How to find a business idea

Business idea generation

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How to come up with a good business idea for a successful startup?

The entrepreneurial minds are always thinking about how to find a business idea, an innovative product or service and solve problems. But not all ideas are great. The question is wow to come up with good business ideas. 

How to generate good business ideas

Here are a few ways to generate business ideas, come up with solutions which solve real problems, use your skills and market opportunities to increase the chances of success.

Do it your way

Strategies to come up with good business ideas

Here are 10 suggestions how to find a business idea:

  1. Find a better way to produce something or deliver a service
    Ask people what useful features are missing in the products they use, what would improve their user experience. Don’t just ask your friends and family. You can go to a shopping centre and ask people leaving shops – those are the valid customers ready to spend money on the product. 
  2. Find a cheaper way to manufacture a product or deliver a service
  3. Think about your skills
    What transferable skills have you got that can be applied in a different industry or business function and are underutilised there.
  4. Innovate product packages
    Go to a different industry store and see if there are any products to complement yours. Are there any services complimentary to your product? Think what would increase the value for your customers or the convenience of shopping.

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  5. Think about your own frustrations and pains
    What new product solutions do you need that don’t exist? What annoys you? The chances are you’re not the only one with such a need. 
  6. Identify new fast growing niches
    Follow the recent trends, popular products and activities. Use the advantage of the growing market and the need for more product variants.
  7. Follow the online buzz
    Find out what questions people ask on forums, Twitter etc. What issues do they need to solve? Find real problems that need solutions or improvements.
  8. Future predictions
    Think and listen to what others say about future predictions.
    What’s coming next in your industry. What are the global and local trends? 
  9. Look at the industries in stagnation
    Find industries which stopped growing, have no innovations and try to come up with business ideas to improve and innovate.
  10. Find out what the big companies are planning in the next few years
    What are their marketing, distribution, product lines plans? The big companies usually set the trends and lead industries in new directions. 

These are some ways to discover business or product ideas.  Do any of those product generation strategies appeal to you and you could use in your business? 

Never stop exploring new ideas

What is your experience of finding business ideas?

How do you find good business ideas, how do you come up with new products and solutions to grow your business? Share with us in the comments!

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