Seven Tips for Bright Business Ideas

Are you looking for the next great business idea? It could be staring you in the face, or it might be lurking right around the corner. If you need some inspiration, here are seven suggestions that should help get the creative juices flowing:

  1. Move ahead of the curve. Ask yourself what could be the next “big thing.” Think about trends, especially those based on new technology, and how you might capitalize on them business-wise. For instance, many businesses cater to needs and activities of homeowners. Focus on both the practical and the recreational.
  2. Address your own pet peeves. Is there something that continually frustrates you? Instead of continuing to complain about matters, take some action. Figure out how to best solve the problem, and then build your business around the solution.
  3. Find a new niche. You don’t have to reinvent the wheel to come up with a successful business idea. Examine what the major players in a particular industry are missing and try to fill in the gaps. What may be too small for a corporate conglomerate can be just the right fit for a small-business operation.
  4. Apply old talents to new tasks. Figure out what you do best and how you can apply those skills in a different way. For example, a sales representative with a great personality might find a niche in real estate development. Don’t be tied to what you have done before.
  5. Build a better (or less expensive) mousetrap. Companies can become successful by offering customers an existing product at a lower price or a better product at a higher price. Just because something has already been done before does not mean it has been perfected. Find the flaws and fix them.
  6. Get input from others. To come up with an idea that meets people’s needs, it only makes sense to talk to people. Engage potential consumers in discussions whenever the opportunity presents itself. Similarly, if you are interested in developing an e-commerce business, you might send an online survey to prospects so you can learn more about their needs and interests.
  7. Mix and match. Think about combining products from both sides of a store’s aisle into one. Or match up a product from one genre with another. These seemingly odd combinations can provide some interesting ideas. Some will most likely prove to be terrible matches, but every once in a while you can strike gold.

None of these suggestions guarantee future success. However, at least they should point you in the right direction.