The 5 Ingredients of a Stellar Business Idea
By Andrew Patricio
March 11, 2015
Small Business & Entrepreneurship
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By Stefanie Neyland, Small Business Content Developer at BizLaunch Media Inc.
Many new small businesses are started with a simple “a-ha” moment; but some of these moments yield more viable concepts than others. Perhaps you’ve discovered an untapped market, built an invention or just want to improve on an existing business model — whatever your concept is, check to see if it has any of the following five ingredients for surefire business success.
It’s not what your business does, but how it does it. An original idea that “no one’s done before” is actually risky, because it means people may not understand it. A great business taps into a proven market with a fresh approach. Perhaps it’s the way you package your product, how you serve your customers or the hours you operate.
Try to come up with an idea that involves low start-up costs — such as a service-based business. Opening a retail store or launching a new invention can be very costly, and not to mention risky.
A good business idea is one that makes people’s lives a little easier, simpler or more affordable. Your business product or service must offer some clear benefit; otherwise, people won’t buy it.
Fads come and go within months, but trends stick around for years. Make sure your idea is attached to a long-term trend, such as wearable technology or 3D printing.
Meet people at their most basic needs: love, power, success or beauty. For example, consider how shampoo is marketed — people want shiny hair to look attractive, which could lead to finding love.
Bonus: It’s something you’re passionate about.
A great idea will put you to work at something you love to do, while delivering a product or service that people already want or need. In other words, a truly successful business will combine your personal passion with marketplace opportunity.
Every entrepreneur’s dream is to run a business that pays you to do what you love, and believe it or not, those who start businesses purely for the profit potential eventually get bored. Business owners should have it all, so come up with a killer idea that offers you everything you want.
Many new small businesses are started with a simple “a-ha” moment; but some of these moments yield more viable concepts than others. Perhaps you’ve discovered an untapped market, built an invention or just want to improve on an existing business model — whatever your concept is, check to see if it has any of the following five ingredients for surefire business success.
- It does something better, faster or differently.
It’s not what your business does, but how it does it. An original idea that “no one’s done before” is actually risky, because it means people may not understand it. A great business taps into a proven market with a fresh approach. Perhaps it’s the way you package your product, how you serve your customers or the hours you operate.
- It’s inexpensive to launch.
Try to come up with an idea that involves low start-up costs — such as a service-based business. Opening a retail store or launching a new invention can be very costly, and not to mention risky.
- It saves people time or money.
A good business idea is one that makes people’s lives a little easier, simpler or more affordable. Your business product or service must offer some clear benefit; otherwise, people won’t buy it.
- It rides a growing trend.
Fads come and go within months, but trends stick around for years. Make sure your idea is attached to a long-term trend, such as wearable technology or 3D printing.
- It solves a problem.
Meet people at their most basic needs: love, power, success or beauty. For example, consider how shampoo is marketed — people want shiny hair to look attractive, which could lead to finding love.
Bonus: It’s something you’re passionate about.
A great idea will put you to work at something you love to do, while delivering a product or service that people already want or need. In other words, a truly successful business will combine your personal passion with marketplace opportunity.
Every entrepreneur’s dream is to run a business that pays you to do what you love, and believe it or not, those who start businesses purely for the profit potential eventually get bored. Business owners should have it all, so come up with a killer idea that offers you everything you want.