5 Great Ways to Brainstorm for New Business Ideas
Everything begins with an idea. These business ideas are brought to reality by entrepreneurs. Successful business ideas often are a blend of creativity, foresight, and an instinctive feel of what the market needs.
Here's a few suggestions to help you on brainstorming for your business idea.
Identify problems that you encounter in day-to-day living. When you wake up tomorrow morning, resolve to be observant of your routine. I bet if you're like me, you operate in autopilot and half the time, you don't know what you're doing.
Back in college, there was this one time that I actually brought an alarm clock with me in the shower and almost took a bath with it. So much for being attentive, right? I'm asking you to be awake and be attentive of your entire day from the moment you wake up until the time you hit the sack.
At any point in the day when you encounter a hiccup in your plans and you find yourself muttering, "Wouldn't it be great if someone made <insert product/service> to do <insert problem>?" Pay close attention! That could probably well be your business idea.
Find a way to innovate existing products. How can an existing product or service be improved? Simple things such as offering a dine-in laundromat or offering the convenience of delivery in a place where there are a lot of dine-in restaurants can spell the difference.
You can put a spin on anything, really. People have done stuff from kid-themed salons to sexy barbershops where curvy beautiful women cut your hair. I'm sure a lot of guys wouldn't mind that business idea.
You are your own target market. Who are you? What market segment do you belong to? What are the needs of your market? If you're a 50-year old couch potato, I'm sure you can find some kind of item to help you in channel-surfing or getting more drinks from the kitchen.
Remember that you know your market best.
Find out the things you're good and bad at doing. What are the things that you enjoy doing on the side? Do you work on arts & crafts during the weekends? If you love carpentry, maybe it's time to explore it as a sideline business venture. Go ahead and list your hobbies down.
On the other hand, what are the things that you don't like doing? Simple things like doing your laundry or giving your pets a bath can be turned into businesses. Remember that you don't have to love your business or your product--you just have to be a shrewd enough to identify a need and find employees who can implement your business idea.
Figure out the latest trends. Read a lot of magazines and newspapers to stay on top of the latest trends. When you're travelling out of town, make sure to keep your eyeballs peeled for great business concepts. Of course, when you're out of the country, there may be some business ideas that won't fly with the regular American. But who knows? Just make sure that when you find implement your business idea, there is a market.
Remember that a great business idea doesn't always mean that you have to reinvent the wheel. It's often so simple that you will wonder how you could have missed it in the first place.