Have you ever imagined what it would be like to run a company or to be a freelancer? To be responsible for creating and selling a product? To have the freedom and flexibility of being your own boss?
If so, then you’re not alone. But here’s the thing about starting a business: It’s hard. Really, really hard. And that goes double for finding an original idea. The world is full of entrepreneurs who think they have “the next big thing,” but their ideas are often not thought through enough to succeed.
But don’t worry—we’re here to help! Here are our 3 best methods to develop an original business idea that will help you change the world.
I. Love-Hate Method
The love-hate method works like that:
1. Think About Things You Love
It’s not easy to come up with a great business idea. There are so many possibilities, and it can be daunting to choose just one. But one thing we believe will never fail you is thinking about things you love.
What is a thing that you love and enjoy? Maybe it’s dogs. Or sunflowers. Or sewing. Or perhaps it’s long walks on the beach, or spending time with your family on the holidays, or eating a delicious meal with your favourite people.
Now think about what makes that thing great for you. What parts of it make you enjoy it so much? Is it how cute puppies are? How do sunflowers smell? The satisfaction of finishing a project and being able to wear it around town?
Maybe for you, being with family is about being yourself, enjoying having someone else cook for you so you can sit back and relax, or having fun conversations where everyone gets to share their opinions.
Make a list of things you love and the reasons for which you love them.
2. Think About Things You Hate
We know what you’re thinking. “Things I hate? Why would I want to think about that?”
But wait! We’re not talking about things you hate because they annoy you or keep you up at night. We’re talking about those things that, if they were eliminated, your life would be vastly improved.
For example: dishes. You might hate doing the dishes, but it wouldn’t change your life much if someone else did them for you. But what if there was no need for dishes? What if all of your food could just be eaten out of hands, and then, when you were done eating, the utensils disappeared, and you didn’t have to clean them? Vastly improved, right?
Or what if you could figure out a way to eliminate spiders without killing them? Or make filing your taxes as painless and straightforward as possible? Those are just a few examples of how to get started brainstorming your best business idea yet.
Make a list of things you hate and how to eliminate or improve them.
3. Find A Problem With Those Things And Solve It
One thing we suggest is finding a problem with things you love and things you hate. Take those problems and figure out how to solve them.
For example, maybe you love wearing lipstick, but you hate when it smudges on your teeth. How can you solve that problem? Maybe by creating a new product that helps prevent smudges. Or perhaps both the things you love and the things you hate have nothing to do with each other: maybe what you love about chocolate cake is its texture, but what you hate about it is the calories. Possibly your solution would be to create a chocolate substitute that has the same texture as chocolate cake without the calories.
Once you identified the problem and the solution to it, you probably found the business idea that can be converted into profit. However, converting an idea into a business is a long and hard way. You must prepare a business plan, to figure out how to earn money and generate profit.
II. Passion Method
The passion method can be very effective for everyone looking for a business idea. This method works as follows:
1. What’s Your Passion?
Passion is the first step to a great business idea. If you don’t care about what you’re selling, it won’t be easy to convince other people to care, too. What do you like doing? What can’t you stop talking about? What do you want to tell everyone about? That is your passion—find a way to turn that passion into a business.
2. Who Needs It?
Great businesses solve problems for people. How can your passion solve someone else’s problem? Do people need this product or service, or just want it? Finding out who needs what you have to offer is key in making sure your business is set up for success and longevity.
3. How Do I Make It Work?
Then, think about how you can turn that passion into profit. A perfect way to do that is to learn from other entrepreneurs.
Have you seen any companies already offering products that you would like to sell? Find out how they started, and how they succeeded (or failed). Can you emulate their tactics, or do something different so that yours stands out in the crowd?
III. Improvement Method
1. Identify An Existing Product Or Service
First of all, you need to identify an existing product or service that is already successful in the marketplace and has already proven its viability. Analyze the product and its competitors and look for ways that you can provide a better version of the same thing.
A great way to explore existing products and services is to start travelling. You might discover a product that hasn’t yet been marketed in your local area, or you could discover a new way to present an existing product.
2. Figure Out What People Like And Don’t Like About That Product Or Service
Once you’ve identified the product or service, make a list of the things people like about it (don’t worry if there aren’t very many—this is all just part of the information-gathering process).
Then, compile a list of things people don’t like about it. Read through these two lists and try to identify patterns. Is there something missing from your product or service? Something that customers want but that isn’t being provided?
3. Brainstorm How You Could Improve Upon It
After you’ve figured this out, think about how you could provide a solution for these needs. Brainstorm different ways you could change the existing product or service, and write them down.
Do not edit yourself; just keep writing! This is called stream-of-consciousness writing, and it’s a great way to generate lots of ideas before zeroing in on the best one.
4. Check If Anyone Else Is Already Doing This Idea
Check if anyone else is already doing this idea—Google it.
If yes, see if you can tweak the idea to make it different from what’s already out there. Is there something specific you could do to make the product or service more appealing than what’s already out there? Combine two ideas that haven’t been combined before? Make something bigger or smaller? Write down everything that comes to mind.
Also, you can tweak the idea to make it different from what’s already out there. For example, maybe homemade face washes are already a thing… but what if yours was made with all organic ingredients? Or made specifically for sensitive skin? Or came in a refillable container so that people could easily buy more without wasting plastic?
5. If No One Else Is Doing Your Idea, That’s Great!
That means your idea is yours alone and that you can run with it and make it your own, just like Google did when they created the search engine and singlehandedly changed the way we interact with information.
But before you get too excited, ask yourself: are people willing to pay for this?
Starting To Build Your Business
Once you have come up with the best business idea, you can start building your business. This requires many efforts and skills. You may learn what steps must be made and what skills are necessary for my article on how to start an online business.
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Images from Pixabay.
