Your Business Idea
Every Business starts with an idea
An Idea – whether it comes to you in the middle of the night or when you’re immersed in your favourite movie – every business starts with one.
Some ideas are great.
Many are complete rubbish!
The problem is that some rubbish ideas can fool in thinking they are great.
Naturally, the trick is to be able to work out which ideas have a chance of morphing into a successful business that makes money, and which ones will leave you scratching your head and wondering what the heck happened.
Not all business ideas are created equal
Pretty much all great businesses have one thing in common – they solve a problem.
And not just any problem.
The problem has to annoy enough people.
Enough people who are willing to pay someone to have it fixed.
And not just any amount of money – but enough to allow someone (you!) to make a viable business from solving said problem.
Any idea for a business that doesn’t meet this most basic of criteria may well be best consigned to your bottom drawer alongside your the socks you last wore in 1996.
How can you possibly know which ideas might work?
Well, the best place to start is with your eyes, ears, mouth and that giant brain of yours.
When you are working through the question of “will this work?” you’ll be best served by taking the time to truly understand the problem you are trying to solve. The best way to do that is to speak with people who might have the problem.
Then ask them (and youself) a bunch of questions….
Why is this a problem?
How much stress, pain, discomfort or annoyance does it cause the people experiencing it?
Are they currently trying to solve it? If so, how?
How much might they be willing to pay to have the problem solved?
Your idea doesn’t have to change the world
It’s very easy to fall into the trap of thinking that every single problem facing mankind has been addressed already.
After all, there are millions of businesses in the world presumably all trying to solve a problem.
That may be true to some extent but you, my dear reader, have a secret weapon……
The opportunity can be in the detail
Your secret weapon is the knowledge that you don’t have to be the next AirBNB or Uber in order for your idea to become a great business.
You just need to find a new way to solve the same verified problem that others may already be attempting to solve.
What might be a mere detail to many of the businesses offering a solution to the market, can become an almighty business for you – you’ve just got to know how to evaluate your own business idea and how the market is currently seeking to address the problem it solves.
So, click on the links on this page to read and listen to more detailed content about how to go about evaluating your business idea.
Sadly, many businesses start with nothing more than the determination to do the same thing that lots of existing businesses are doing, only cheaper.
While there are certainly examples where this approach can work, generally a race to the bottom on price where you have nothing else to differentiate your business from others, is a losing strategy and one best avoided!