A lot of people believe that starting your own business is a very mysterious process. They know they need or want to start a company, but they do not know where or when to start. In this article, we will take a closer look on how to get an excellent idea for a business, how to figure out what it is that you want to do and how to take action on these ideas.
Before we get started, let us clear one point: People always want to know if it is an excellent time to start a new business. It is obvious why it is smart to start your business during stronger economic times. People have money to spend, and they are looking for ways how to spend them.
But starting a business in uncertain or tough economic times can also be a smart move. If you do your due diligence in researching everything, presumably, there is a need for the company you are starting. Because a lot of people are hesitant to launch in tough times, your new company has a better odd of getting noticed.
Not only that, depending on your idea, during these times, there are equipment or companies that are for sale at a meager price. Estimates differ, but more or less half a million businesses are being made every year in the United States.
But for every American who is starting an enterprise, there are at least a million more who starts every year saying that this will be the year they will start their businesses, but they don’t or they can’t. Everyone has their own roadblock, something that prevents them from taking the first step.
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A lot of people are afraid to start; maybe fear of failure, fear of the unknown or even fear of success. Other people find beginning something that is very overwhelming in the belief that they need to start from scratch. Some people think that they need to come up with something unique, something that other entrepreneurs have never thought of. In other words, they believe that they need to reinvent the business wheel.
But unless you are a genius – A Bill Gates, Mark Zuckerberg or Steve Jobs of the business world – trying to create something new is a total waste of money, time and energy. For a lot of people who want to be an entrepreneur, the issue should not be thinking of something unique that other business people have never heard of, but instead answering all the questions like “How can we improve on this?” or “Can we do this differently or a lot better from the other competitor?”
Get your business juice flowing
How do you begin the idea process? The first thing you need to do is to take out a pen and paper and write something about yourself. Things that you like and you do not like. Write everything that comes to your mind; it does not matter if it makes sense or not.
On the other side of your paper, list the things that you do not think you are good at or you do not like to do. Maybe you are really good at designing marketing concepts, but you do not like talking to other people, or you are not good at doing public speaking.
Do not overthink everything; just write down what you are thinking. Know what kind of services or products would make your life a lot happier or more comfortable, make your company more efficient or productive, as well as give you a lot of time. The next thing you need to do is to ask yourself the same question about business life.
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Check out what your likes and dislikes when it comes to your job, as well as what the people likes or dislikes about your company. And lastly, ask yourself why you are trying to start a company in the first place. When you are done, try to look for a pattern.
You can find inspiration anywhere. For example, when Reed Hastings got a $40 charge for returning a video late, instead of getting mad about the video rental place, he got inspired by it and started a company that charge you the same price whether you “rent” a lot or little. His company was called Netflix, an online movie rental service.
From its conception in 1999, the company has grown into a multi-billion-dollar business with revenues topping at least $1.3 billion. Thinking of an idea can be very simple if you know what you want; ideas crop all the time. A lot of local business owners made a lot of money, bringing a franchise concept to their area and expanding it from there.
And do not overlook the tried and tested. Successful companies usually go through cycles. Take for example, gardening, for the past years, gardening supplies and products have been prevalent, but you would not consider doing gardening in the 21st century.
In other words, you can take an idea and customize it to the times and where you want to start your company. You can add your creativity to any concept. As a matter of fact, mass customizing the business concept is not a choice; it is a necessity if you want your company to be a successful one.
You cannot just take a good idea, plop it and say, “Okay, this is it.” Outside of companies like Subway or McDonald’s or another more significant franchise concept, different businesses can work with a one-size-fits-all kind of approach. One way to know whether your business idea will succeed or not within your community is to talk with the people you know, like your friends, family, co-workers or neighbors.
If it is a business idea, talk to people that are in the business world. Do not be afraid of people who are stealing your ideas. There is no chance that your design will be taken. Discuss the general concepts to people that you trust. You do not need to spill every little detail of your idea.