3 Ways to Generate Ideas for a New Business
Would you like to start a business but aren’t quite sure how to begin? Here are 3 ways to generate ideas for a new venture:
What’s Your Passion?
Although being your own boss might seem like a dream come true, the reality is that it’s going to be a lot of hard work. So being passionate about your product or service is a big plus. What’s your passion? If you won the lottery and didn’t have to earn a living, what would you do? Do you have a hobby or special interest that you can spend endless hours doing?
Craig Jenkins-Sutton had grown up on a farm in Minnesota and had a life-long love of gardening. He turned his passion into a profitable business, establishing Topiarius, a garden design company based in Chicago.
What Causes You Pain?
Okay, maybe not actually pain, but frustrations and annoyances–big and small–that we run into in the course of everyday life. Think of these vexations in a positive way; they can be your starting point for generating a new business idea.
Julie Aigner-Clark started the Baby Einstein company because she was frustrated by the lack of good educational material for her own kids. She began in her own basement putting together videos and books for children that focused on music, art, poetry and language. Today Baby Einstein is a successful multi-million dollar business.
What’s in Your Past?
In other words, what experiences do you have that have given you some expertise, knowledge or insight? Are you familiar with a particular industry from past employment? Think about that industry and identify opportunities you might have to benefit from your experience.
Adolf Coors worked at the local brewery in a small town in Prussia from age 15. When he migrated to the U.S. 6 years later, he took on a string of odd jobs to keep himself afloat. Then he met Jacob Schueler, another German immigrant. Together they started their own brewery, using the experience Adolf had gained working back home. Today MillerCoors Brewing Company is the 5th largest in the world.
Most businesses start small, with an idea that began from a passion, a pain or a past. Whether or not those companies become successful will depend on having a knowledge of the market, a good business plan, and the hard work needed to execute it. It’s also crucial to stay afloat – especially in the early years – by keeping costs down and revenues up.
At Blue Coast Savings Consultants our passion is helping businesses of all sizes save money on everything from credit card fees and utility charges to their wireless bills and worker’s compensation premiums. In other words, we help reduce the pain of paying too much for a number of services that businesses, small and large, use every day.
So, take a look at your past and if you have the same desire to help businesses save money as we do, take a few minutes to view our webinar and see if the Blue Coast business opportunity is right for you.