Small Business Ideas

Ideas for Creating a Business

Steps

Part 1

1. Think about what goods or services would improve your life. Keep a list of your personal strengths and weaknesses in mind. When you look at that list, does anything come to mind that would improve your life? Spend some time considering your own experiences. With some time and creativity, you can probably identify several products or services that would help you.
2. Decide whether you'd like to provide a product or a service. A new business idea will likely either be based around a product or a service. Each requires some thought and creativity. They both have advantages and challenges that you should consider before focusing on one or the other.
   • For a new product, you'll have to develop a good or improve upon an existing one, then invest in manufacturing to produce it. This is an expense, but a successful product can be very lucrative.
   • Providing a service will eliminate the need for developing and manufacturing a new product. However, you'll probably have to hire more people, since it will be tough to grow your business if you're the only one providing a service.
   • Both choices will involve marketing and advertising, so plan on investing time and money here whichever you choose.
3. Identify a problem with the existing industry. Frequently, businesses or inventions began because someone was frustrated with the current way of doing things. A good way to come up with a business plan is to look for these problems. If you're feeling frustrated about something, it is possible that others feel the same way, which gives you a potential market. Perhaps no one in your area provides repair work for lawnmowers. Now you've identified a problem that you could remedy by providing that service.
4. Build upon an existing business idea. Rather than a problem with the current industry, you might notice something that a business does well. Take that and see if you can improve upon it. By taking ideas one step further than the current industry does, you can carve a good niche for yourself in the market.
   • When Google got started, for example, there were plenty of other internet search engines around. Google, however, was known for having an extremely accurate algorithm that improved searches. Google successfully took a good idea, internet search engines, and improved upon it.
5. Look towards the future. Successful entrepreneurs are innovators. They don't stick with old methods or technologies, but rather look ahead and see what will be successful in the future. You can do this by asking yourself what the next logical step is for a product or service. Since distance learning and video conferencing is becoming more popular, for example, you might want to start a company that specializes in setting up meetings entirely online. By looking at current trends and taking them a step further, you can come up with an idea that will be ahead of its time and potentially revolutionize the market.
6. Conduct preliminary consumer research. While market research is usually only used after you have an idea, you can do some early research to discover what people value. This can help you come up with an idea based on people's wants and needs.
   • Investigate the internet and see what common keywords or internet searches are. This will show you what people search for most often, which can spark and idea for you. Read Find The Most Searched Keywords for simple ways to do this.
   • For more involved method of finding popular keywords, you could use a service like Google Adwords or . These also analyze search engines and find common searches.
7. Apply your skills to a different field. Another way to come up with a new product or service is to use skills you've acquired elsewhere. Oftentimes, you can creatively apply skills learned elsewhere to improve a completely different field. Leo Fender, for instance, worked as a radio repairman. He used his skills in electronics and amplification to build the first electric guitars. When considering your business ideas, take all of your skills into account. You may have a certain talent that will revolutionize a different field.
8. Write down all your ideas. Every idea, no matter how small or how seemingly pointless, could have value. Get into the habit of writing down every idea you have in a notebook. Carry this with you at all times, because you never know when inspiration could strike. This way all your ideas can be kept in one convenient place. Flip through it regularly to see if you can expand on any of what you've written down.
   • Though you can keep your notebook with you, you should consider transcribing what you write onto the computer. That way if your notebook gets lost or damaged, you have a backup. Digital storage will also allow you to catalog your ideas more neatly and effectively.
9. Foster your creativity. Don't be too critical of your ideas at this stage. During this brainstorming period, you shouldn't feel constrained. Instead, free your mind and see what you come up with. There are several ways you can stimulate your creativity and help come up with ideas.
   • Take walks. Several studies have documented that walking helps stimulate brain activity, particularly creativity. Commit to taking a walk a few times a week, especially if you're feeling stuck. Not only will this benefit your health, but it can help you come up with your next great idea. Be sure to take your notebook with you on walks to write down any ideas you come up with.
   • Explore stores. If you need ideas, go to a local store, preferably a department store with a lot of products. Then just walk the aisles and take note of the products you see. What do they offer people? What are their flaws? Also take note of what you don't see, as this will give you an idea of what isn't on the market that may be a salable product.
   • Talk to people from diverse fields. If you're trying to come up with a new software, don't only talk to fellow computer experts. Branch out and talk to people from different fields, especially fields that you aren't familiar with. See how they use products or services to improve their lives. This will help you think outside the box and look at things from a different angle. A new viewpoint can give your creativity a big boost.
   • Read Think 'Outside of the Box' for more ideas on creative thinking.
10. 10
    Take breaks. Though it is a bit cliché, the stories of people coming up with brilliant ideas in the shower are true. The brain often thinks up ideas when you're not forcing it to. By taking a step back, you're letting your brain rest. During that rest time, you should do your best to not think about your business, product, or anything related to it. Distract your brain with a movie, a book, a walk, or any other activity you enjoy. During your break, you may just have a eureka moment that solves the problem you've been having.

11. 11

    Get plenty of sleep. In addition to taking breaks, your brain needs sleep to stay fresh. Commit to getting a good night's sleep to keep your brain working at its best. You should also keep a pen and paper near your bed. It's possible to have breakthroughs or ideas in dreams.