Finding a profitable business idea may seem obvious to some but being a real headache for others. The others are the most of this category. While some people get to know which business exactly they intend to do, others, dilly dally, and jump from one idea to another. There is actually a thing called over ideas! This post is about 10 ways how to find a profitable idea.
You know you want to make an impact and that you can succeed, but you can’t put your finger on THE great business creation idea that will make you vibrate.
Before even thinking about the business plan, looking for clients and the money that will flow freely, a project leader can quickly be blocked at this stage. It’s is impossible to develop anything without an idea.
“I know I want to get started, but I don’t know what? “.
In this article, you will discover step by step how to (finally) find your business idea and express your full potential. To do this, let’s get back to basics.
WHAT IS A GOOD IDEA FOR STARTING A BUSINESS?
Do you know “Where’s Charlie”?
For those who do not know, it is a game in which you have to succeed in finding a character, Charlie, inside an image.
It’s a simple hand but there Is a problem, the places where Charlie is are so colorful and filled with characters that it is a real ordeal to find him.
Judge by yourself :
(Here you put a picture of The Where is Charlie Game)
Now let’s think about it a bit.
Logically. What’s the first question we ask ourselves before we even start looking for Charlie?
Yes, yes, you have found it. The first question to ask yourself is: What does Charlie look like? What is he wearing?
How do you want to find someone or something if you don’t know what they look like? Well, it’s the same thing with a business start-up idea.
Before even trying to find out how to find a good idea that pays off and that can potentially set us free financially, it is essential to know what a good idea is. To successfully recognize it and determine its potential in a mass of opportunities.
I will even go further by breaking down certain myths automatically and telling you what is not a good idea for a business project.
Myths about the business idea
That’s it ! You’ve been thinking about an idea for days or even weeks. You don’t sleep anymore. This idea is for sure the right one. You know it, you feel it. You are ready. You start to do research to put it in place (logic is the basis) . You go to Google. And there you see it!
“Holy Chickens! Someone took my idea!”
They are doing EXACTLY what I wanted to do. It’s dead, I have to change, do another thing!”
All your hopes for a future CEO and promising leader went up in smoke in seconds.
Believe me. We’ve all been there and it can be summed up in 4 phases:
Revelation, Excitement, Disappointment, Discouragement.
Here are 4 facts you need to remember to find your business idea.
Fact # 1: Forget the myth of the idea of the century, super original and innovative
Many people see the successes of Facebook and Apple and in turn, seek out the brilliant idea that will shake the whole world. Yes, that’s is cool and it’s healthy to believe in yourself that well. But even Facebook and Apple are not novel ideas if you look at them critically. They are simply a rehash of something already invented. They did something old in a new unique way.
Contrary to what one might think, trying to do crazy things only to realize that no one is interested, it hurts. You don’t want that. All you need is that little idea. Think of it, large companies have succeeded in creating an empire for themselves simply in the production of toilet paper. However, at first, glance, specializing in this area is not very glamorous.
It is better to start by adopting a concept that has already proven its worth. No need to have a great idea.
So remember this: There are no big and small ideas. There are just several issues that are solved in different ways but more on that later.
Fact #2: You might not find THE right business idea the first time
Frankly, Jimmy Neutron screaming Eureka with a light bulb above his head is a myth. Your first idea probably won’t be perfect, but it won’t be tossed in the trash, either. It will evolve.
I have asked several business leaders what their original idea was and it is clear: for the most part, their basic idea is completely different from what they are doing now.
Believe me. Unexpected opportunities present themselves to you when you are immersed in a project. So while it looks awesome on paper your first idea might not survive the same way once launched into the real world. We can’t predict everything. It will have to be constantly adapted
Fact # 3: All Ideas Are Already Taken
I’m sorry to disappoint you but yes I repeat: all the ideas are already taken. No matter what field you want to get into, you will have competitors.
If an entrepreneur tells you that he has no competitor (direct or indirect) it simply means three things:
- The problem it solves does not exist
- He doesn’t understand the real problem he’s solving
- Other people tried to break through before him and broke their faces.
Now read on.
Is your idea already taken? That’s excellent news! (And there you are probably saying to yourself, he’s nuts, he cracks, he says anything ).
Remember what I told you above: There are no big and small ideas but just several problems solved in different ways.
The existence of competitors is a formidable force. Clearly, the “competition” is eating away at you. It sends you a strong signal, it validates the fact that your idea is promising, that the problem you are trying to solve exists and above all that there is a demand, a market, people willing to pay for a solution.
