Everyone can think of a bunch of ideas for a startup, but very few of them get into its shape.
Providing a realistic shape to a great startup idea takes a lot of time and effort.
Research on aspiring entrepreneurs says that 48% of employees dream to become business owners someday in the future.
To pick the right idea, we initially come up with a bunch of ideas from which we validate and filter the business idea that fits in.
Hence, thinking of hundreds of business ideas is necessary for aspiring entrepreneurs. This not only helps in picking the right business but also to identify and solve some real-world problems.
Now, the question is
How do you come up with hundreds of business ideas? How do you develop the attitude of thinking about ideas?
Think about the people what are their desires, what people are looking out for, and how your product or solution can bridge the gap, or solve the problem, can save people money.
It’s all depends on the resources you have and the direction you think, again it’s not that easy as it said, but with some definite guide and tips this process can be made easy.
8 Tips that help to come up with Hundreds of Business Ideas
1. Look for new niches
Before you freeze a business idea, it is essential that you find your niche.
Niche hunting is time-consuming but it comes up with great results. To make this easier, you can ask yourself some questions.
For example, which new niche are you passionate about? Do you have a sufficient understanding of this niche to explore further?
You can also think of two or more unrelated concepts that you can associate with an innovative idea.
Sticking to a particular niche can not always offer you effective business ideas. Explore as much as possible. That will provide you great results.
2. Try to solve problems that may exist in future
Whatever business idea you’re searching for, it must solve a problem. The problem may be either present at the moment or may happen in the future.
Make sure your product/service can effectively address that problem.
Take a few examples
Amazon. Jeff Bezos, the founder of the retail giant, knew that one day people will look for products to be available online and to be delivered at their doorsteps.
This thought of Bezos and his plan to resolve this problem in the future has fueled Amazon’s success.
SpaceX – Elon Must believed in his idea that he can build reusable rocket launchers,
even after failing for 8 consecutive attempts, he believed in his theory he kept his vision and goals alive which placed him the richest person on the globe.
Make sure that the business idea you come up with also addresses a problem and solves it with innovation.
3. Try to build a cheaper product/service
A great way to develop a business idea is by creating a product or service whose costlier version is already available in the market.
For Example,
There is a high-quality product named X.
X is priced very high and it is limited to only the high-income group customers.
You can create a product having similar features to X and can sell it at a much lower cost.
That way you can target middle and low-income group customers who have been eyeing X for a long time but were unable to purchase it due to affordability issues.
This can be a smart way to formulate a business idea. All you have to do is plan everything strategically and promote your product/service to get noticed.
4. Create something that makes people’s lives simpler
Most of your target clients are looking for ways to make their lives simpler.
If you can create or offer something that helps them in doing so, they’ll willingly purchase from you. You need to observe your target customers’ lives closely to identify what they are missing.
for example, consider your target customers are office goers. you can name a product or service that makes their lives simpler?
Take example of Uber.
This ride-sharing service has been helpful in saving the time of office goers with the fast availability of cabs. They no longer need to travel on public transport when in hurry.
This was just an example. You can think of something that is innovative and can add value to your target customers’ lives at the same time.
5. Help people in saving money
Most of the customers are looking to buy a product that does justice to their hard-earned money.
If your business idea can help the customers in saving some money, they’ll always consider it as an alternative.
For instance, let’s talk about Chatbots.
Chatbot solutions can easily save the cost of customer support for small businesses.
This is the reason why so many businesses have attached chatbots to their websites.
6. Add value to the current products and services
Most people are fond of the products and services, they already have.
If you create a product or service that adds value to those services or protects their existing products in some ways, prospects are expected to get interested in it.
Consider the example of power banks.
This product became a hit because it helped in adding more value to one of the primary products viz. Mobile phones.
With power banks, one can charge their phones anywhere.
If you can generate an awesome business idea that makes a user’s existing products or services more appealing, nobody can restrict your success.
7. Research for ideas other markets
Limiting your search to the local market won’t get you anywhere. The local markets are mostly saturated and there is hardly any scope for new ideas.
You can search in international markets for more innovative and new-edge ideas.
This way, you can also know who your international rivals are and how they are shaping their businesses. Accordingly, you can plan things for yourself.
8. Imitate other’s ideas
This may sound odd but imitating other’s ideas is not forbidden.
The global business environment is highly competitive and coming up with a new business idea is challenging.
It is time-consuming and full of uncertainty.
So what you can do is imitate an existing business idea that is already a hit.
But don’t copy something blindly. Always try to add some of your personal touches to the idea to make it a success.
I am sure that by now, you have a fair understanding of how to come up with business ideas.
To develop a good and appealing business idea, you have to be curious.
Look around, observe everything, ask questions if needed. That way, you can come up with some cool business ideas to start with.
