“If you think all business is to make money, then you’ll only be thinking”.– Sandeep Sarkar
A realistic business idea is not a fanciful idea that you want to implement in the world and earn money with it, It’s a model to solve and provide solution to modern problems that people are facing.
You need to ask questions to get clear on what, why and how you want to start a business and how it can sustain by consistently providing service, solution to real world problems. We will try to figure out few methods with which we can figure out step by step as to how to observe situations to figure out problems and how to come up with an solution, and how to make the idea clear in our head.
First let’s answer these questions –
- What steps can we take to come up with a business idea?
- How do I know if a business idea is right?
- How do I find a market for my business idea?
What steps can we take to come up with a business idea?
It depends on your skill sets and your passion, if you can analyze the problem in your field, and can come up with a solution, then there is a chance for you to create a sustainable business which will be more than about earning money.
Let’s understand this from an example –
You love to do gardening, learning about plants, soil and managing gardens, you love gardening so much that you are willing to take care of plants and gardens by volunteering.
So you will volunteer in organizations which takes care of plants, trees and use the plants to create medicine or for aesthetics.
This type of thinking is a step towards finding the big idea for business, there are a lot of good ideas out there, but you need to find one you’re passionate about and will be able to stick with.
You need to identify the customer need and turn it into a business idea to fullfil the needs, this is how your business is born.
For example, there was a need to digitally connect to your loved one, so that you can chat with them and stay connected even though you are worlds apart. That’s where a Facebook was needed, so Mr. Zuckerberg, intially create a “Hot or Not” game called “Facemash“, but later he saw the opportunity that it can be used to connect people worldwide, that’s when “Facebook” came into existence.
Figure out these question :
In your field what problems people everday are facing?
What can be improved, in the solutions which already exist?
Can I come up with a new structure, service or product which can fulfill the needs of the people?
Write them down, create notes, then create bullet points from it.
How do i know if a business idea is right?
First you look inward to understand the questions, your skills which we mentioned above, then it’s time to look outward, to study the world around you – your job, daily life, hobbies, etc. What problems do you encounter that aren’t currently being solved?
How can you use your skills to solve the problem you’ve found in a way that taps into your passion, or going beyond your likes and dislikes and observe the problems that really need a solution or a participation from your part.
See, you may be able to come up with a solution or a improvement to the already existing model which provides the solution, before you jump up your seats you need to analyze your idea.
The tricky part is being able to recognize when an idea is actually worth pursuing.
There is confusion in this stage, some ideas are really bad but you may not analyze and go with it, however, some ideas might seem bad or just okay at first, but they could actually develop into a great idea.
On the other hand, an idea that seems amazing initially might not hold up as time goes by. While there’s no way to know if a business idea will be a huge success, there are ways to help improve an idea’s likelihood of success.
Think of the very specific skills you have (maybe you can fix a car or you are a great project manager). You’re basically assessing what you know about and how it can be applied to a potential business idea.
If you are passionate about what you are doing then this will help you weather the tough times as you start your business. When your passionate about something and make it a business model, then you have the advantage that you don’t feel tired and bored, you may be exhausted but your involved in it. (That’s the key to building.)
How do I find a market for my business idea?
Now your idea may sound really well thought out, but don’t worry about having a perfect idea at this point in time. You don’t need to have your entire business plan and all the variables figured out before you start researching and defining your idea. Also, it’s completely fine if you have doubts and concerns about your idea.
Once you have your idea, make sure there’s a market for it. You may now know that the idea is solving the problem YOU have, but are there other people who also have this problem?
Make a list of keywords related to your business idea, then search them in internet. See the other results you get, Other business? Products that are already there, if there are products there, how may products are listed/have been sold?
Check your serach results for blog posts or forum threads from people who are looking for solutions your business idea provides. Do they mention any products or services that you can improve upon?
Note : create a list of keywords, and filter your searches for better results.
Observe your keywords by plugging them into online tools like Google Trends. Look at how often the keywords are searched, where the searchers are located, what else they’re searching for, and if the searches happen all year long or might be a fad.
Finally, search your keywords on social media. If businesses appear, how many followers do they have? Do they get a lot of engagement? What can you learn from the comments of customers.
If you found other businesses build on the same idea you have doesn’t mean the end of your idea. Don’t be afraid of competition.
Your business idea doesn’t need to reinvent the wheel, it just needs to solve the problems better.
To figure out how you can do this, list the ways you would improve on what they’re currently doing (list your key differentiators).
Question you need to observe is –
Can you offer a higher quality product or service?
Can you execute better? provide better service care?
Can you create a better branding and markeing? and can provide a better user experience?
Your business also needs to be profitable, of course, so spend time thinking about how your idea will generate enough money to be sustainable.
Finally, it’s important to get feedback on your idea. It’s important to know the good parts and loopholes by someone who is concerned in your field.
Get feedback from people your trust, people in your field of expertise, and people who work in the same industry as the problem you’re trying to solve.
You have to be open to criticism and suggestions, and be willing to have your idea change and evolve. A lot of business starts thinking they’re going to solve Problem A and then realize that they’re actually solving Problem B.
After you figured your idea, now it’s time to put your idea into a structured written page, where you can access and analyze again before you start constructing your business model.
Learn Business Planning Tools and Methods here – Business Planning | 2020.