How to come up with a killer business idea

How do I come up with a great business idea when starting my own business?

 

If you’re looking to start a business, coming up with that all-important business idea can be the first stumbling block. Starting a business can be an uphill struggle, but nothing will propel you to the top quite like that one, genius idea for a product or service. So, with that in mind, let’s look at a few different ways to come up with that all-important killer business idea.

 

Fix something that annoys you

 

Think of something that frustrates you; something that regularly grinds your gears. You may not be alone in this frustration, so why not think of how you could fix it? And the solution might just sell. There’s your business idea, right there.

 

Ask yourself, “what comes next?”

 

Successful business ideas are often successful because they are ahead of the curve; they lead the way into brand new markets or technologies. Think about what trends or new technologies may be on the horizon and consider how you might get there first.

 

Discover a new niche

 

When searching for the perfect business idea, don’t feel pressured to reinvent the wheel. Perhaps you could look at existing markets or industries and consider what they may be lacking. Then, consider how you could fill in the gaps. Take Deliveroo as an example. Deliveroo bridged the gap between the UK’s restaurant industry and the UK’s takeaway industry, by delivering restaurant quality food to people’s homes.

 

Apply your skills to a new field

 

Consider what you’re already good at. Might some of these skills be applied to a new area? Or perhaps your unique skillset could enhance an existing market.

 

Find a market that’s lacking recent innovation

 

Perhaps you could identify markets in which little innovation has occurred of late. What could be done to move things along a little quicker? Could you be the person to do that?

 

Introduce a cheaper version of an existing product/service

 

The British public is always looking for a bargain, so if you can offer them something which they already use at a lower price, you will, at the very least, get their attention. To this end, many companies start off in business by offering an existing product or service at a lower price. Just think of the Dollar Shave Club, which came to life after two men met at a party and shared their frustrations regarding the cost of razorblades. And, alas, a business was born.

 

Talk to the public

 

It’s often said that great business ideas are great because they solve problems, and from there comes demand. If you want to get an idea of the sort of problems people want solving, then there’s no better way to find this out than by talking to them. Are you interested in cycling? Go to a bike shop and ask the customers what they would like to see introduced to the marketplace.

 

Mix and match

 

If you really don’t know where to start with your business idea, it may help to think of some fun and creative ways in which to brainstorm. Wander through the aisles of a shop and combine products from opposite sides of the aisle into one in your mind. Yes, most of these ideas will be laughably bad, but one idea in a hundred might just be brilliant.

 

Start-Up Advice from the Fabulous Group

 

As we said earlier, a good business idea solves a problem, so always keep that nugget of information at the front of your mind whilst you’re brainstorming. If you have a business idea that you think could revolutionise the market, the Fabulous Group can help. From starting up the business from the paperwork side of things, to advice on funding and how to market your offering, we can be with you every step of the way.

 

For a free, no-obligation consultation, call us today on 0800 112 0880, or email hello@fabgroupco.com.

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