Creating a good business idea can be one of the hardest steps when deciding to start your own business. Many entrepreneurs know that they want to work for themselves, but don’t have any clue where to begin.
People think that they need to come up with some revolutionary new idea to start a business.
Everybody’s looking for the next Facebook or the next Amazon. They think in order to be successful, their idea has to be new, innovative and never been done before.
The reality is that yes, while those things are great, that’s the exception to the rule.
The reality is that the best business ideas don’t always have to be something that has never been done before.
I’ve never revolutionary invented some new business. I generally looked at something that was already apart of the market, saw where it could use improvement, and created that improvement myself.
I started my marketing agency based on the idea of fixing something that was broken in the market. My wife was using a marketing agency for her business. The issue was the marketing agencies she had tried had an awfully hard time understanding her business and what it did. So, they couldn’t generate quality leads for her.
I thought there is no way she is the only one having trouble with a marketing agency understanding her product, what it does, and how to advertise it. As it turns out, she was not the only person with this problem because the marketing agency I started blew up!
I just used my knowledge of business to produce leads and advertisements that really went into the depth in people’s businesses. We focused on really understanding what they did and their product so we could give them the best possible experience.
You see it wasn’t a newly invented idea. However, it found a problem in the market and corrected it.
The point is that if you need to come up with a business idea, but are lost for what to do, you need to be able to effectively look and see where you can do something better in an industry or market.
Try asking yourself:
- How much money do I have to start this business?
- What industry/market would I like to go into?
- What is a huge problem I have noticed in this industry/market?
- How can I effectively fix this problem?
I would say even my marketing agency is not the best out there, but it’s good enough for what my clients actually need. That is the point.
Your business doesn’t have to be the best. It just has to be different and possibly solve something no other industry is attempting to do. That is how you come up with a good business idea.
Look at what people are paying for and figure out what sucks about it! What is frustrating about it? What are people’s complaints?
If people are still paying for an imperfect product, then they need it. If you can improve it, then you will own that market.
Even if you have trouble improving the product/service exponentially, you can still be an alternative. Some people will still buy from you because they like you, or they like your team, or they like your product more!
So, figure out what you like, your skillset, and what is actually making money. Then figure out how you could do it better, and you have got yourself a business idea.
Comment down below how you built your own business. How did you come up with the idea, did it work the first time, and had it been done before?
Steve Goodall is a full-time digital nomad and an Iron Maiden fan who has spent the last 30 years working with business owners in driving company growth, restructuring internal operations and providing full consultancy on all platforms including branding, outreach, and marketing. Talking business is his THING… so connect with him on LinkedIn.