you chose blankets and collars.
- Ask yourself how to make those two concepts unique, custom, couture, or however you think will differ from your competitors.
RESEARCH YOUR CONCEPTS OR IDEAS
- Research if people want to buy products like those under your concepts. To do this, you can use two search types:
- Jungle Scout: search how many are selling your idea on Amazon, the price, and how many have been sold
- LongTailPro.com: use this to check how many people search for your concept on Google.
- Google Trends: to verify if your idea is trendy
DOUBLE-CHECK YOUR IDEA
- Check that your idea is not saturated in the market. If you find out too many people are selling or offering the same product or service, start looking for ways to make it different from them. Think in niches. For example, if you sell collars or blankets for pets, are yours personalized, particularly for some breeds, unique material, special designs, or only for fancy customers? The list can go on.
IDENTIFY YOUR MARKET
- Make sure to define your market; in other words, the people you believe will become your buyers.
MAKE A TEST
- You finally found a good idea for your business. Ask, ask, and ask again. Go to your family, friends, or someone you can trust, and ask what they think of your idea. Some people will support you, and others will not, but consider all they say; you may find floss in the process, the product, or the service. Sometimes criticism is good!
What if my idea is silly?
During your brainstorming of ideas, you may feel like you need more clarification or encouragement about the thoughts you are coming up with. Don’t disregard any idea!
Even the silliest ones can be a great hit. Research and find out if people are looking for that service or product.
On the other hand, if you sit with your paper and pen and no ideas come to mind, check out what others are doing. Search as many e-commerce as possible and study what other people are selling. How can you improve those products or services? What about a smaller niche inside a category?
- Check what your competitors near you sell. Large companies serve large markets, no niches.
- Check things you like and try to come up with something unique.
- Make a list of your needs, and search the products or services available in the market, and consider offering better ones.
If your idea is a product that already exists on the market thing about this,
- What is the difference between your product and the one on the market?
- Why will customers purchase your product?
- What makes your product or service different from the competition?
- What is the price range of the competition compared to yours?
- Which product looks more appealing to the customer?
- How would you market your product different from the competition?
Now, imagine your product is not on the market,
- How would you educate your customers about your product or service?
- How would you show future buyers that your product or service is better than others?
- Which market section will be targeted first?
- Why do you think your product or service will help with the customer’s needs?
- How would you prove to your customers that your product or service works?
- How much will you need (budget-wise) to educate buyers about your product? In other words, what is your marketing campaign?
If you have too many ideas, start with the easiest one to check if it fulfills you. For example, you can measure the worthiness of the concept based on likes, budget, timeframes, fit with company culture, or just practical viability.
How to Make an Idea Works for a New Business?
There are specific tasks you need to accomplish to make your idea work. After all, you are expecting to develop a successful business.
There are various components to verify if the idea could sell. All the details are closely related to the research;
1. needs
2. competitive differentiation
3. who is your target market
With proper research, you will identify much better if your idea is good.
What needs or problems does my product or service solve?
To understand needs or problems, think of things that bother people. Check these examples:
- In need of new shoes
- Needing new dog toys
- Need a new backpack
- Colorful utensils for cooking
Sometimes the needs are created based on the features of the product.
How do we find out other people’s needs or problems?
- Check your needs and issues first and make a list,
- Research on social media, most complaints are about the need,
- Research what people are searching for:
- BuzzSumo: It enables you to search by content and topics trending now,
- SEMrush: helps you find what people are searching for around a particular topic,
- Answer The Public: based on Google and Microsoft Bing searches; it also has a vast database that can predict what searchers are going to ask,
- Ahrefs: keyword searcher
- Keywords Everywhere: keyword searcher
- Product Hunt: to find the latest trends
- Trend Hunter: great site to search for the latest trends in different categories
- Kickstarter: another site to verify what people are looking into
The ideal exercise to help you find great ideas
- Write the inconvenience you have had during the whole day.
Write solutions to them. Do this for at least a week. Then, ask your co-workers to do the same and compare.
- Read all the comments and search for products that help solve those problems.
This gives you an idea of how to improve them.
- Read the comments on social media.
People will expose the truth about particular services or products through social media.
