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how can I come up with ideas on making my own business?
I love the idea of making my of business that will be very profitable #business
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Darlene’s Answer
Hi, The best way to start coming up with ideas for your own business is to write them down. Come up with a list of things for the type of business that you want to start. You want something that is high in demand, people don't have, and is convenient. How will your product or service solve the needs of your potential customers? Do you want to provide a service or product? Once you find out what type of business you want, I would find out who the competition is, their prices, products, availability, marketing, ect, and how will you compete or match them. Then obviously the cost for you to open up or start your business. Start saving now! I would recommend taking some business courses and/or do a lot of research in the field that you want to have your business in. Also, find some mentors who are familiar with having a business or attend conferences/seminars for small business or first time business owners.
Hope this helps a bit and good luck :^)
Hope this helps a bit and good luck :^)
Updated
Steve’s Answer
You wrote, "I love the idea of making my own business that will be very profitable."
The goals of running your own business and profit aren't really goals. Obviously a business must be profitable to continue but profit comes second; problem-solving comes first.
I agree with Paige Silvestri's answer: start with a problem.
The value of your business is not about the things you build; it’s about the problems you solve for your customers. To succeed, products must solve problems that are urgent to the buyer, important to the user, and viable as a business.
The formula for a business is:
1. understand a problem experienced by a group of people (not everyone and not just your friends)
2. solve the problem in a new way using some special aspect that you bring to the product
3. in a way that is different from existing solutions.
And as Simon Sinek has said, "Start with WHY." Why do you want to solve this problem? Why do you want to serve this type of customer? (To make money is a common response but isn't really very helpful.)
Interview a few types of people that you want to help
Identify the patterns in what they tell you
Define a unique solution that you can describe in 10 words
Validate the idea with a web page to see how many like your idea enough to will share their email for more information.
Put together a one- or two-page business plan to share with friends and family to see if they would invest in the idea
The goals of running your own business and profit aren't really goals. Obviously a business must be profitable to continue but profit comes second; problem-solving comes first.
I agree with Paige Silvestri's answer: start with a problem.
The value of your business is not about the things you build; it’s about the problems you solve for your customers. To succeed, products must solve problems that are urgent to the buyer, important to the user, and viable as a business.
The formula for a business is:
1. understand a problem experienced by a group of people (not everyone and not just your friends)
2. solve the problem in a new way using some special aspect that you bring to the product
3. in a way that is different from existing solutions.
And as Simon Sinek has said, "Start with WHY." Why do you want to solve this problem? Why do you want to serve this type of customer? (To make money is a common response but isn't really very helpful.)
Steve recommends the following next steps:
Updated
Paige’s Answer
Hi, Joshua! This is a great question!
The best way to come up with ideas for your own business is to identify a problem that people need to be solved. Start by thinking about problems you or the people around you (parents, friends, teachers, etc) experience every day. Or, you can think of a product or service that would make your life easier if it existed. Once you've got your idea, try to think through what will be special about your product or service and why someone would choose to purchase from your company. Also, make sure you are open to advice and feedback from others, especially your potential customers. If your product or service doesn't solve their problems, they will choose to spend their money elsewhere. Hope this helps and best of luck!
The best way to come up with ideas for your own business is to identify a problem that people need to be solved. Start by thinking about problems you or the people around you (parents, friends, teachers, etc) experience every day. Or, you can think of a product or service that would make your life easier if it existed. Once you've got your idea, try to think through what will be special about your product or service and why someone would choose to purchase from your company. Also, make sure you are open to advice and feedback from others, especially your potential customers. If your product or service doesn't solve their problems, they will choose to spend their money elsewhere. Hope this helps and best of luck!
Updated
Bob’s Answer
As others have proposed, the first step is to identify a problem that fundamentally annoys a multitude of people, people who you can characterize in terms of consumers and reach with a unique, vastly improved service or product solution. Frequently, this discovery takes place within the context of a hobby, something you love to do, have a passion for and identify a problem you solve with a unique, protective (patent, trade mark, copyright, trade secret) approach.
The creative process is frequently situational-simply experiencing, having someone tell you about or seeing something that is very annoying; asking yourself how can I fix that? It something annoys you, write it down, keep a log, then prioritize which of these annoyances are the most critical to solve.
Solutions can range from combining a number of functions in various products into one product (ala Hand Held Device) to shrinking a product (hearing aid), to providing an intelligence service ( analysis with subscription offerings to those who must have the best of competitive product offerings).
There are various inexpensive packs of cards I have used in order to get the creative juices flowing. ( example-"Thinkpak").
You can attend a college business plan competition to hear presentations related to problems, unique solutions and business models
There are industry magazines, in an area you may have an interest. Read the latest news on new products or services.
Ask friends and family what are the most annoying problems they face while using various products or services
Speak with entrepreneurs as to how they could see a problem and solution no one else had seen.
The creative process is frequently situational-simply experiencing, having someone tell you about or seeing something that is very annoying; asking yourself how can I fix that? It something annoys you, write it down, keep a log, then prioritize which of these annoyances are the most critical to solve.
Solutions can range from combining a number of functions in various products into one product (ala Hand Held Device) to shrinking a product (hearing aid), to providing an intelligence service ( analysis with subscription offerings to those who must have the best of competitive product offerings).
Bob recommends the following next steps:
Updated
Raymond’s Answer
Hi Joshua, I think logically, making a business that is profitable is dependent on how marketable your brand and product to a specific or broad audience is. Usually, one would identify ideas that would solve a certain problem or is innovative for daily life. A questions you should also ask yourself is who is your target demographic ? I recommend writing these ideas down and bouncing them back and forth with other people so you can get feedback. This helps you get a greater outlook of a potential audience or customers in the future as well as giving you experience of what customer feedback is like.