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| Finding a Business Idea: Phases, Tips & Examples. |
Finding a Business Idea: Phases, Tips & Examples.
The right business idea at the right time – this is how a small endeavor can become a successful company. But where does a good idea come from? Sometimes it’s a sudden inspiration, but for most, it is the result of analysis and a structured process. We will show you how to find a promising business idea and what factors are particularly important…
Good business ideas are more than just inspirations. They meet several criteria and have real potential:
You observe and recognize which trends will continue to grow. Through these forecasts, you can identify areas where there is demand and will continue to grow.
It doesn’t have to be a world-first. You can examine existing offerings and optimize them. A good business idea doesn’t have to reinvent the wheel but should meet customers’ expectations. This can be better quality, easier to use, or lower costs.
What is a successful business idea?
The business idea is the product or service with which you want to become self-employed. It is a prerequisite for starting a business and crucial for building and achieving the company’s goals. There are many ideas, but not all are suitable for a successful business startup.Good business ideas are more than just inspirations. They meet several criteria and have real potential:
- Problem-solving: Every good business idea must solve a problem and provide a noticeable benefit to customers. This could be an innovation or an improvement of an existing offer. If you can offer a solution more affordably or with significantly better quality, this could be a good business idea.
- Market: There needs to be a market and sufficient demand for the business idea. Ideally, the desire among potential customers already exists – and doesn’t have to be created through marketing. Critically question whether there is a market for your idea and how large it is.
- Passion: The business idea should be your passion and excite you. Only then will you invest the necessary heart, hard work, time, and perseverance into the project.
- Capability: The general rule for a good business idea is: that you must be able to implement it. Visions and goals are important, but you must also be able to realize them – thanks to your skills, qualifications, and experiences. You must either bring these yourself or collaborate with other founders as a team.
6 Phases of a Business Idea:
A successful business idea does not emerge overnight. It is a process where various phases build on each other – and each phase determines how successful the venture will ultimately be:- Recognize the Business Idea: What trends are there? What niches? What products or services are in demand or could be in demand in the future? It requires attention, analysis, and a good sense.
- Develop the Business Idea: The initial idea is just the beginning. You need to find a real business model, write a business plan, weigh the opportunities and risks, and examine various approaches. In the worst-case scenario, you might have to discard business ideas and start over.
- Protect the Business Idea: The competition is fierce. Keep secrets to avoid attracting direct copycats of your idea. Check trademarks and, if possible and necessary, file patents. Also, protect logos and company names.
- Present the Business Idea: If you need capital, you can convince investors or banks. You can also conduct market research and present the idea to the potential target group. Initial feedback can help you improve and adjust the idea before a potential false start.
- Implement the Business Idea: Theory alone does not bring the business idea to life. You need to start, work hard, and not let yourself be discouraged, especially at the beginning. Ideally, you have a concrete plan. This way, you can proceed step by step and not lose track of things despite all the stress.
- Adapt the Business Idea: Your business idea can and must change over time. Customer desires change, technologies evolve, or new conditions require adjustments. Corrections and changes are not bad; they are necessary to be successful in the long run.
Business Ideas 2024: An Overview of Examples:
Are you still looking for inspiration and examples of business ideas? In our overview, we have listed 20 ideas:Business Ideas 2024:
- Develop an app
- Run a café
- Design fashion
- Offer tutoring
- Provide childcare
- Open a second-hand store
- Start a zero-waste store
- Become a coach
- Develop games
- Rent out apartments
- Become a fitness coach
- Start an online shop
- Upcycle products
- Start a care service
- Operate a food truck
- Create decorations
- Offer video editing services
- Become a copywriter
- Develop online courses
- Establish a franchise
How to Find Your Business Idea:
Unfortunately, business ideas don’t fall from the sky. If you currently lack the necessary creativity to find a good business idea, the following structured process can help:Start with Planespotting:
First, you should recognize and understand market needs. Such analyses can be commissioned, but they can also be conducted independently on a small scale. One method is so-called painspotting: find out where customers are dissatisfied or where supply and demand do not match. Important questions in planespotting are:- Who is complaining about what?
- Where could something be made simpler?
- Which products and services are too expensive?
- Which product/service regularly causes frustration?
- Where do consumers want a change?
- What annoys a large number of people?
Analyze Current Trends:
Current trends and developments offer numerous opportunities for business models. What is being hotly discussed right now? Which products and services are very popular – and which will be shortly? The more you keep up with the times and follow the current happenings in your industry, the sooner you will recognize the potential. This has nothing to do with fortune-telling or gambling.You observe and recognize which trends will continue to grow. Through these forecasts, you can identify areas where there is demand and will continue to grow.
Solve a Problem:
You know the needs and trends! Now you need to develop the right solution… Anyone can complain, real entrepreneurs offer the desired solution – and thus find their business idea. Find a way to provide exactly what everyone wants.It doesn’t have to be a world-first. You can examine existing offerings and optimize them. A good business idea doesn’t have to reinvent the wheel but should meet customers’ expectations. This can be better quality, easier to use, or lower costs.
Tips for Your Business Idea:
Unfortunately, there is no guaranteed path to a successful business idea. The motto is not “Do it exactly this way, and it will work!” However, some tips can increase the likelihood of successful implementation and entrepreneurship:- Have Courage: Without courage, you cannot find and implement a business idea. Entrepreneurship always involves a certain level of risk. You do not know with 100 percent certainty what will work and if everything will go according to plan. Do not let fear hold you back. Successful businesses take calculated risks and overcome their fears.
- Distinguish Between Criticism and Complaints: There will always be someone who has something negative to say about your business idea. Sometimes it is justified criticism that you should use for improvements – other times, it is just destructive complaining that you should ignore. The important thing is to recognize the difference to utilize valuable feedback without suffering from the complainers.
- Learn from Others: You can learn a lot from others for your business idea and its implementation. You do not have to make every mistake yourself if the lesson is already known. This way, you can avoid numerous obstacles without having to go through painful experiences yourself.
- Embrace Digitalization: Those who do not move with the times will be left behind. Old business ideas are being replaced by modern and digital solutions. Find a future-proof business idea – or develop your model further to go digital. Behind this is the customers’ desire: everything should become better, cheaper, and simpler.