Yahoo and Alta Vista already existed. However, that did not prevent Larry Page and Sergey Brin from launching Google and making it THE search engine par excellence.
So it doesn’t matter if the idea is taken. No, what is needed is to stand out.
To question is, how to differentiate yourself even in a very competitive, even saturated market.
Fact # 4: An idea is worth absolutely nothing.
“I’m setting up my box, but you understand I don’t want bad luck.” I prefer not to say anything ” . No worries.
An idea is something purely intellectual, it is a potential. As long as it stays in your head and you don’t put it into action, it’s worthless.
Instead of just keeping your idea like a gem and being afraid to talk about it, get moving!
Do you think your idea is valuable? Try to sell it and see what we offer you? Probably not much. Until you take action, your brilliant idea is just that: an idea. And brilliant ideas, everyone has them.
Stop procrastinating and get to work on your entrepreneurial project before someone else does what you’ve been thinking for months or even years.
Business Idea ➝ Business Creation (Execution) ➝ Profits (Money)
I’m not going to go four ways (you’re used to it with me now) . We recap: no execution = no money. No money = value of your idea. Basically, you are giving yourself a headache protecting an idea that is worthless because it is not being carried out.
What a Good Business Idea Looks Like
Now that we are off to a good start, let’s see very clearly what a good business creation idea is.
What’s the definition of a good profitable business idea? Here’s a definition that perfectly sums up the essence of what a good business idea is:
“ A good business idea is a HARD problem that you can solve in a unique way, in a different way. “
Stan Leloup, Your Empire in a Backpack
Once again, I insist. We did not say in an original or extraordinarily exceptional way. For your idea to be a good idea, it must solve a Painful, Urgent, and Recognized problem:
Painful, Urgent, Recognizable
Do not forget. Your business idea must allow you to make money, to generate profits. We are not talking about an associative activity or volunteering.
Good. Enough blah blah, now let’s get to the heart of the matter.
10 TIPS FOR FINDING A GOOD IDEA FOR STARTING A PROFITABLE BUSINESS
Now that you know the main characteristics of a successful idea, here are some tips that will allow you to have one or more good profitable business ideas with ease. Find a business idea for yourself.
Tip 1: Find a tailor-made idea
Find a tailor-made idea by combining your skills and interests. Here is an exercise that helped me a lot when I was looking for an idea for a project to start a new activity.
Take a sheet and a pen. In a table write on the left all your skills, what you can do. On the right, write down everything that excites you. Then, draw lines between these two columns.
Do not forget. Your business idea must allow you to make money, to generate profits. We are still not talking about an associative activity or volunteering.
Tip 2: Start with a problem that you have experienced yourself
You yourself may have encountered difficulty or made a complaint about a product or service. Identify a gap and fill it.
Activate your critical mind: What is the flaws? Is there a good price/quality ratio? Can I create a better product/service? Look for solutions and improve!
This has two advantages:
You already have in-depth knowledge of your market. Other people may have had the same problem as you. You will have personal storytelling to highlight.
Tip # 3. Find an idea related to their expertise and experience
Your professional career as an employee and your personal experiences have enabled you to acquire skills that can be invaluable if you want to carry out your business creation project. Take stock.
Why not start from what you already know how to do and become freelance or self-employed?
You will thus put your expertise at the service of your new entrepreneurial adventure and at the service of your future customers while learning to manage other aspects: loyalty, management, administration, marketing, sales.
Please note: if you are an employee or civil servant and you decide to launch your self-employed activity in parallel with your job, consult your employment contract to see if the combination of the two is possible.
Tip 4: Find an idea related to your talents and passions
You may have been asked these kinds of questions before:
“Can you help me …?” “/” You are really good at … “/” How do you do …? »/« Can you give me some advice on…? “
It is that you probably have facilities, talents in a certain field.
Use your skills to serve others. Identify what is difficult for others but easy for you. If you have already been asked several times, it is because there is a real need that can bring you big. So go for it!
If you can not put your finger on your potential, do not hesitate to ask your relatives or possibly to consider support in the creation of your future activity.
Okay enough to talk about us. Now let’s take a look at the other profitable business ideas that can be found
Tip 5: Find a business idea from others. A business idea from other surroundings
Listen to your surroundings. Listen to the complaints and criticisms around you. Ask your friends, family or coworkers what products and services they would like to have. It’s a gold mine!
