Get a Great Business Idea!

How to generate a good business idea, how to get business ideas

At any one time, up to 70% of us say we'd love to start a business.  The biggest stumbling block is the lack of a good business idea.

However there are plenty of potentially great business ideas out there if you know how to cultivate them!

Tapping into local market trends can generate a lot of creative business ideas in a surprisingly short space of time:

Newspapers are a great source of ideas, especially those that are recognised for spotting up and coming trends. Write down ideas, unusual trends and emerging markets you identify and cut out any relevant articles; these will provide supporting evidence for your idea when writing your business plan.

EXAMPLE: One successful Glasgow-based business was born when an entrepreneur spotted a seemingly never-ending list of once-worn wedding gowns for sale in the local classifieds. Offered individually for sale they just never sold! The astute businesswoman exploited a gap in the market, creating a salon where brides-to-be could see all the on offer gowns in one place, try them on and make a real choice about the purchase. The resulting business was profitable within one year and went on to be successfully franchised out.  

Yellow Pages (or Yell.com) contain a wealth of already established business ideas; it allows would-be entrepreneurs to consider how to bring added value or a unique slant to an already established market. Don't feel your idea has to be completely new.  Potential investors and customers are often less suspicious of a business based on an improvement upon an existing idea than a completely new, untested concept!  

Listen in on other’s peoples conversations, especially when they’re complaining!  Successful businesses often arise through satisfying an unmet demand the right way.

 EXAMPLE: You might hear someone complaining that none of the food outlets in your local food court give any indication of the calorie-count in their food. From your own experience, you know how busy the low-calorie sandwich sections are in city-centre shops. Pooling those observations you may well decide to investigate the potential for a low-calorie food outlet in your local food court!

Ignore Negativity

Don’t be put off people who’ll tell you ‘If that was going to work someone would have done it already!’ Not necessarily so. Question everything and never blindly accept the fact that something must be done a certain way.

Always, always ask yourself ‘is there a better, faster, cheaper, more profitable, more attractive, more up-to-date, more convenient way?’ Look at business problems with ever-fresh eyes and an open mind. 

Network, Network, Network....

Network, both on and off-line. Sign up for your local business or marketing clubs and your local Chamber of Commerce. Find out what the trends are in your local business environment. Sharing thoughts and ideas with a local bias will stimulate your mind to forge new connections and generate a host of new ideas which - hopefully - will have local potential. 

Think Out of the Box

Above all, free your creativity.  Let your mind associate freely. When an idea comes to you, don't censor it and don‘t dismiss it as daft! Write it down as quickly as possible before you can come up with all the reasons why it’ll never work. Create first - you can analyse later!

Research and test your ideas with your target market. Ask if they would use the product/service you have in mind and how much they would be willing to pay. How much would you need to sell to make it enough for you and your business to survive?

It may be that you need to make some changes to the original concept, making it more suitable to the needs of your customers thus increasing their willingness to pay. Search for services or features you can add to your offering to make it seem more unique, valuable and beneficial.


Make Sure It's Yours to Keep

Once you’ve decided on your business idea - and particularly if it really is unique – determine whether or not you are the sole owner. A patent or trademark lawyer will be able to research and advise you on this. 


Get Ready For the Competition

 Finally, prepare yourself for other entrepreneurs who will want to compete with your idea. Don't be thrown by this – copying is one of the greatest forms of flattery you'll ever receive!