In this article, we will tell you how to choose a business idea from the list available or how to come up with an idea for a business from scratch.
It provides techniques to help you decide which business is best for you, in the marketplace and where you are. These techniques are suitable for both developing an original idea and selecting an idea from an existing list of potential business ideas, or for selecting a franchise.
Which is better – the original idea or copying?
So, what is better, to take and copy the ready idea, or to invent something of your own, completely unique and original?
In our opinion, both options are appropriate. Either way, it is important to understand who will be your target consumer, what your competitive strategy is, how you will promote your product.
And remember that if you copy an idea, you still can’t copy absolutely everything 100%. You still have to bring something original to someone else’s idea. There are cases when an entrepreneur works for some time in a franchise, and then leaves the franchisor and creates his own project on the same patterns, but even in these cases, he has to change some things and build himself.
On the other hand, if you come up with a completely original idea, it will be too difficult for you to come up with absolutely all the elements in the value chain yourself. Look at other businesses, think about which projects have a similar audience, a market similar to you, and if possible, steal their best ideas and practices.
Is a business idea so important?
The thing is that I know a lot of people who have either clung to one cool idea that they really want to implement, but they have absolutely no opportunity to do it (I myself have a few business ideas that I can not yet implement, just keep them in the moneybox of ideas). Often these guys book expensive conference rooms in Manchester Hotels, make presentations and go to investors for years trying to raise money instead of starting a business that they can finance.
Other people want to find an idea for a business that will go off with a 100% success guarantee, and here they are looking for the perfect business idea and don’t start doing anything until they know exactly what they want.
There are also cases when a person has a raw business idea and has been polishing it for years, writing a business plan, studying the market, but not starting his project.
So, a business idea in the case of small business is, I would say, just a certain tool in work, just like sales, marketing or production.
The goal is not a business idea at all. Primarily your desire to do your business, not where to find an idea for a business. So if you want to do business, do not wait for the “perfect” idea, do not hold on to an unrealizable idea and do not polish your ideas to shine.