If you have an entrepreneurial spirit, then you generate many creative ideas every day. Maybe you feel the urge to give each a try, but that’s impossible as our time is limited. That’s why it’s important to not just come up with better business ideas, but to carefully test each before we even begin to work on it.
Idea validation is a popular technique that good businesses benefit from. With it, you first see if there’s market for it, and whether or not your potential customer would like to pay for something like that. Only then do you proceed with building the first version, with little effort invested though. Then you test again, improve, and put it out for everyone, knowing it will provide enough value to your target audience.
Anything else other than that leads to wasted time, energy and resources. Let’s skip that part and generate better business ideas starting today. Here’s how:
1. Get it all out of your head.
There are plenty of business ideas in your head already. If you leave them there, you won’t be at ease. So write it all out now. Empty your mind by listing every single thing in your head that can potentially turn into a profitable business.
That’s a relieving process, but it also lets you evaluate each. Some, for instance, will sound ridiculous. You’ll see there’s no market for that, or that you won’t actually enjoy working on this, so you can easily cross them off now.
2. Get some inspiration.
Do your research now to get inspired by others. Because your mind thinks in a unique way, you already shared what’s in your head. But to make that idea generation process more powerful, see what others have thought of.
Here’s a list of 20 small business ideas, for example. Going through each item and seeing how it differentiates from your own list that you just created, will give you a new perspective.
Continue your research by checking out business ideas for students, or home-based ones, or those that cost less than $100 to be turned into reality.
All that combined, will take your creativity in a new direction.
3. Define the problem.
Every business venture must solve a problem. And so a good business idea will have a clearly defined problem to solve. The product or service you offer will then become the solution.
Take your time when taking this step. It’s important. Without a problem, you won’t have a purpose. And without a solution you understand and know how to describe, you won’t be able to share the benefits of what you create with potential customers.
4. Ask people what they think.
While considering and taking each of the points above seriously, you must also make your list of business ideas smaller and smaller. Those that you leave will have real potential.
But now it’s time to communicate with those who will be paying for your product or service one day. Create a customer avatar and go find these people online.
Could be by using hashtags on social media, commenting on forums, even browsing those who left a comment on a similar product on Amazon and eBay and emailing or messaging them.
That might sound like too much, but you can’t come up with better business ideas without this step. It’s the proof that what you’re about to build is in demand and people will actually need it.
Make sure you don’t just ask when reaching you to them, but you offer value.
Make the personal message or public comment about them. Let them know you’re looking to create a solution for their problem but wanna make sure it will be useful. Invite them to be beta testers, or give them lifetime access. Be thankful as they are the ones who can help you turn your business idea into something profitable.
Now you’re ready to generate better business ideas. What comes to mind first?