It’s not always easy to formulate all the thoughts you have as a budding entrepreneur. Fortunately, that’s our specialty here at IdeaBuddy.
In this guide, you’ll learn…
- Where to start looking for a business concept.
- How to find out if you can make it a reality.
- Ideas for how to find more inspiration.
- The best tool available for developing your concept.
Which Things or Activities Do You Enjoy?
It’s always best to start with what you already know. If you can turn something you like into a business concept, then you’ll be more likely to enjoy your work — and that’ll shine through!
Ask yourself which things or activities you enjoy.
Do you love cars? Then maybe you should open a repair shop or design the next Tesla. Do you love traveling? Then maybe you should start a travel blog or open a travel agency.
Assess Your Own Strengths and Skills
It’s great to work with something you enjoy, but you also need the skills to make it work. If you love driving cars but aren’t an engineer, then it’ll be difficult to design one.
That said, you can always outsource some of the work or find a mentor who can teach you.
But if you don’t know what’s involved, then it’s difficult to assess how good someone else is at doing the work. So make sure you have at least a basic understanding of how a product is produced or how a service is done.
You should also take stock of your strengths and skills. Are you good at marketing? Do you have an analytical mind? Where would you fit into your own organization?
Identify A Market Opportunity to Capitalize On
Once you know what you’d like to do and what you can actually do, it’s time to look around for a market opportunity.
Just because you like something doesn’t mean there’s a demand for it. It’s also possible there’s a demand but that the competition is too fierce.
Here are some of the factors to consider when you look for a market opportunity:
- How big is the market?
- What are the current trends?
- Who is your target audience?
- How many competitors are there?
Pro Tip: Read our guide on how to identify a market opportunity to find one in 13 steps.
Determine If You Can Make Your Business Concept Work
Found a market opportunity? Good. Now it’s time to get real. Do you actually have what it takes to turn your business concept into a reality?
Make no mistake — it can take a lot of time and money to start a business.
If you’re already in a full-time job, do you have enough savings to quit? Or do you have a partner who can support you while you’re in the early stages of business development?
It’s one thing is to keep food on the table and a roof over your head…
… but what about funding the actual business?
If your idea requires you to hire other people, rent business premises, or invest in equipment and materials, then you need the budget in order.
Tips to Help You Make A Business Concept
If you need some extra tips for coming up with a business concept, then you’re in luck. Here are some ways to find inspiration even when you feel like you’re out of ideas.
1. Pay Attention to Opportunities
Opportunities are all around us — sometimes, we just have to pay better attention. Have you ever received a product or service of poor quality? Could you turn that into a business concept?
2. Optimize Your Current Job
Sometimes the right business concept is right in front of you. If you can solve a new problem at work, then you may not even have to quit just yet. Not until you’ve built a solid foundation.
3. Keep an Idea Journal
Write down your thoughts about the opportunities you discover. Keep a journal of your business ideas to revisit later. Remember, what seems like a good idea today might be subpar tomorrow.
4. Capitalize on Current Trends
Look at what’s hip right now and jump on the bandwagon. Imagine if you were the second person to sell fidget spinners. You would probably have made a decent chunk of money.
5. Bring An Old Concept Back
Remember the flip phone? Those were the days. And now Motorola is bringing it back. Just because an old concept is no longer in use doesn’t mean you can’t bring it back in fashion.
6. Remix An Existing Concept
It’s not very original if you offer to mow someone’s lawn. But it’s very original if you offer to mow their lawn with a herd of goats. Don’t be afraid to put a twist on an existing business concept.
7. Expand on An Existing Concept
Many businesses branch out. So instead of changing something, maybe you can find a way to complement it? Don’t design a new car, design a new accessory that people can use in the car.
How to make a business concept in IdeaBuddy
It can be overwhelming to keep track of all the things that inspire you, and sometimes a journal just won’t cut it. That’s why we’ve figured out a simpler way to do it with IdeaBuddy.
Here’s what it’ll look like when you visit Business Guide in IdeaBuddy.
Step #1 – Idea
As we’ve already covered here, it all starts with a good idea. Explore why you like a particular business concept and what problem you can solve for other people — your potential customers.
Step #2 – Product
Once you know what problem you solve and for whom, then it’s time to describe your value proposition in as much detail as possible. Tell people exactly what you do and why.
Step #3 – Promotion (Marketing)
Now it’s time to get the word out about your business. Use IdeaBuddy to explore what options you have to market your product or service so you can reach your target audience.
Step #4 – Distribution (Sales Channels)
It’s not enough to have an idea and promote it — you also have to deliver. How will you ship your product out to your customers? Where can they come to enjoy the services you offer?
Step #5 – Partners (Suppliers)
Depending on your business concept, you may need to form partnerships. That could be the suppliers of parts for your products, for example. How can you best work together with them?
Ready to Make a Business Concept?
Now you know how to make a business concept from scratch. All there’s left for you to do now is to get to work!
Here’s a quick recap of what we’ve covered:
- Start with what you know and enjoy.
- Figure out where you fit into your business.
- Find a market opportunity and see if it’ll work.
- Change or expand on an existing business concept.
- Use IdeaBuddy to help you visualize it all.
Ready to turn your business concept into reality? Sign up for IdeaBuddy now to get started.
