How to Come Up With a Great Business Idea
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Perhaps the hardest task involoved in founding a startup company is coming up with a great business idea. We want to help you and your startup succeed. This page will break down how people usually come up with great business ideas.
There is No Shortcut to a Great Idea
It’s important that you understand right away that business ideas are not easy to come by. If they were, everyone in the world would have their own lucrative business by now!
That being said, there are still various factors to keep in mind if you want to set your startup for success. If you plan on founding a startup company soon but are still stuck on the business idea, we are here to help.
1. Take Current Trends into Account
Many of the most lucrative business ideas combine a current social trend with a product idea. Take the idea of Uber, as an example. Uber was first founded in San Francisco, where it is common for people to rely on taxis and public transportation instead of using their own vehicles.
As founder Travis Kalanick described to Business Insider, San Francisco is a city where a traditional taxi ride isn’t that desirable or even classy. Not to mention, it isn’t always easy to find a taxi.
In a country like the USA where each second of the day counts and people want to be seen living the American Dream, the timing for Uber couldn’t have been better. People were able to start taking rides in fancy cars at the touch of a button.
Here are some of the latest trends here in Germany which you can use as starting points for founding a startup company:
- Digital alternatives: mobile applications and platforms
- Eating Healthier: Quality meat, vitamin drinks.
- Personal Fitness: Training or gym memberships
These trends have been steadily present here in Germany for years now. People like when their lives become easier, and will even pay to do so. Staying healthy and fit are also great trends to keep in mind while founding a startup company and planning out your product.
2. Pick Something You Personally Like and Believe In
One of the marks of a good business idea is when you personally stand by it. Ideally, it is also in an industry which you are passionate about.
When you believe in your own idea, you will be much more capable of convincing customers and business partners to jump on board as well. If you don’t believe in the potential of your business idea, you likely won’t be alone
The industry where you are founding your startup company is another important factor to consider. Ideally, it is an industry fits fits your own personal profile and experience. One that you personally are interested in.
Once you are launch your business and start receiving income, there is often a point for entrepreneurs where the excitement of running your new business fades. This is especially common when the CEO isn’t personally passionate or that interested in the industry of their business.
Set yourself up for the long-run. Don’t be motivated by short-term benefits and rewards only to find yourself running a business you don’t personally believe in or even like.
3. It Doesn’t Need to Be your Idea
Founding a startup company doesn’t necessarily mean that you need to be the one with a good idea. Right now, there are tons of corporations with proven business models and that are seeking franchise partners.
Usually, all you need to do is pay a small fee to use their brand name. If you can think of a company with a large following and several operating locations, they might offer franchise partnerships.
The food industry is one of the most common examples where this occurs. When a restaurant reaches a certain level of success, they start branching out and opening new locations. The problem for them is typically that they need investors and human labor for opening and running the franchise.
This is one instance where a successful business idea doesn’t necessarily require tons of contemplation and planning. You don’t need to fix what isn’t broken. Franchising with a company proven to be successful can even be just as effective as founding your own brand new business.
Want to Learn More?
Be sure to check on our blog regularly if you still need some assistance while founding a startup company. If you already past the initial planning stages, be sure to check out our Free Business Account.