Coming up with your idea
Updated: May 13
Every business begins with an idea, whether to solve a problem or improve an existing product or service. It is an exciting first step, although you must ensure that your idea is viable.
FINDING A GOOD IDEA
A business idea does not have to be new, but it must satisfy a need in order to succeed. Start by thinking about problems you have encountered yourself, such as not being able to buy a certain product or access a useful service. This may be a gap in the market that you could fill. Alternatively, where products and services are available - but are unsatisfactory - this could be an opportunity for you to improve them and offer something better.
When looking for a good idea, consider what existing businesses currently offer and what they do not - which could pose an opportunity. Also Look out for niche or specialist markets, where you could meet the demands of a small but dedicated group of customers.
Markets are made up of people with common demands, so learning what interests and concerns them is valuable information. Pay close attention to the media, especially online, and look out for growing trends that you could tap into. Depending on the market that interests you, joining relevant internet forums can give you a useful insight into members needs, desires, and problems. Ask questions and seek opinions, and discuss your idea with those who may become your customers one day.
Another source of useful information are online trade journals, which most industries publish. Here, you can learn about developments, trends, and how well potential rivals are performing, and gain essential knowledge that can help shape your ideas.
WILL YOUR IDEA WORK?
In order for your idea to succeed, it needs to be achievable and viable. Scrutinize it from all angles and question every aspect of it, as well as your ability to make it happen. Consider how it might be affected by market changes. Identify its strengths and how you could build on them, while also resolving any weaknesses. Also, try to predict any threats and how you might overcome them, while making the most of any new opportunities