How to Come up with a Winning Business Idea

Written by
Rebecca Smith

Published
Jul 14, 2018

Jul 14, 2018 • by Rebecca Smith

An intrinsic part of the American dream is starting a company and answering to no one but your customers.

The problem with starting your own company is that you need to have a winning business idea to build your vision around. The good news is that the motivation to start your own business shows that you have the drive. The bad news is that million-dollar ideas don't grow on trees.

Let's look at how to come up with a business idea that will set you up for success.

Begin By Looking At Your Own Life

Have you ever looked at a problem and wondered why someone hasn't come up with a solution to it yet?

Congratulations, you're already thinking like an entrepreneur. At their most basic level, business owners are problem solvers. They focus on making consumers lives easier with their product or service.

Think about the problems that you face in your daily life. Is there a company out there that adequately markets to your niche? If there is, are they doing a good job at solving the problems you face?

If not, you've got an idea of where to start. The best business ideas come from situations in everyday life. These situations reveal weaknesses in the market. Even if there are companies that focus on dealing with these problems, they aren't doing a very good job at marketing, or you would have heard of them, right?

Start by looking at your life and solving your problem. There are millions of other people out there that live similar experience and want a solution. Don't be the person that complains about it, be the one that fixes it and profits.

Be Trendy

There are many benefits to social media. You can keep up with your friends and family, connect with others from around the world, and get the news you need all in one place.

Social media sites are also experiments...laboratories for small business.

Look at what's trending on Twitter, Facebook, and Linkedin. Are there problems that a lot of people have? Is there a demand for a product that isn't on the market? Is an industry facing challenges that you have the know-how to solve?

Some would say that Elon Musk is the master of trend based business. One of the companies he started, Paypal, was a response to the lack of an easy online payment processor. Tesla centers around environmental concern and high gas prices. Space-X answered the trend of lower funding for American space programs and the desire of the government to prioritize private business solutions.

Keep an eye on trends and think about innovative ways to solve problems. If it's good enough for Elon, it's good enough for the rest of us.

Social Responsibility

Consumers focus on social issues when making purchasing decisions now more than ever before. This trend is due to a greater level of sensitivity brought on by the internet.

Think of problems that help alleviate social issues. Are there concerns you have about the world that you have the skills to fix? Most people believe that these answers have to be grandiose in scale, but minor fixes add up and save lives.

The tiny house movement is an example of this. What started out as a trend for millennials wanting to get out of the rent trap is now a way to get homeless people into a safe shelter. Cities use these homes to help families have a place to stay and improve their life.

Software companies develop programs to safeguard children from violent content. Energy efficient products started as a way to meet the social demand for green living.

There are always social calls to action. Answer them and you'll make money while improving the world.

The Best Anwer To The How To Come Up With A Business Idea Question

When someone wants to know how to come up with a business idea, the first question out of my mouth is "what are you good at?"

It seems simple, but it's effective. Everyone has strengths and weaknesses. The best way to start a successful business is to turn your strength into money.

Are you are able to break complex ideas down into simple and understandable words? This is the primary skill for the world's top bloggers and commentators. Are you good at organizing parties and getting people together? Wedding planners and event coordinators rely on these skills to make their money.

Instead of working for someone else, however, create your own business from it. Use your talents to make yourself rich instead of someone else. Figure out what you're good at and do it. Granted, it's not that easy, but it is the most effective way to start a business.

Research

Whatever business you decide to start, look up other companies in your niche and find out what makes them tick. Look for their strengths and weakness. There are thousands of business finder websites online; start there.

Read more here about finding businesses in your potential industry and make a list of the ones in your area. Go to review sites and see what their customers say. Take note of what they do well, what they are poor at, and figure out how you can do it better.

You don't have to be the only person doing something, but you should do it your way. Put your own spin on the business idea you've chosen and fix the problems that are typical in the industry. It will take a lot of hard work, but eventually, you'll find the success you desire.

Hire The Right People

Now that you know how to come up with a business idea, you'll need to focus on how to make that idea a success.

Operating a business isn't easy. One of the first, and most important, things you'll need to do is hire the right people to help you. A company with a great owner and substandard employees will fail.

If you need to find the most qualified candidates to help grow your business, look no further than the Washington post job listings. Qualified candidates from all over the world come here to connect with employers, from established corporations to start-ups like yourself.

Post an opening today and find the people that will help your business succeed!