Who has never wondered how to find a good business idea ? Most entrepreneurs are always looking for it, that inspiration that can change the course of their business and even their lives.
The problem is that good business ideas don’t just hang around on any corner. They have the terrifying ability to hide in the labyrinths of entrepreneurship, and they seem to choose who they want to appear to.
The question is: Why are you not one of those chosen. Maybe because you don’t know how to look, what do you think? So how to solve this problem? The solution is simple. Rationalize this search.
It’s not about finding out how to find a good business idea , it’s about the method, not only to find the good business ideas , but also to test them and make sure they are really a good way to start or expand a business.
In this article we are going to talk about exactly that. What are the ways and methods to be able to identify good business ideas and how to validate them. Believe me, the thing is much simpler than you might think.
Look for a market with unmet demand
The starting point for any successful business is, most of the time, one that has a demand that is not being adequately satisfied. So if you’re wondering how to find a good business idea, this is indisputably one of the ways.
To find a good business opportunity, you need to identify what people are needing and looking for, and simply don’t find it, or when they do, it’s not the product or service that fully satisfies them.
Discuss your idea with others
Some entrepreneurs believe that they need to keep their ideas to themselves, many, out of fear that it will be copied by someone else. The way is just the opposite. You should look for conversations with the right people and listen to their opinions.
This discussion, in addition to validating your business idea , may generate suggestions for improving the idea. Of course, you will need to choose very well with whom you will discuss the idea. Certainly, a potential competitor is not the best person.
Talk to others about your idea to see what they think, especially people you trust and whom you recognize as judging criteria. At this stage, what you really want is honest feedback and not unconditional support just to please.
After hearing the opinions, how did your idea turn out? Do people like it, do they think it has a chance of working, or are you the only being on the face of the planet who thinks it’s good?
If that’s the case, it might be better to reassess your position and maybe move on to another alternative.
Search for ideas out there
One of the options for those who want to know how to find a good business idea is to take a look at what is happening abroad.
The idea is not simply to copy the model from abroad and reproduce it here, because that would have legal implications, but, based on the concept, to add value to the product and service and adapt it to Brazilian conditions.
When you add value to the product and eliminate items that may be considered unnecessary, you create a true Blue Ocean for your idea, creating even new demand, and a completely untapped market.
You have to like it, but that’s not all
One of the paths that many entrepreneurs follow when figuring out how to find a good business idea is to do what they like, or what they believe they have more affinity with. This is really a good way to go, but you need to ponder some questions.
It is clear that those who work in what they like have a much better chance of success than those who solely and exclusively seek financial returns, but the issue of business viability is fundamental.
Is the business viable and scalable?
In addition to being a good proposal and something you really like, the search for a good business idea needs to be accompanied by an economic feasibility and scalability study, otherwise the whole project will go down the drain.
When preparing your business plan , it is necessary to analyze the economic feasibility of the proposal, its costs, investment in equipment, leasing of commercial space, if applicable, training and qualification of personnel, and a projection of the expected revenue and flow Of box.
The issue of scalability must also be analyzed. Is there room for business growth? Where in the project schedule does the business break-even point? What are the financial and operational limits for each stage of the project? What conditions will determine the point to take a leap in terms of scale?
It’s not just about figuring out how to find a good business idea. It’s also about ensuring its survival and future expansion, as keeping yourself small is almost a call to competition that can put you out of the market.
manage your timing
Another thing that anyone looking to find a good business idea needs to be aware of is the issue of timing, that is, the interval between identifying the opportunity and putting it into practice, an increasingly critical factor these days.
After the validity period and the technical, market and financial factors involved have been examined, spending a long time thinking about the matter, postponing the decision, can be the necessary space for someone else to have the same idea and put it into practice. So decide quickly.
Now that you have a good feel for how to find a good business idea, it’s just a matter of starting your search.