Finding your BIG idea in business

I’ve talked a lot about ideas and steps to take in starting a small business but maybe today it’s time to get back to basics (especially for those of you just joining me) by talking about how you might, in fact, come up with your business idea in the first place.  

I’ve heard it before: If you love what you do, the money will follow.  That’s definitely true to a certain extent but remember even though, it’s important to pick an idea that you enjoy, you also have to find something that is marketable and will reach a customer base.  The idea, in essence, should not only attract a consumer but keep that consumer interested so they will continue to use your services.

First off, make sure you understand the product you are selling.  Do your research and development before you make your idea available to the broader public.  You don’t just want to throw a concept out there without being prepared.

As you start putting your ideas together, get feedback from others around you.  Network with the right people and bounce ideas off and them and see what sticks.  Don’t be too concerned that you are, in fact, giving away ideas.  Only someone that is really passionate about an idea will run with it.  But if you’re nervous about this process, only talk to close friends or family – people that, in essence, you really trust.  If you've already spent time building up skills and contacts in a certain industry, it's natural to use expertise you've already developed in your own business.

“For many would-be entrepreneurs, the first step is the greatest hurdle: if you don't find coming up with new business ideas a natural process, you'll need to train yourself to think laterally.”  Remember, coming up with the idea for your business is the fun part!  You aren’t at the stage yet where you have to get into logistics, costs, funding, etc.

Think about the future.  Where will the market be in 2-5 years?  Will your product still be viable down the road?  Will there still be a need for it?  

Don’t forget, as I’ve mentioned before, in other blogs: Check out the competition.  Why is their idea working?  How are they reaching a large audience?  How can you build off their ideas or processes to make your idea even better?  Don’t be afraid to look at other peoples’ ideas for creative inspiration.  You’re not a copycat if you do so; you’re merely doing your much needed (and much helpful) homework.

It’s funny but true: ideas tend to occur in the least convenient places so keep a pen and paper (or electronic tablet – as it is the modern age) with you at all times.  Whether or not it’s true, I’ve heard that your brain tends to be at its most creative just before you fall asleep at night and right after you wake up in the morning, so keep something handy by the nightstand.  This might sound like a weird idea, but I promise you, it’s a good plan!

Try looking for a solution to a problem.  Many ideas can be developed this way.  What is and isn’t working in the broader marketplace?  What are consumers clamoring for?  Think about how you can meet needs that aren’t in fact being met at the current moment.

If you’re still having difficulty coming up with a great idea, take a break.  Go for a walk; clear your head.  You never know what inspiration might come just around the corner or from something you witness beyond the brainstorming “table” as it were.

While creativity and optimism are great, make sure you know your limits.  If your trained as a banker but want to come up with an idea that arises from a passion or hobby, make sure you know it well and really understand it.  For example, just because you like playing video games, doesn’t mean you’re prepared to create the next X-Box.

Lastly, make sure you business idea is something you can afford and something that will be profitable in the long run.  You don’t want to waste your time on an idea that won’t reap rewards.

As I move forward in this series, I will be talking a little about how to expand on your idea or in essence, create your next big idea.  After all, you have to keep growing your ideas if you want to stay completive in the small business landscape.

Here are some articles you might want to reference as you look for that “big” idea:

“How to come up with a profitable business idea”: http://smallbusiness.foxbusiness.com/starting-a-business/2011/06/07/how-to-come-up-with-profitable-business-idea/

“How to come up with a business idea’: http://www.wikihow.com/Come-Up-With-a-Business-Idea

“How to come up with better business ideas”: http://management.fortune.cnn.com/2011/05/04/how-to-come-up-with-better-business-ideas/

Until next time…