How to Come Up With Business Ideas

Posted on January 30, 2013 by

Running a business can be challenging, but before you even get there, you first have to get over the first obstacle: thinking of a money making concept. Coming up with a great business idea can be difficult, but it's not impossible. To help you get over that first hurdle, here are a few tips on how you can come up with a great business idea of your own.

Play to your strengths and passions

Use your strengths as a starting point for a business. For instance, if you're good at designing, you can combine this with your interest in bags and make bespoke handbags. Are you a comic book fan and own a library of graphic novels? You can start a buy-and-sell business for collectors. Whatever your strengths and passions, you can combine and use them to start a business and gain a competitive edge.

Brainstorm ideas with friends

Sometimes, another person's perspective is all you need to come up with an excellent business idea. Gather like-minded friends to help you brainstorm fresh concepts. Just remember to set a goal, assign a facilitator and write everything town. Take note, however, that brainstorming isn't just for generating new ideas but to mix and extend existing ones as well. If the business takes off, you can then share your profits with your friends.

Solve issues that bother you

Is there a problem that frustrates you? Then maybe you can use that as a starting point for a business idea. Take 11-year-old Zach Marks for instance; after getting kicked out of Facebook twice for being too young, the tween got annoyed and started Grom Social, a free social networking site for preteens and teens under 16. Grom Social currently has 7,000 members, comes with kid-friendly content, and integrates Twitter and Instagram.

Talk to consumers

Want to think of a business idea that would address the needs of many people? Then talk to your target market—the consumers. If you want to think of an internet-based business, you can put up an online poll in your website. If you're a plant lover, hang around gardening supply stores and chat up to shoppers on what they wish was available.

Make a low-priced version

Everyone knows the iPad is on top of the tablet food chain. It's widely considered the best, and is also the most expensive. And yet, Android tablets have also been doing very well mainly because it's inexpensive. In fact, Android is even more successful than the iPhone the smartphone arena because it's cheaper. If you want a viable business idea, look for a product or service that could use a lower-priced version.

Combine ideas

Why not combine your business ideas into an even better one? Look for intersections between concepts and see how such a concoction might turn out. For instance, Goober combined peanut butter and jelly in a bottle; Transformer toys combined robots and vehicles; Kraft combined Vegemite and cream cheese. Some of your combinations might turn out terrible, but if you keep at it, you might eventually think of something brilliant.

Bring a pen and notebook

There are times when no inspiration arrives even when you try to get your creative juices flowing. Funnily enough, the "Eureka!" moments arrive when you least expect it. Because of this, you should always remember to have a pen and notebook so that you won't miss a spectacular idea.