How to come up with a business idea

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If you are tired of working for someone else and want to become an entrepreneur, the first thing you need to decide is what kind of business to start. Searching for terms related to business ideas is especially popular on Google, and the web is full of “5 business ideas” articles. The problem with all of them is that they are not yours and your chances of success are not very high. Fortunately, there are many ways to come up with your own business idea, and in this article I will help you find it.

In the beginning 

 

Ideas are the most sustainable thing in the universe. There have always been, are and will be people who want to improve the lives of others. Everyone knows what Thomas Edison, Albert Einstein, Steve Jobs, Jeff Bezos, Bill Gates and many others have done who have had good ideas and implemented them. You probably think that all successful and rich people have had mega unique ideas and that is why they have developed their business to such a scale. I will clear it for you – no more than 5% of businesses in the world (and even less in Australia) are based on completely new ideas.

I will give you just a few examples. The inventor of the gasoline engine is only one – Karl Friedrich Benz, but today there are thousands of brands that produce cars with such an engine. Also, neither Google was the first search engine, nor Facebook the first social network.

All these examples show that you do not need to become a great inventor of the rank of Nikola Tesla, for example, to start a business that is successful. But there is a catch here. The idea doesn’t have to be new, but your business needs to have some unique trait or feature.

Worldwide people are used to the fact that if there are 9 shops selling clothes, we should open the 10th (which sells the same clothes at the same prices), because if there are so many, then the business is profitable. In this very real situation, the development of history is clear: in less than a year, the newest sites close and only one or two remain, whichever are the oldest or begin to offer something different.

Something similar is happening right now. Someone reads that online commerce is evolving, making good money and having a future, and opens another e-shop, just like the other tens of thousands. He uses the same platform, with the same colors, the same menus, the same photos, the same product descriptions, the same courier, the same prices, and he wonders why things aren’t going well.

There is only one option to bring many similar businesses together and make them profitable. It is called by the modern word “Hub”. Such places are the malls. There are a lot of clothing stores in them, but when people are looking for jeans, for example, they will not waste time going around many stores in different parts of the city, but will go to the nearby mall. Different shopping streets are similar.

What is unique to me?

 

If you are not a kamikaze entrepreneur, you will have to offer something unique on the market. But what? First of all, look for a trait of your character or skill that you are proud of or your friends associate you with. For me, business is a natural extension of the owner’s personality. It cannot be successful if we are not in harmony with it.

How would someone make a shop for extreme sports if they have never practiced them and are cowardly by nature? Or a carnivorous person to make a vegan restaurant? It will be difficult, won’t it? Yes, you can hire people at some point who understand the specifics of the business, but in the beginning you will have to find customers and they will feel that you are not one breed.

Apart from our personal characteristics, there are many other things that make us unique. They may be related to the marketing of our business, service, delivery time, the unique combination of several different familiar products. From my experience, I can tell you that in Australia it is relatively easy to stand out among other businesses in your industry.

One of the factors is the service, whether online or live. How many of the shops and restaurants we go to every day have smiling and kind employees who sincerely want to help us? How many of the e-shops have a good customer service system? Or how many of the national numbers of companies do not have a wait time to contact the operator while listening to music and “Do not hang up your call is important to us”?

Do not rush

 

As a lecturer and organizer of many business start-up events, I have noticed that many of the participants’ ideas are related to events in their lives that are coming up or have recently happened. I will give you an example. A lady from a previous meeting of ours  wanted to make a wedding agency. Guess what event was coming? Yes, a wedding. After the question “Do you really want to spend all day with hysterical brides?”, the idea was no longer so good.

I have been in the same trap many times. I go to an event or visit a new site, and I immediately tell myself that I have to do something similar. Usually, I start thinking and acting enthusiastically for the first few days, but then it turns out that the idea is not very good, or at least not for me. Also, do not rush if you see something that is not in your city, neighborhood or country. There are two reasons for this – either because you don’t need it (maybe someone has already tried it), or because it’s a really brilliant idea and no one has thought of it yet. The only way to know the reason is to do it.

On the hunt for business ideas

 

Ideas are all around us and we can make money from anything. If there are entrepreneurs who sell air from the Himalayas and sell it successfully and those who sell coins of 50 cents for 7 dollars, then anything is possible. Many business ideas come to my mind when I go abroad. In a lot of countries there are things that we have not seen in our country. Of course, most of these business ideas are dying in their infancy, because the market in Australia is not yet ripe for them, but there are many that are fully applicable.

Another exercise that I like to do is walk the streets and ask myself, “How can I make money from this?”. I see a man wondering where he can tie his dog when he walks into a store and I say to myself, “If I make a device, I’ll sell it at the store.” Try it – as you walk down the street, ask yourself, “How can I benefit from this?”

Complaining people are especially helpful when looking for new business ideas. I listen very carefully to my friends or strangers who share their problems. For me, entrepreneurship is a way of thinking – looking for opportunities in the face of problems and crises.

Final thoughts

 

In my opinion, the idea is important when starting a business, but it is not fundamental. When I started, I had an idea that didn’t work and I had to find others. Don’t make this mistake and come up with at least 3-4 business ideas, even if they are in one area. In order for a business to be successful, the realization of the original idea is much more important. Everyone can say that a vegan restaurant is a good business, but without knowing exactly how to do it, nothing will happen. Over 90% of businesses fail not because of the idea, but because of poor performance. So quickly find a good idea and start thinking about how to turn it into a sustainable and profitable business.

If you already have an idea or want to get some inspiration for one, do not hesitate to contact Reece Arcon for help.

Contact Reece Arcon

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