The start of the year is a great time to gear up to start a business. But, of course, you first need to figure out a winning concept. You have to come up with a lot of ideas to be successful. Here are eight techniques from experts, that could help get your creative juices flowing:
1. Ask yourself, “What’s next?” Successful business ideas are often ahead of the curve. Think about trends and technologies on the horizon and how you might move into those areas.
When Colin Barceloux was in college, he thought textbooks cost far too much. In 2007, two years after graduating, he decided to take action and founded Bookrenter.com, a San Mateo, Calif.-based business that offers textbook rentals at about a 60 percent discount. What began as a one-man operation created out of frustration now has 1.5 million users and 200 employees. “You just have to look at what frustrates you. There’s your business idea right there.”
2. Apply your skills to an entirely new field: Think about your skills and whether they might be useful in a new area. Providence, R.I.-based Dear Kate, a company founded by Julie Sygiel, who used her training in chemical engineering to create a stain-resistant, leak-proof underwear material that active women can use without worrying about menstrual leakage during a workout.
3. Make a cheaper version of an existing product: Companies often get their start by offering customers an existing product at a lower price. Take Warby Parker, an eyeglasses company launched in 2010 by four business school friends. The New York-based business sells prescription glasses, which are typically priced at $300 or more, for $95. Since its launch, it has grown to 100 employees.
To come up with an idea that meets people’s needs, there’s no better way than by talking to shoppers. If you are interested in mountain bikes, hang out in the aisles of sports and bike shops and ask customers what they wish they could find in the marketplace. If you’re interested in developing an e-commerce business, consider sending an online survey to potential customers to learn about their needs and interests.
4. Play the mix and match game: Walk up and down the aisles of a drug, hardware or toy store combining two products across the aisle from each other into one. That should spark quite a few ideas, but be prepared for most of them to be bad. You will come up with all these horrible ideas, and every once in a while you will find some brilliant idea out there.
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