Wouldn't you like to have a surefire way to attract good business ideas whenever you need them? Perhaps after reading this article you can! But like the old saying, not everything that glitters is gold. Not all business ideas, no matter how good they may look or sound at the time, will turn out to be 'good' ideas as at first thought.
While there is no magic formula as such, are there steps you can follow to help you find your best and ideal moneymaking business idea? I think there are:
Unfilled Gaps
- A good business idea can come from what you are currently doing. Perhaps an idea could come from a job or business you are already engaged in now or from somebody else's job or business.
- Have you found a gap in the feature or benefit of a product or service?
- Could it come from a passion of yours or an interest or from something you saw? In all, is there something you've identified such an unfilled, or poorly filled, gap in the market?
Unmet Demand
- Before you decide on the product idea ask yourself if there is a demand in the market?
- If so, how will your product or service be better? Have you identified your idea's USP? Does it solve a problem or a need in some unique way? In other words, what's so special about your product or service as opposed to existing competing ones?
- Is your product justified? Is it serving a purpose for your market? Is it a time saver?
Unfair Advantage
- Do you know who your direct competitors are? If so, do you know what their S.W.O.T analysis is? If you do, how will you use that analysis to outcompete them?
- Size does matter in marketing. What is the size of your potential market?
- How will you reach this intended market? But more importantly, how can your market reach you?
- Do you know where to position your product in the market? In other words, have you identified your target market? This must be a market you know will need your product and are willing to pay for it.
- Identify its competitiveness nature and figure out if it's going to have a healthy profit margin.
- Is your target market a mature one or one that will have potential in the long-term?
Underestimation
- If the demand for your product or service idea is weak, the product may fail. This is because if the demand is low you may need to sell larger volumes to compensate revenue.
- Will you have, or can you buy or bring in, experience or the expertise needed to service this market?
- Most importantly is the viability factor. How much will your business cost to get started? Where will the money for the startup costs come from? Your funding or business capital must sustain the journey right through the startup phase. Do you have enough funding to sustain the early stage of your business until you generate a profit?
A mindset that attracts good business ideas
Good business ideas can appear from any source and at any time. Usually it's when you least expect it. That is why your eyes and ears must be trained to expect ideas from just about any situation if you are to attract good business ideas.
Your ideal idea may come from quarters that are totally unrelated to where you are at and from what you might not expect. Remember that original ideas are sometimes born by combining 2 old ideas to make a new one!
Because new ideas will pop up from the most unexpected sources you must always be prepared to capture them when they do pop up. Have a notebook handy or record it down on your iPhone notes or into an audio file that you can collate later into a permanent ideas file on your computer. Can you imagine how rich with ideas this folder would be over time?
So be on the lookout. The next person you meet could lead you to a million dollar idea. The next conversation you have might lead you to a world sort-after product idea. The next ad you see on TV might just lead you to something so new, the market will fall over themselves to get it!
Would you like a few ideas to get your right brain working? Here is a list of business ideas I hope will inspire you to create a few new ones for yourself:
- Adventure Eco Tourism
- Off-site Advertising Copywriter
- Lead Generation for Small Businesses
- Business Plan Writer For Medium Size Businesses
- Ezine Publisher For Businesses
- Fashion Fundraiser
- Gourmet and Gift Baskets
- Grant Proposal Writer
- Asian Herb and Spice Supplier
- Import and Export Business
- Translator Services
- Limousine Hire Service
- Intimate Apparel Sales
- Master Chef Classes
- Medical Transcription Service
- Mobile Dry Car Wash
- Men & Women Dining Etiquette Classes
- Beauty & Image Consultant
- Music Coaching
- Mystery Shopper For Medium Size Business
- Newsletter Production for Clients
- Parenting Guidance
- Pet Fashion & Accessories
- Ancient Recipes Cooking
- CV & Resume Writing Service
- Workplace Safety Consultant
- Self Publishing
- Organic Food & Health Food Catering
- Clothing and Accessories Coordinator
- Color and Image Consultant
- Ethnic Dance Instructor
- Seniors Exercise Classes
- T-Shirt Design
- Outsource Website Development Service
- Press Release Service
While I know you will seek professional advice before embarking on any of the ideas you've read here I am sure these tips and ideas will give you a sound strategy of your own to develop surefire ways to attract really good business ideas whenever you need them.
Byrt Mallanyk is a M*A*S*H fan and is recognised for his unique Copywriting and Business Blogging Skills. http://smallbusinessonline.thebmfactor.com/ He is also a professional musician, and he creates non-collateral funding for urban enterprises. He and his wife and three children live in Sydney Australia.
