How to Come Up With a Business Idea

How to Come Up with a Business Idea NYC

While many new businesses start up each year, only a small portion of them last for five years or longer. Your business idea can contribute greatly to whether your company is a success or failure. You need to brainstorm a plan that helps your business find customers and turn a profit.

Create a Business Idea by Problem Solving

The best businesses are based around solving problems. From the light bulb to the airplane, popular products solve common problems. The hardest part about identifying a business idea is figuring out which problems people are willing to pay for solutions. Talk to your friends, family and co-workers about potential problems.

Think Inside Your Industry

You already have years of experience in your career field. When you want to start a business, begin by focusing on your current industry. You know what problems are common and have spent years networking with insiders. If you can find a business idea in your industry, you will already have the connections, knowledge and skill you need to make your business a success.

Train Your Mind to Find Ideas

No one sits down to write an amazing novel, a brilliant joke or a clever business plan. All these things take time and effort. Instead of expecting an idea to magically appear, start training your mind to find ideas. Each day write down one idea. It can be great or fairly simple. The important thing is to get in the habit of looking for ideas everywhere. Over time, your ideas will improve and you will find an idea you wish to move forward with.

Talk to Your Friends

Your close friends and family can help as you brainstorm a new idea. They know what you are good at and may see an opportunity that you overlooked. Your friends and family may also have a problem that you could help solve. Go to networking events, talk to co-workers and listen to leaders in your industry. The people around you can be a great resource as you brainstorm.

Look at a Niche Area

Many big companies fail because they try to do everything well instead of focusing on one thing. Your company can do better by focusing on one thing and doing it better than anyone else. Plus, many industries are quite competitive. If you try to compete with a Fortune 500 company, your business will have a hard time. Instead, consider focusing on a smaller niche business idea where you can really shine.

Think About Your Passions

Starting a business takes time. You will spend countless hours building your company, so you need to love what you do. If you hate your business model, you will not want to work hard and stick with it. Look at the hobbies and interests you care the most about. Then, think about ways that these passions can be turned into a business.

Test Your Ideas

Once you have an idea, you need to see if it will be a success. You can test your idea by talking to friends or creating a pop-up store. If you have multiple ideas, perhaps put them on a crowdfunding site. The idea that gets the most revenue or views is the one that people want the most. After you find an idea that will do well, you are ready to start the journey. While you are doing your research, you want to make sure you protect your idea as well. Depending on what the idea is, that’s a factor you want to be mindful of. It’s an exciting process, work hard and enjoy the journey.