There is a considerable shift in the millennial workforce, with most individuals opting for the entrepreneurial lifestyle over 9-5 desk jobs. In fact, a recent study showed that around 543,000 new business launch every month over the globe.
However, another noteworthy statistic is that 50% of these businesses fail within 5 years. The primary reason for that is the lack of a good idea.
There is no argument that the success of the business entirely depends on the credibility and viability of the idea it is built on. Much like the roots of a tree, a business will only grow as strong as the business idea is.
But, how can you find a billion-dollar business idea in a niche that is already so crowded?
The solution is simple; look all around you. Every action you take, every time you browse the net or even visit a new location, business ideas are floating all around you. All you need is a keen eye that can analyze a good idea from a bad one.
So, if you’re looking to start your own business but don’t know what product or service to sell, here are some of the best and most creative ways that can help you find your billion-dollar business idea.
1) Make The Most of Your Skills
You’re the driver of your business, hence, you should be well-versed and proficient in the industry you’re planning to launch in. Ask yourself if you have the talent or a proven record that can become the basis of a profitable business.
For example, a man who spent years managing cleaning services at a hospital is well-connected and extremely capable of running his own cleaning service business. An ex-logger can make a living as an artist by creating sculptures out of wood and selling them to clients. And, professionals who gradually start their own agencies or consulting services are not uncommon at all.
Hence, the first step to finding a viable business idea is identifying what marketable skills and experience you have and will people be willing to pay for your products and services.
Moreover, it would be better if you choose a field that you’re extremely passionate about as being an entrepreneur means relentless work and you need to be motivated to burn that midnight oil. After all, choose a job you love and you’ll never have to work another day in your life.
2) Stay Updated… Always!
If you want to build a successful business, your product or service needs to be in line with the latest customer demand. And, without a doubt, the news is the best way to know what’s trending.
You may watch the news regularly or stay updated with the latest trends through social media platforms. But how often do you look at these trends with an intent to find a business idea?
By keeping up with the latest trends keeping your business in mind, you’ll be able to identify major gaps in certain industries, through which you can develop a business idea to close those gaps.
For example, during the ongoing coronavirus pandemic, the number of companies in the wellness industry grew exponentially. This is because the demand for the products in these industries grew. Similarly, you might notice that many teachers are facing difficulties while taking online classes during the lockdown. You could reach the conclusion to start an online course catering to teachers. The demand is surely high and it is the latest pain point that many customers are facing.
Hence, you should always keep track of the latest trends and be ready to look for new business opportunities.
3) Wear Your Creative Hat And Start Inventing
The presence of so many companies has resulted in cut-throat competition, with many industries being oversaturated with the number of companies offering the same products or services. Hence, another great way to get and execute a business idea is to innovate something yourself.
The main inspiration to create a new product or service usually comes from identifying a market that has a major gap, wherein users’ needs aren’t met.
The biggest example of this is in 2004, a Harvard University studying psychology recognized the need for a campus-wide social-networking website that allowed students and staff to share their information about themselves. The young boy, named Mark Zuckerberg, went on to develop Facebook and became the youngest billionaires in the world.
While innovating a new product or services, besides solely focusing on finding what’s wrong with a sector, you could consider building a new industry altogether. For example, in 2008, a pair of young entrepreneurs named Garrett Camp and Travis Kalanick had a revolutionary idea while hailing a cab in Paris. They wanted to create a service that was able to get a cab to a consumer through just one click. Today, the dynamic duo have created an entirely new niche that has changed the way we travel by launching Uber.
So, look around and ask yourself if a particular process can be improved or if there is room for a brand new service or product that gives more value. During this process, no idea is too big or small, but you need to be extra careful while analyzing the viability and credibility of the idea. Ensure you conduct a considerable amount of market research to determine which idea is good and which isn’t.
4) Cut Your Work In Half By Finding A Better Way
You don’t need to create an entirely new product or service, all you need to do is build a better mousetrap. For example, if you know a particular product or service is in high demand, but there’s room for improvement, launch your business with the improved version.
By doing this, you save a lot of time and funds on market trials as you know the demand is already present. Moreover, the groundwork is already done, all you need to do is add a few knick-knacks to improve the end deliverable. There are very products on the market that have no scope for improvement. So, start generating business ideas by looking at what you use on a daily basis and how you can improve it.
Another way to build on a pre-existing product or service is by partnering or collaborating with brands that are well-established.
For example, Zomato and Swiggy currently rule the food industry, however, they don’t own a single restaurant. Instead, they collaborated with existing restaurants and improved their product by offering a home delivery service for customers.
So, start looking at existing products and services around and identify how you can improve them and become a successful entrepreneur in the process.
5) The World Is The Limit
Many-a-times you may have a brilliant idea, however, the product or service is not best suited in your local market. For example, you may have the most advanced technology for instant cooling in air conditioners, but you live in the northern region of India.
However, with the help of advanced technology and transport options, the world is the limit for your business, You’re no longer constrained to one market or one location and can literally offer your services all over the globe.
So, while looking for the best business ideas, don’t limit yourself to the target market around you. Instead, find a product or service that works for the consumer, no matter their location.
Tips For Shortlisting A Business Idea
While the tips above help aspiring entrepreneurs find new ideas, some might be brimming with ideas and can’t identify which is the best path to choose. Follow the tips below to shortlist the best among the lot:
- Chalk out your ideas and question the logic and viability of every idea
- Ask experienced people and potential customers for their input
- Don’t jump on the first idea you think of, keep looking for new and better ways to improve on the idea or find new ones
- Ensure your idea matches your desires, passion and skillset
As the saying goes, there is no shortcut to success. Even if you have the best business idea, you need to work very hard to turn it into a success. So, dream, think and plan – that’s all you need to transform a good business idea into a multi-million empire!
For more updates, tips and tricks on the entrepreneurial world, keep reading The Money Gig.
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