When Annie got into hairdressing at the age of 10, she felt like every woman I met was bitching and complaining that they couldn’t find an Afro hairdresser who was quick, available, and efficient.
She only heard that, my friends, my aunts, neighbors…even on the train!
For all of them, the experience was the same: they went to a very good saloon with an example photo, they waited 10,000 years before being received and when they came out of the hairdressing salon, their haircut looked like everything except what was in the photo (the Chris Brown inspired cuts all messed up, does that mean anything to you?)
Annie knew how to style, she was super-fast, available after school on Wednesdays and weekends, and on top of that she was on the move! (no more queues).
Her mom was fed up with seeing her do braids on doorknobs at home. She seized the opportunity, that’s how her first business was born. This idea allowed her to build up substantial capital very quickly and very young.
Tip 6: Import a concept from abroad
You may not agree with me at all. But, clearly, some countries are far ahead of others in certain areas.
If you identify a product that does not yet exist in your country or a concept that is successful abroad, you can import the idea or adapt it very well. However, be careful not to plagiarize and to respect the regulations in force.
Mingle with people who have gone abroad or follow the news closely for opportunities. Trends often cross borders!
Tip # 7: Improve an existing product or service
Frankly, getting into the vacuum cleaner market is not very sexy. Yet Dyson has succeeded in a crazy bet: to be the king of vacuum cleaners. It is a top-of-the-range product, the luxury vacuum cleaner ( Admit it, you would fall in love too ).
Why am I telling you about this? Because they have simply created one of the best products on the vacuum cleaner market.
Likewise, there are a plethora of examples of services that have been improved to make our daily lives easier. Observe what is already there, improve and launch. If the basic idea that inspires you has worked, there’s a good chance yours will be well received by your future prospects as well.
Tip # 8: Simplify It
You notice that there is already a product or a service in place but that it is complicated. Jackpot!
Create something simpler and more efficient. Because a picture is better than a thousand words, see instead
If it isn’t simplification. I don’t know what it is. Apple has managed to build a very lucrative business by simplifying our personal computers.
In turn, locate around you the products or services that you can simplify for the good of humanity (still in the abuse) .
Tip 9 +: Reinvent a traditional profession thanks to the Internet.
The Internet has completely revolutionized the methods of production and distribution and opened up new markets. How many times have you come across the testimonials of these people who have succeeded in becoming financially free thanks to the Internet?
For example, legaltech, which combines law and the digital domain, is booming. It’s serious anyway: the Internet is breaking the Codes! (legal, law, code… okay it was an old play on words) . Whatever your area of expertise, do not hesitate to digitize it.
New profitable internet business ideas are emerging everywhere. In addition, the good news is that the launch costs are lower. Don’t let this opportunity pass you by, take the opportunity to get started!
Tip 10: Partner with one or more project leaders
You can join forces and use your skills, your financial and material contribution… But not only: create a “collective brain”.
Surrounding yourself with the best and working in a team of project leaders allows you to constantly have new ideas, to move forward better and faster!
Take part in events: conferences, join networking. You will be able to make very beautiful encounters there.
Reach out to people. Get out of your shell and understand the world is a big place and a lot of people need that information in your head.
Chat with people with high aspirations like you and see what you can do together. Be careful, however, to make the right choices.
Now You Know
Everyday ideas fall into our heads and most of what we make of it determines if it succeeds or fails. Ideas are volatile and disloyal bastards, they would disappear or fly off to the next person if you don’t nail them down. Ideas have a short shelf life too. If you don’t do anything to them when they come they die.
Stop procrastinating and hold your business in hand. You must do this every day, practice daily. Carry a pen and a book around (or you can use the notepad on your phone) and jot down the ideas that come to you just like that. Flesh it out when you get home. You would need to add some more ideas and discard some others. But in the end, you are going to have a series of quality ideas that can set you free financially.
Create a catalog of ideas today. Remember there are no good or bad ideas. What you consider a bad idea might just need a little bit of tweaking, a little change, here and there and it becomes a brilliant idea.
So goes the story of a toothpaste manufacturer whose idea of increasing the diameter of the tube of his product made him three times his normal profits. His idea of having the paste in a tube was good but a mere tweaking of that good idea turned it into a great idea.
It’s Time To Act
So get those ideas coming. Okay, let me start for you.
- What If bread come in your favourite colour?
Good idea? Not quite! Bad idea? There are no bad ideas! You decide what you want to do with this idea!
Everyone has good ideas daily. Don’t deny yourself that greatness by ignoring them daily. Act today, you will thank me later.