Are you ready to quit your job and start being an entrepreneur? Do you want to be your own boss and start making your own money? Then you should start thinking about your next business idea!
However, starting a business in 2021 might not be that easy. With the COVID-19 crisis raging into the second half of the year, many people are looking into e-commerce and similar online businesses.
Coming with a business plan might be easy –amazing business process modeling software is not hard to come by. And it will offer you amazing help in getting your startup on its own feed – but you still need a good idea to back it up. Today, we look at the five steps you can take to find it.
Brainstorm a List of Ideas
In order to get an amazing idea, you will need to go through the sea of those that are less than perfect. Luckily, generating these is easy. All you need to do is grab a piece of paper and a pen and write down everything that pops into your mind. This is what many call brainstorming – creating a storm of ideas in your head and jotting down everyone that you get.
If you are sitting at looking at the blank paper – you still do not need to worry! Two important things you need to do there. First, venture onto the internet, and look for other people’s ideas. Secondly, think about the problems you encounter in your life. Solutions to these can be your business ideas.
You will Need to Make a Profit
One of the main reasons you are probably looking to find your next business idea is to make some money. This is why, once you have a list of ideas, you will need to separate those that will turn a profit and those that will not.
This will require you to investigate the market. How many people are looking for a business like yours? Are there any competitors? If not – what is the reason for it? These are the questions you will want to answer before settling down on your idea.
You will also want to run your idea through a business modeling software that can evaluate the profits you can get from your idea.
What is your UVP?
UVP – or unique value proposition – is the next thing you need to think about. You can find this under the acronym USP (unique selling proposition) as well. What this means is that you need to find a way to stand apart from a crowd.
More likely than not, you did not come with a unique product. This is why you should not focus on the “unique” part of this phrase – but the “value” one. While many try to go with gimmicks to sell their product, ensure that you are offering your customers value. This will set your next business idea apart from others – and make your business succeed.
Business Model Canvas
There can be pages and pages written about the business model canvas. It was developed by Alexander Osterwalder, and it is a tool that can help break down your idea into nice essential elements every business needs to have.
This way, you can turn your vague idea into something more concrete. This is the part where you need to slow down and take a step back. Look at your idea objectively and from every angle.
Of course, this means you will need to put some time into your next business idea. Although you know that time worth spending! Luckily, many business modeling software will do this for you intuitively. Through a set of questions, they will help you fill-up the canvas and get a clear picture of your future business.
Finish up the Process with Idea Validation
The final step to finding your next business idea is to validate it. This way, you will be sure you have a real business to work with – and you can take the legal steps necessary to make it happen.
So, the question is how you validate your idea? One of the best ways is to make what experts call “smoke sale.” Simply set up your page and run your advertising campaign. If there are more than 5% conversions, or you have made more than one hundred sales after a week, you can consider your idea solid. You can also talk to various experts – as well as possible clients – and get the feeling of how your product will fit the market. Finally, you can do some more market research, which can also validate your next business idea with ease!