Starting your own business can be an overwhelming process, especially when you have no experience of running a business previously. At this point in time, many people want to start their own business, because the Covid-19 pandemic has broken their financial back due to immense lay off policies. However, some people like to own a business because they think they are not the kind of people who can work for others. If you are dreaming of clocking out of your nine-to-five job and want to become the boss of your life. Then, stick till the end of the article to explore some unusual, inspirational yet useful ideas for your business creation process.
Finding a Business Idea
In a business set up, success is mainly about execution. However, generating business ideas is still important, and the first step in this regard. Here are a few suggestions to improve your business ideas:
Go for Replication rather than Innovation, at first
When you are thinking to start a business set up, the most rational decision can be that to go for less risky business. With less risky business, I mean a business concept that is already successful in the market, and people totally admire its products and services. Use the same business concept as a starting point and try to execute it well. Until this point, you need a little or no innovation yet a great execution so that your business could make a distinctive place in the market. At every step after that, you will need lots of innovations and good ideas to retain your existing customers and attract new ones.
In order to get a business inspiration, look at the successful businesses running around you that somehow survive all bad economic situation and people are buying their products no matter what happens in the world. Think of stores that are doing well, visit, and see what you can learn. Could you do it better, less expensively, or in a different location, or online?
Follow Your Passion
Look at your past jobs and previous life experiences and find out what do you like or dislike doing? What brings the best out of you? In which task you can put your untiring efforts? Think of all the businesses that make you do what you like to do. Look at the internal processes of the company you are working for (Human Resources, Finance & Accounting, Marketing, Management, Sales, etc.) What are the processes that could be made more efficient? How could they be improved with the use of technology?
Jot down all the things you like to do, and that gives you a whole lot of satisfaction and happy moments. Try to brainstorms ideas on how you can convert these things into a business. For instance; if you like to try new recipes and enjoy eating healthy food that is good in taste too. Probably, then the food-related business would be a good option for you.
Choose a Normal Product
Many people think that a business can only be started if they have a large amount of capital. That is not completely true. Investing a large amount can be very risky and should only be done if you have plenty of money, an effective business plan, and related experience. Starting a business with a good plan and money, but no execution and experience can cause more harm than doing good.
There are examples of successful business persons, who initially decided to own a food cart, and sold their franks on a busy street. After learning the business hands-on, they hired someone to run that cart, expanded their business to multiple stores, and retired before 40.
Select a Safer Route
Say you love food and you are very passionate about it. The obvious and thus too crowded choices are to start a restaurant. A less risky option is to start a food business that’s further up the supply chain. For example, try to start a small set up to supply ready to serve food. Of course, that may not be as prestigious as welcoming people to your restaurant. But getting in further up the supply chain may be a safer route to good income while still enabling you to be part of the food market.
Become a trend spotter yourself. Pick an industry and spend considerable time reading everything about it. Do it until you get to the point where you can spot and predict upcoming trends yourself. Read books magazines and look at the trending topics at social media sites like Twitter, Reddit, Facebook, YouTube, etc. Try to jump onto trending topics, analyze these trends thoroughly, look into its supply chain, customers’ demand, and how the famous brands satisfy the customer needs. This way, you can build a valid business.
Build on Your Strengths
Look at your past jobs and analyze what you were really good at. Think of industries and types of businesses that would allow you to use your skills and strengths. For example, if you were really good at writing blog posts in your past marketing job, you could start a business as a freelance writer.
Think of businesses and industries that you would have an advantage in. This could be based on extensive industry experience, knowledge, skills, or network. How could you use this advantage to build a business?
Determining the Worthiness of a Business Idea
Besides all the passion and creativity, it is still an important step to critically analyze your business ideas and to be rational about it. For this purpose, it is advised to take suggestions/feedback from as many people as possible. Here are some measures that determine whether your business idea is good enough or not.
Does it solve a Problem?
As long as consumers have problems, they will always search for solutions. People will always look for better, faster, and smarter ways to accomplish everyday tasks. What is the one painful problem you can solve without a struggle? To grab your customer’s attention, start by solving their needs, wants rarely make the cut. If your product is not a must-have, you could still find a way to repurpose it to solve a pressing need.
If you take a look at every successful business, you will see that all of them solve a specific problem of people. Such as Google made search better. Amazon simplified online buying and selling. Netflix provides a media streaming platform. Uber is making cab service better. What can you make smarter or better?
Will People Pay for it?
It’s one of the most fundamental decisions that every business must make: What price should I charge? And above all, they should ask themselves, “how much the people will pay? Or will they pay for your product anyway?” “An idea is just an idea until you have a paying customer attached to it,” Schroter said. The answer will be, they will definitely pay only if your product has all the features that one could ask for.
Have you tested the Idea?
Before taking your first step towards starting a business, test your idea. If after that you still find it good enough then it’s the time to go for it.
Not just take the advice and opinion of your friends who out of politeness won’t tell you the truth. Ask trust-worthy, experienced, and even unknown people to give their honest suggestions about it. If your target sample is saying (your idea) is fantastic and asking where they can get it, you know that you’re onto something, but if they are less than enthusiastic, it’s probably not as good an idea as you thought.
Are You Open to take Advice?
More experienced and qualified people may be able to offer sound and important advice on certain situations. Often, they will share their own failures and bad times, and you can draw on this experience to enhance your journey as an entrepreneur. If you’re not open to taking advice and changing your idea to fit what your customers want, your business idea might not give the desired results.
There are so many laws, rules, and regulations, thousands of options, opportunities, and pitfalls, that you don’t know. However, someone else’s experience is the perfect way to avoid the ‘down-side’ of going it alone. Someone on the ‘outside’ looking in will often see things you may overlook.
If you are thinking about whom you should visit for advice? Read: People you should take advice from
Do your Business Goals are Realistic and Achievable?
You have to have a vision about where you are going as a business and a three to five-year strategy to get there. Assuming you have done those things, you have to set objectives that your team needs to achieve for the next 12 months. Stay in the realm of reality when you set objectives. Don’t try to double sales in a month, and don’t try to cut costs overnight. Choose smaller objectives that seem like real possibilities. If you truly want to achieve a lofty objective, break it into smaller objectives. This way, you can reach in a reasonable amount of time. Avoid get-rich-quick thinking and expectations of a complete transformation of your business in a matter of days or weeks.
The Bottom Line
Thomas Edison was right after all, “Success is 5% inspiration and 95% perspiration,” I would say “smart perspiration”. You can come up with as many ideas as you want but nothing that would really work until you stop talking and start executing. Selecting a small or prestigious business idea is a personal decision. But it can be helpful to bounce ideas off your friends and family. Don’t be afraid to ask for help throughout this process.
Hope you find this article helpful! Hit us up if you have any suggestion, your feedback would be highly appreciated.
Never do the mistakes what some companies did and got bankrupted. Here’s the Case Study of Forever-21, a fashion empire which got bankrupted. Click: Read Now