Who hasn’t wondered how to find a good business idea? Most entrepreneurs are always looking for it, that inspiration that can change the course of their business and even their life.
The problem is that good business idea don’t just hang around on every corner as many people naively imagine.
They have the terrifying ability to hide through the labyrinths of entrepreneurship and seem to choose who they want to appear to.
The question is: Why aren’t you one of those chosen ones. Maybe because you don’t know how to look, what do you think? So, how to solve this problem?
The solution is simple. Streamline this search by creating a true method of analysis for these opportunities.
It’s not about figuring out how to find a good business idea, it’s about what method, not only to find good business ideas but also to test them and make sure they’re really a good way to start or expand a business.
Starting your own business is an important decision for you and your family. Therefore, the first step is to get to know the project and the business model better, because a great idea may not be that great.
Look for a market with unmet demand
The starting point for any successful business is, most of the time, one that has a demand that is not being adequately satisfied.
So if you’re wondering how to find a good business idea, this is arguably one of the ways.
To find a good business opportunity, you need to identify what people are needing and looking for, and they just don’t find it, or when they do, it’s not the product or service that completely satisfies them.
Discuss your idea with others
Some entrepreneurs believe that they need to keep their ideas to themselves, many, for fear that it will be copied by someone else.
The way is just the opposite. You should seek out conversations with the right people and listen to their opinions.
This discussion, in addition to validating your business idea, can generate suggestions for improving the idea.
Of course, you will need to choose very well who you will discuss the idea. Certainly, a potential competitor is not the best person.
Talk to other people about your idea to see what they think, especially people you trust and who you recognize as a good judges.
At this stage, what you really want is honest feedback and not unconditional support just to please.
After hearing the opinions, how did your idea come out? Did people like it, do they think it has a chance of working or are you the only being on the face of the planet who thinks it’s good?
If this is the case, it may be better to reassess your position and perhaps go for another alternative.
Look for ideas out there
One of the options for anyone who wants to know how to find a good business idea is to take a look at what is happening abroad.
The idea is not simply to copy the model from abroad and reproduce it here, because that would have legal implications, but rather, based on the concept, to add value to the product and service and adapt it to conditions.
When you add value to the product and eliminate items that may be considered unnecessary, you create a true Blue Ocean for your idea, even creating new demand, and a completely unexplored market.
One of the paths that many entrepreneurs follow when figuring out how to find a good business idea is to do what they like, or what they believe has the most affinity. This is really a good way, but you need to consider some questions.
It is clear that those who work in what they like are much more likely to succeed than those who aim solely and exclusively at financial return, but the issue of business viability is fundamental.
Is the business viable and scalable?
In addition to a good proposal and being something you really like, the search for a good business idea needs to be accompanied by an economic feasibility and scalability study.
When preparing your business plan, it is necessary to analyze the economic feasibility of the proposal, its costs, investment in equipment, lease of commercial space, if applicable, training and qualification of personnel, and a projection of the expected revenue and flow Of box.
As finding a good business idea is a long-term project, the issue of scalability must also be analyzed.
For this, there are some items to be evaluated, such as:
- Is there room for long-term business growth?
- Where in the project schedule does the business break-even point?
- What conditions will determine the point to make a leap in terms of scale?
It’s not just about figuring out how to find a good business idea. It is also about ensuring its survival and future expansion, as staying small is almost a call to competition that can put you out of business.
Manage your timing
Another thing that anyone looking to know how to find a good business idea needs to be aware of is the issue of timing, that is, the interval between identifying the opportunity and putting it into practice, an increasingly critical factor these days.
After validity and after examining the technical, marketing, and financial factors involved, spending a lot of time thinking about the matter, and postponing the decision, maybe the necessary space for someone else to have the same idea and put it into practice. So decide quickly.