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How to come up with a business idea

August 8, 2018

All great businesses start with a simple business idea. From there, the idea grows and grows, until it’s transformed into a thriving business. Therefore, while you are just sitting watching TV or taking a shower, you can come up with a wonderful business ideas. Who knows? You might come up with something that could be transformative and be the next big thing. Here are some tips to help you build great ideas.


Think of how you can help others

Businesses that succeed are always focused on making other people’s lives easier, better and more convenient. This is also why businesses related to technology are really popular today. They make people do things faster and easier. People will support and promote your idea if they find it helpful.


Determine if you will sell products or services

The entire business plan depends on whether you are planning to sell products or you wish to provide services. There are different ways to provide people with what they need but you have to start with this decision first. Each option has pros and cons. It is up to you on which risk you want to pursue.


Modify existing businesses

Regardless of the industry, there is always something for you to improve. Find out what the problems are and look for ways to improve them. This is how you can compete with existing businesses. People might want something better. They might also be interested in a different approach. Providing them with what they are searching for could make your business idea soar.


Conduct a research

If you are really interested in making this business happen, try conducting a research. Determine what people want. Take a look at existing businesses and compare them. You may also conduct a survey to test if people will respond well to your business ideas. If it is positive, you can move ahead. Otherwise, you have to take a step back and just try something else.


Write everything down

You don’t know when the ‘big idea’ will come to you. Therefore, anything that comes into your mind should be written down right away. The point is that while brainstorming, you have them in writing before you forget them. You don’t have to figure out what needs to be done right away, you can piece the puzzle together later. Hopefully, your idea will grow and become an actual business.

Coming up with a business idea is obviously just the first step. It has a long way to go before reaching success. Once it does, even if you decide to sell the business later, you can still learn a lot from the experience, you might even find people who could be interested in your business.


For more information on how to buy a business, click here, or thinking of selling your business then click here, and see how Hilton Smythe can help your ideas come alive.