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8 Ways to Come Up with a Brilliant Business Idea

Coming up with a creative idea is the core of a winning business. If you’re really keen to stop the 9 to 5 grind and have an entrepreneurial mind, starting a business is practically the only way to go.

However, generating ideas is anything but easy if you don’t know where to start.

You also have to separate an original idea from an imitated one. Before you rejoice at the thought of coming up with an idea by which you can start a business, hold that thought!

Here are some ways to determine the novelty of your business idea:

Are you sure you’re not just following a trend, a gimmick that is not sustainable and will most likely fade away soon?  If the idea is based on a current trend, make sure that it’s sustainable and will not go away in the next 5 to 10 years as you start your business.

Are there too many businesses pursuing the same business idea? If the market is already congested by the same business, then it’s probably not a novel idea. There’s nothing wrong with competing with other businesses, as long as you can come up with a better product that you can market in a smarter and more targeted way.

But how do you come up with that winning business idea?

1. Think about what’s in the horizon.

Instead of focusing on business ideas that will fit current trends, come up with a business idea that will fit future trends and technologies. Look at innovations that people will need in the next five to ten years, and how your product or service can fit in it.

2. Consider your own problems

Are you bothered by a problem that you keep seeing everyday? There’s surely something bothering you that a product or service can supplement. Take the example of re-selling gift cards. Not all people get to use their gift cards, resulting in unspent millions of dollars, so people came up with a way to make us of them: by re-selling them in secondary gift exchange websites.

3. Look for new ways of doing things

If you’re tired of the same old options everyday, why don’t you add another option yourself. You can build from an existing set of choices and start from there. For instance, why don’t you expand traditional ice cream flavors, come up with newer more exciting ones, and start a business based on it?

business idea

4. Apply your skills in another way

If you’re excellent at teaching people, you don’t have to be just a teacher. If you’re a great writer, that doesn’t mean you have to limit yourself to writing opportunities. Your skill set is more applicable to other fields than you think. For example, you might want to use your writing skills to start a writing outsourcing business—and train people how to come up with great SEO articles suited for the Internet.

5. Enter the market with a cheaper product

BY offering a product a smaller price, you’re guaranteed to get a few heads turning. Take China for example: for several years people had to stick with big brands that often offer expensive products and services, until China came along and sold a cheaper version of everything. While not everyone jumped in on the idea of buying cheaper products, it definitely got more than a few heads turning.

6. Look at markets that have not undergone innovation

Start a business in a category that hasn’t experienced much breakthrough. You don’t even have to look far: take the case of  traditional online business models, like affiliate marketing and pay-per-click programs. Is there another mode of Internet marketing that you think might be of significance? Pinterest is also a great way to start making money online, as a lot of people only use it for Internet marketing but have not quite figured out how to make money off it.

7. Consider what other people need

Call it market research, but it remains to be one of the tried and tested methods of coming up with a winning idea to start a business. You don’t have to ask them directly. You can simply observe their thoughts and complaints, or hang out where sales transactions usually take place, or send them online surveys to think about what they want.

8. Combine and integrate

Is there a way of combining two things at once? Apple has managed to do this with its iPod Touch—it combined mp3 players with a large touch screen interface that allowed people to do other things, like read ebooks or watch videos. This is the trend we’re heading towards: people will buy products that give value to their lives in more than one aspect.

Your business idea doesn’t have to be as cutting edge and innovative as an iPod Touch, but  you can certainly come up with an idea that affects a person’s life in more ways than one.

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