Coming up with a Business Blog

Week one Business Blog-

 Coming up with a business idea

This series of blogs will be discussing the steps taken to develop a new business. The first step is arguably the most difficult, which is to come up with the business idea. This idea needs to express your inner passion, to help drive your idea to success. 

Here are 6 methods to help you create your new business idea:

      1. Originality

Coming up with an original idea can be very difficult because to develop a new concept   there is a need to be highly innovative, which doesn’t come naturally to most people.

A good way to enhance originality is to look at your individual strengths. Think back to your previous roles or even current interest. Then identify factors where you felt there could have been improvements or aspects that you believe haven’t been fully utilised.

      2. Doing something about what bugs you 

      Every day we all come across something that just isn’t quite right. Whenever you come across one of these issues take note. Then when it comes to creating your business idea think around that certain issue. Why was it caused? How can it be changed? By doing this it can enhance your knowledge around that specific issue, which may lead to the development of new ideas.

     

     3. Find a category lacking recent innovations

     

     

     There are certain industries that are not very well established which offer great opportunities for innovation. However, extensive research needs to be carried out to reveal key aspects of these industries that can be improved. 

4. Make a cheaper version of an existing product 

Some would say this is a very basic approach to developing a new business idea. Though if this approach is done effectively it can lead to high levels of success.

If you feel a certain business is not making the most out of their target market, then this provides a great opportunity to target gaps in that market. This can be done by developing a slightly altered product or service, which can help gain a small amount of market share.

With this method, there needs to be close consideration that no copyright or trademark infringement occurs. As this could cause huge legal issues in the long-term development of the business.

5    5. Talk to friends and family

      There is nothing wrong with talking to anyone when it comes to formulating a business idea. As this person could help guide your ideas in a direction that you might have never considered. 

     

     Everyone has knowledge and experiences that could help drastically with the development of a successful business idea. So, just get in contact with any friend or family member and have a chat. 

6    6. Turn a hobby into a business 

      Whatever you have a passion in is a great way to begin thinking of a new business idea. Anything around your hobby or whatever you do in your spare time has the potential for improvement. Think of everything to do with that hobby, with close consideration to the areas you feel improvements could be made. If this is done effectively a successful new business idea will be formed.

Overall, this first step of creating a new business idea is key to guiding the process towards success. If you are able to create a high-quality business idea the likelihood of success of the whole business is higher.


For any Business advice, please contact us at:

01792 721227
info@businessbutlerswansea.com