The first step to starting a small business is to find a hot idea. Research and verify its potential success to make sure it’s the right idea. The final step before launching into the small business is the business plan but by the time you finish your research, you will have all the answers. The question is, where do you find those hot ideas? This article is all about finding out where to start. I’ve listed six ways to identify a killer business idea.
Do What You Know
If you have a skill or talent, build a business around it. Identify what is missing, or something that needs presented differently and ask, will people buy this? After working in the industry or selling a product and knowing the competition, a perfect opportunity presents itself for a niche, just one thing that is missing. Think from a buyers perspective instead of a sellers. What would you buy?
Keep up with current events. Subscribe to ezines and get the recent news. Check out the internet and look for opportunities. Social networking sites might be a great source. Remember when the pet rock was the rage? Today, identity theft has launched hundreds of businesses. Keep your eye out for the next business opportunity. Brain storm over recent events and see what you come up with for possible small businesses.
Have you used something that just one small improvement can bring more people to buy it? Then you have a potential small business success story. Combine things for a better offering. Suppose your friends enjoy fresh flowers weekly. You may set up a service that has their favourite flower automatically delivered fresh to their door including a bottle of champagne and a gourmet meal ready to eat for ‘date night’. Think about what products you buy and what you would like included with them?
Ask Customers, Employees, Friends, Neighbors….
Ask the question, what would you like to use, buy and see in the market place? Sift through all the information you will get and pick the idea that makes sense to you. Ask how they would improve, change or add to a product? Ask questions and record the answers. Pick the ideas that you feel might have merit. Adopt an inspiration instead of taking the easy way out.
Follow Your Passion
You should enjoy what you do because you will be spending a lot of time on it. So pick what you are passionate about. Perhaps you have a hobby. Something that you enjoy doing in your spare time. Your hobby may lead to a great small business niche. For example, dogs are your passion and you have spent hours creating unique collar and leash sets. The pet industry has boomed in the past years, you can see this simply by walking into a pet store. Maybe the idea is worth further research.
Identify ‘the smartest people you can find in any industry you’re considering’ and interview them. Through this process, ideas, niches, and solutions will be identified. You have also found a ready mentor for your small business team.
Remember, ideas abound everywhere. The key is to identify the right ones. From this exercise, identify three or four, prioritise them and then move to the next step, research.