Successful startups are based on good ideas and investments. Many individuals who want to build a startup struggle with finding money. Yet, there is a common belief that finding a viable and financially rewarding idea is even more challenging.
However, finding creative and profitable ideas does not have to be as difficult as it seems. With a bit of practice and motivation, you might find that there are seemingly endless startup ideas from which you may choose. Here are the eight most effective ways I’ve found that can help generate outstanding business concepts:
Brainstorm for new ideas.
Brainstorming is a powerful technique when it comes to finding new business ideas. Before an actual brainstorm, you need to define for yourself:
1. What you’re good at.
2. What you want to do.
3. What you want to give the world and the customers and why.
Having these three points answered will make it easier to come up with great concepts in the business direction that makes sense for you. It is vital to create a startup in the field comfortable for the owner.
Merge two ideas into one.
From my perspective, generating a brand new and successful business idea can become more difficult every year. But if you try to combine two ideas, you might give birth to something truly unique, such as pencils with plant seeds. This idea was a merge of two entirely different industries, agriculture and stationery. Another example is chocolate-covered bacon — two absolutely different products combined into one dish.
Research public demand.
In this case, you’ll need to decide who your target audience will be first, and only then can you brainstorm for a startup idea. Different age groups have entirely different interests and behavioral patterns, and you need to take this into account when deciding on your future business niche. Online tours, eco-friendly packaging, sets of ingredients for cooking specific dishes — all these examples illustrate a successful answer to a group of customers’ needs.
Listen to your passions and interests.
Many business owners represent the image of their target client. To me, this shows that these entrepreneurs produced what they wanted to buy after being unable to find perfect goods or services on the available market. In fact, I consider having an interest in your idea is the key to generating good concepts because you likely have background information and can apply this knowledge to create your future startup. That being said, there are many cases when the startup idea is good but not viable. If you have a hobby or are passionate about something, research what the market lacks and why.
Look into the future.
Information technology is an example of a field that develops like the speed of light, and things that were impossible to imagine five or 10 years ago are now being commonly used for fun, such as AI-driven face-swap applications. If you’re engaged with a field like IT, you can research what technologies and platforms are gaining in popularity and strive to create something unique. Although it might take a while to implement your idea, you could still be the first one to launch it on the market and monetize the concept.
You don’t need to be an artist to have creative ideas. You just need to start thinking about how something “usual” could be applied in an unusual environment. In other words, try to take an idea commonly used in one industry and place it in another industry. One of the most illustrative examples is 3D printing. This type of technology can be used in healthcare, construction and even the food industry. But when opening the mind to creativity, one should never forget about logic and whether the idea can be implemented in real life and survive.
Browse crowdfunding platforms for inspiration.
Sometimes, new ideas need inspiration. When good ideas don’t want to appear, a future startup owner could try browsing a crowdfunding platform. When doing this, however, it’s imperative to remember the difference between stealing and inspiration. The goal is not to steal someone else’s idea but to simply learn from other entrepreneurs and look for seeds of inspiration as you do.
Ideas are everywhere. They could be in nature, mass media, music, home, work, your favorite restaurant or many other places you visit on a daily basis. Training the mind and imagination to notice the slightest things, analyze and interpret them in a different context is a handy skill in life and business.
The business world is overfilled with ideas, and it might seem like it is impossible to create something entirely different and innovative. However, humanity and technologies continue to evolve and break the limits. Things that were impossible even to imagine 50 years ago are now ordinary for the majority of the population. Once you combine your knowledge, skills, passion and future trends, there won’t be a problem finding ideas for a startup that may become a new unicorn and grow into a solid business.