A business idea can be the key to a great entrepreneurial project as long as that idea manages to evolve into a business model. All great projects began as an idea that could be carried out and that evolved until it became something real. Having a good business idea is the first step that every entrepreneur steps on his way to success. Do you already have a business idea or do you need to polish it? Read on and find out how to do it.
What is a business idea?
A business idea is the notion of a product or service that we want to offer in the market and the way in which we will make it profitable. It is defined by a concept that must be developed to be implemented later with a business plan that, when developed, will validate that it is a viable idea to carry out and obtain profitable results.
Business idea vs. business model, what is the difference?
As I said at the beginning, the business idea can become a real and profitable project if it evolves into a business model. The business model refers to how a monetary value is going to be extracted from the idea of the product or service established in the initial idea.
It has a structure divided into different segments to be taken into account to cover all possible aspects in the development of the business and it is usually a written document that justifies how profitability will be achieved.
A business model must be able to explain precisely and concretely how the idea is going to be monetized and what means or resource will be used for this purpose. Describes how a concept is put into practice.
We could say that the business idea is the seed to germinate and the business model establishes the way in which it will bear the expected results. Although they go hand in hand, it is important to separate the concepts to understand that an idea is not enough to generate a profitable venture, however it is a mandatory step for a great success story to begin.
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How to develop a business idea?
- Detect a need.
- Meet a potential client.
- Measure the market.
- Structure your idea.
- Take a test.
Here I explain each of the points so that you can better structure your ideas and take the one that can be more profitable.
1. Detect a need
A great idea is not only one that seems innovative, incredible and great, but one that actually solves a problem and addresses a need in the market. That it is useful and that it is also salable, that is to say that there is a sufficient number of people interested in paying for it.
How many times have we thought of a “millionaire idea” like Javi Noble’s when he wanted to create the largest vat in Mexico? Surely many of us think that having a good business idea is to think of something really new, but we can fall into having an idea that will never be profitable.
Sometimes the best way to generate ideas is to start from what already exists and see how we can improve it, but always seeking to attack a need, whether it is to make it simpler, more practical or more immediate.
2. Meet a potential client
Validating your idea is an important part of putting anything else in your business plan into action. To validate your idea you need to know your ideal client prospect, identify him and approach him. See how useful your idea seems to them and even receive feedback on possible improvements.
It does not necessarily have to be just one person, but it can be a specific sector and you can validate your idea with several people who may be interested.
3. Measure the market
This already includes a little deeper research because in addition to your potential customers, you must find the similar ideas that already exist in the market, the competition, the sectors, the costs and other things that you can generate from a .
It is likely that in this step your idea should have a following adaptation.
4. Structure your idea
Since you have developed several versions of your idea with certain first bases, what I recommend is that you structure the business idea well. It may be that you started with a product idea, however in your research it changed to what your audience is really looking for; it is a variant in the way of delivering said product, or what has most attracted their attention of how you sold them the idea.
Identify what was the star within your idea and define it well, you will be almost ready to go to the next step, which is to create a business model where you cover more relevant points to bring your idea to reality.
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5. Take a test
Do a mini market test, you can start to see how that audience reacts that you have already defined, that you even asked and launch your first prototype, without having to invest too much, you can test an advertising campaign or an advertisement in a specific group of people and finally validate the idea that resulted from your first approaches.
These steps will allow you to further develop your business idea until you can turn it into a more structured plan.
How to achieve an innovative business idea?
Now, to have good business ideas, here are some points that can help you be more creative and look for new ways to solve problems. Remember that a good business is always solving something.
Create mind maps
Yes, one of the best ways to generate new ideas is to make a visual representation. Go old school and grab a marker and some cardstock. Lower your idea to the center and relate it to others that you place around it.
It is recommended that you do them by hand, but there are also tools that allow you to make canvases with labels and lines to relate them, such as or . The point is that you can relate concepts and create new ideas.
make lists of questions
Asking ourselves all the time will undoubtedly make us a more creative person. Being interested and curious about many different topics causes our brain to create new connections and allows us to come up with better ideas.
When you are developing your business idea always have a list of questions such as:
What does it solve?
How will we do it?
Who will do it?
What can improve?
Who’s going to pay for it?
How to improve it?
These are just examples, the point is that you make an extensive list or that you get the help of other people to help you elaborate them and while you are answering them, your ideas may improve or change.
listen to other ideas
Whether it’s brainstorming with your partners or your work team, chatting with friends, listening to a podcast or watching a video, it’s always good to be open to other ideas. Even when they have nothing to do with your business, it is good to hear how other people solve their problems and how they generate alternatives.
A good entrepreneur must be receptive and generating a new business idea is a task that takes many hours, not only of thinking but also of investigating, listening and observing everything around you. In daily life is where the best ideas are.
11 examples of business ideas
Now I will give you a list of some business ideas that can be developed as an entrepreneur. If you have others, tell me and we’ll add them.
sell natural cosmetics
There are some ventures that are paving the way for a market that is more aware of the environment and personal care. They use only natural ingredients and a good business idea is to become a distributor of what will soon be more needed as they respond to demands for fairer trade, natural care and biodegradable packaging.
healthy food at home
Food delivery applications are a success but there are few healthy food options and this is a time when the market is more open to this business model. Look for your idea to have to do with how to distribute really healthy food at a reasonable price.
online advice
You do not need to be the expert who provides online advice, look for people who are experts in business, finance, entrepreneurship and marketing who can give advice to all those who start their business. Being the contact between both is really the idea.
Face-to-face courses
In this area there are several business opportunities because little by little we are incorporating as a society to face-to-face life and ideas arise that have to do with what is needed to give these courses. For example, the rent of spaces, furniture, cafeteria service, etc. People are looking for everything to be more practical and not have to invest by buying or paying a monthly rent.
sell beauty products
This is one of the most popular businesses among young entrepreneurs, but you can look for alternatives such as selling natural cosmetics and generating a new market on social networks.
If you want to go for the more traditional, I recommend that you read this article to find out
sell intervened clothes
A good idea to give it a different twist if you want to dedicate yourself to selling clothes and you have skills as a dressmaker, can be intervening with unique designs. Prints, embroidery or even adding other parts of fabric, you can take advantage of second-use clothes. Here I leave you an article about and give that twist to your idea.
Content creator
This continues and will continue to be a great business idea, since it is not only about creating posts on social networks but also about having the creative capacity to sell your material as content for other sites, brands or people who are looking for unpublished content.
e-commerce agency
Many people join the trend of online sales and for this they need an agency to help them create their stores. A good business idea is to be the one who provides that service. With Tiendanube you can make it happen. Take a look at our
web support
Like ecommerce agencies, this is an idea that allows you to serve all the companies and businesses that get on the digital train. You could even work with an agency. Look for what is missing in this area and develop your idea in a big way.
Corporate gifts at home
The home office brought us new business opportunities and a great opportunity to develop ideas that meet the new needs of companies. One is to deliver welcome kits or corporate gifts at home since employees no longer go to the office. Sound like an interesting idea?
pet transport
Dogs, kittens and others bring a lot of love to our lives but they also bring interesting market opportunities. Transporting pets is not so easy in the current offer. Can you think of something for this niche?
Conclusions
The development of your business idea requires a great passion for entrepreneurship and an enormous tolerance for frustration. It may not come out the first time, but everything takes perseverance and attitude.
At Tiendanube we understand that entrepreneurial spirit and we help you make your processes easier, that’s why we want to give you the gift of creating your own online store.✨
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