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Monday, 6 August 2018

How to come up with great business idea

come up with great business idea
There is no shortage of demand for new products and services in the world. People will never stop looking for things which make their life a little bit easier. Everyone looks for new ways that open countless windows for potential on how to find great business ideas. Even business start-up ideas can come from just about anywhere, for example, someone recognizes the need of company formation services in big cities with emerging businesses and thus he set up a consultancy in Dubai! In other words, you can come up with great business ideas if you put in an effort to notice problems and identify needs.

The first step is always the hardest. The same goes for starting a new business. Wondering how to come up with a business idea? Well, business ideas are all around you. If you are interested in starting a business but have no idea about your niche, explore these 8 techniques from the experts that could help get your creative juices flowing:

1.Solve a problem - Look for a solution about something which bugs you!

Consider the mundane problems you and other people face; tasks which frustrate you because they’re hard or time-consuming to do, although they have the potential to be made easier with the help of the right product or service. Turn your frustration into an idea.

2.Use your skill set:

 Recognize your skills and then apply them to different areas!
You are far more likely to make your idea successful if you focus on skills you have and work towards incorporating those skills in creative ideas. Think of how you can apply your skill set to different fields and markets instead of one specific field. For example, how Julie Sygiel (founder of “Dear Kate”) used her training in chemical engineering to develop leak-proof and stain-resistant underwear material to help people stay active even when they’re menstruating.

3.Don’t obsess over originality:

 Take something which already exists and make it better!
Nothing is ever perfect; there is always room for improvement. You can find a pre-existing category which hasn’t seen any recent innovations and stir it up or work towards improving pre-existing products and services. Zuckerberg didn’t invent the idea of social sites with “Facebook”- he just made a better version than his predecessors. Focus on being better, instead of worrying about being different.

4.Don’t be a perfectionist- Play with different ideas!

Take two products or services; think of how well they’ll work together if combined. Will combining them increase or decrease their productivity? This has the potential of landing you a brilliant idea but also might spark a lot of bad ideas. Remember that some ideas sound terrible at first but become brilliant at execution.

5.Keep up with the emerging trends- Make sure yours is the next big thing

Keep thinking ahead of the curve. Notice the upcoming trends and technologies and think of how they can be evolved or how you can get in on the bandwagon. Everything which exists can be made better!

6.Help people save their money- Present cheaper alternatives to existing services and products!

There are a lot of great, innovative, and life-changing products on the market but people don’t always have the luxury to be able to afford them. So if you offer them cheaper alternatives for great products, they’ll buy from you. A great business idea will be to figure out how you can help people save money on a product or service which may or may not be pre-existing.

7.Help others in an inventive way- Give people what they tell you they need!

Talk to shoppers and customers of the different fields before going in for business. Understand what your potential customers want to buy and how they want it to be marketed to them. Take their needs and turn those needs into your business idea. Be inventive while helping others and they’ll help you by supporting your business to fulfill their needs.

8.Fill gaps in existing markets- search for new niches!

Take a look at industry “Kings”. Most big players leave gaps which they consider too small for their big resources to fill. You can find your business ideas by bridging these gaps. Pick up what they’re missing and build your idea by filling the gap. Don’t reinvent the wheel, improve it.
Keep in mind that the most successful business ideas are not just the results of the lure of dollar signs. Of course, generating revenue is the ultimate goal, but don’t forget you need the proper motivation to create, innovate, inspire, and improve.

 If you’re not properly motivated, you won’t be as dedicated to your idea as you need to be and you’ll end up being pushed out of the market by those who have the motivation to do everything that needs to be done to turn idea into reality.

Author Bio:
Brenda Cagara works with a group of professional business consultants ( Riz&Mona Blog). With them, she plays an essential role in company formation, setting up business and providing a number of other services. These include visa processing, trade mark, local sponsors, bank account opening, trade license, product registration and a lot of others. She started her writing career five years back and now is an expert writer on different niches. Her writing strengths lie in business, taxation and finance niche.
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