Good Business Ideas - Learn to Develop Them
Good business ideas - understand what they are and how to get them!
There are several ways to find out if the idea you had is a good business idea. We at BeeStart like to follow a step-by-step guide to lapse the ideas and select the ones with the highest market potential, so we carefully seek to create one so that you understand the process as a good deal, after all, everyone is afraid, and doubts at the time of undertaking, so do not be scared, this is very common in the entrepreneurial environment!
We all always have ideas during our routine. "This cell phone charger could be smaller" or "I could have an app that taught me how to cook!". Unfortunately, not everything we think can become good business ideas! Want a tip to get started? Ask yourself why nobody has invested this way in your idea and if you would use the product you want to create.
Not necessarily you need to create new ideas, looking at the market in which you want to act, you can use this observation in your favor, that is, to be entrepreneur and have good business ideas, it is only necessary you see new opportunities and unite them in your new project.
The cell phone is a good example for you to understand how you can use existing technologies in a smarthphone. For example, you have several technologies linked and not always your brand invented all of them, such as the integration of biometrics, camera, touch screen and others. At the your business you also where to do this, if you saw an idea and still see a problem that can be solved, because you do not invest in it instead of trying to create something innovative in the market, many things need to be optimized, and find "loopholes" in those deals can be the success of your company.
Good Business Ideas - Problem-Solution
The first step obviously is to have the good idea of business. A venture needs to stand out from the others found in the market. One prominent way that makes the idea a good business is the degree of innovation found in the idea.
Innovation seems to be complex and difficult to achieve, being real only for large research laboratories. This is not true. We just need to make the following reflection: Is this certain action, event, momentum a problem in my life? If this is a problem, this is an excellent opportunity. By the time you think of a solution to the particular problem encountered, you will be innovating to an acceptable degree.
Just be always looking for problems in your day to day and seeking solutions for them you will have dozens of ideas with a certain degree of innovation. But it's still not enough to be sure it's a good business idea.
Good business ideas - What impact can they bring?
After the process of capturing ideas, it is time to evaluate how great the idea is and the impact that this future business can generate. The best alternative is to analyze the amount of people who may have some kind of interest in the idea. You can draw a target audience, segmented by gender, age, location, income, and other characteristics. With the targeted audience, simply assess the number of people in numbers that your good business idea can impact and make a Startup.
For example, if I have an ice cream franchise, such as Midas, in the region of Belo Horizonte that has the signature of monthly ice cream as a differential, one of the ways to evaluate the impact generated by this venture is the customer segment. I can focus on the female audience, between the age of 25 and 40 years who live in the metropolitan area of Belo Horizonte. By making a simple calculation, I can estimate how many people my good business idea would impact.
Good Business Ideas - Understand Financial Feasibility:
To continue improving our good business ideas, we come to the stage where it involves some financial numbers. We will use the "Baker's Bills", that is, no calculation with accurate depth. Remember, we are only analyzing and selecting good business ideas, studies with greater depth will be needed in the future.
The calculation is simple. We already know what our problem-solution is, we target our target audience and now we calculate the amount of money that this segment moves. We can do an estimation with basic searches on Google or access specialized institutions in the analyzed segment. In this way, we can select only good business ideas and not spend more effort on not-so-good ideas for starting a business.
Good business ideas linked to customer research:
By estimating the financial size of the customer segment, we need to look a little deeper at what our potential customers think, do, like and buy.
You can do this in two basic ways:
- Research with primary sources: This type of research to evaluate good business ideas is to collect data directly with your target audience. We can accomplish this in a virtual way or put together a questionnaire on a paper and go out asking people that you know are potential customers of your good business idea. One of tools that we can use in the virtual realm is the Typeform.
- Research with secondary sources: To evaluate good business ideas, we can also use secondary sources, where we do not directly ask the target audience. Through Google, we look for key institutions related to the customer segment and look for any kind of information that can validate our good business ideas.
Good business ideas - know how to do competition research:
Last but not least, it is time to research direct and indirect competitors. Calm down, having a competitor in the segment you are looking for is a good sign. That's right, a good sign. If there is competition, it means that there is a market that demands that solution. And in this case you are not inventing something that people do not want to use and buy. Obviously a lot of competition is not good, but a little competition also serves to validate good business ideas.
O The best kind of competition is the indirect. It shows us that the market is doable and yet it does not offer all the qualities that the product / service of our good business idea. In this way, we validate the market and shows the differential that our enterprise may have.
With all these steps in a row, we have been able to more assertively assess which ideas are not feasible and which are good business ideas!
Given the content shared with you, we hope you have understood how to take advantage of a good business idea. Taking advantage of our subject, how about you also understand a little more about the process of defining a business plan or business model for your investment.