How to Create a Business Idea for Your Startup
There are many entrepreneurs out there who know they’ve got what it takes to start and grow a business….. They’ve just got so many ideas rolling around in their heads, it feels like a monumental task just to create a business idea. Fear not future CEO! Here are some quick and easy ways you can narrow things down and take the first step into ideation for your startup.
Think about what you excel at
The first place to turn when it comes to creating a business idea is to look at your own skill set. Are you great with photography? Coding? Bringing people together? Developing strong connections on social media? Whether you’ve got a creative mind or one that loves all the math, your skill set could be a first—and very valuable—piece of the puzzle in determining what business to startup.
You will be the leader of this new brand, so if you can create synergy between your business idea and what you’re already killing it at, that’s the best place to start.
Think about what interests you
Do you like to travel? Do you like crafting? Do you like gaming?
Seriously, ya’ll we all have hobbies. Even if you’re the most passionate of entrepreneurs, you still have activities you like to do in the short blocks of downtime you get. (And if you don’t have some non-work things you love to do, you should probably go find some.)
If you look at the pastimes that bring you joy when you’re not on the J.O.B.; take a hard look at them. What would make them bigger? Creating a connection between other people who love the hobby? An app that could enhance the experience? A new product that would make things easier?
Your very own interests are a great place to find an amazing business idea.
Think about the challenges you face
We all have challenges in life. (And if you don’t, you’re not working hard enough. Go out and get some!) Look to your current challenges at work and at play to create a business idea.
You could hate your current project management software. (Most of us do.) You could feel like the apps out there aren’t helping you meal prep the way you want to. (I’m sure this is a thing.) You could be struggling with finding a bag for work that has the functionality you really need. (I know a company that could help you with this.)
At the end of the day, we all share the human experience, so if you’re finding you need a new solution to an old problem, chances are someone else does too.
Think about what you could improve on
Competition makes the world go round, friends. A very easy way to create a business idea for your startup is to look at businesses already out there and thriving. It can be scary looking at a red ocean full of powerful swimmers and try to pick an idea for a new brand. However, when you take a hard look at companies you already love and respect, you may find some places where they can improve. That is the blue ocean space where you can disrupt a market by taking a proven business model and making it even better.
Next step: Validation
So now that you have four amazing ways to create a business idea, you shouldn’t have too much trouble picking one and fleshing out how you can make the concept into a viable, profitable business. The next step, and a very important one, is validation. Just because you believe everyone needs your solution, doesn’t think they think they need your solution. (So even if they actually need it, you’re out of luck if they don’t know that they need it!)
But I digress. The point is, get out there and test it. Talk to friends, family members, complete strangers you meet at networking events. Launch a market study! Start getting feedback on your idea so you can refine it, and then scale it.
You can do it. It all starts with one, amazing idea.
Meet the Author: Shauna Armitage
Shauna is a Marketing Director or Fractional CMO helping early-stage startups scale with effective strategies, creative solutions, and unparalleled integrity by making the most of small budgets for maximum impact.
As a vocal advocate for women in business, Shauna is on a mission to redefine what it looks like to be a working woman and to support other women doing the same. She spends her free time traveling with her husband and four kids while drinking Coca-Colas. Connect with her on Instagram at @shauna.armitage.