Do you want to start your own business? Need a good idea first?
Here is how to come up with many million-dollar ideas for your new business.
Begin with Your Frustrations
If something irritates you probably irritates others too. Business jargon calls this an unsatisfied need and therein lies your million-dollar business idea. All those people that want to get rid of this frustrating problem are your new customers.
The best example of this is Netflix, founded by a man, Reed Hastings who, like all of us found going back to the video store. He got the idea when returning a video late. He was charged a $40 fee by blockbusters. He decided there had to be a better way. He used the US mail to send movies to customers and built multi-million dollar business.
Write a Napkin Business Plan
Informal, relaxed business plans such as that done on the back of a napkin while enjoying a beer with friends often contain the greatest spark of genius for new business ideas. If you can draw your business model on a napkin then it is simple enough for customers and investors to understand and buy in. Great business ideas can often be described as a combination of two known factors such as Netflix – the video store full of movies coming to your mailbox. Get a business loan – read our Kabbage.com review
Bring High Tech to Low Tech
There are many industries and products that are still being sold and distributed in a low-tech manner. Since these businesses are already in the marketplace, you have confirmed that there are customers willing to pay for these products. To develop a high-tech manner of sales and distribution you can expand these products beyond the restrictive low-tech world of geographic and physical boundaries.
An example of this is the highly successful website Blinds.com who revolutionized the sale of window treatments that had traditionally been a low-tech high touch business. In the past customers would call specialist would come to their home measure their windows and go back to their workshops and create custom blinds and shades. The founder of blinds.com removed the high labor and broke all geographic barriers by offering their Surefit guarantee to remake any item that does not fit the customer’s windows perfectly. In addition, they offer free samples, free shipping, and 100% satisfaction guarantee plus lower prices.
Check out this guide to successful Saas sales
Keep your eyes and ears open at all times for emerging trends that could be your next million-dollar business. Read multiple newspapers every day, which is filled with hints of what’s new and will be the next big business trends. Keep a notebook with you at all times to jot down your ideas. Often, one of your ideas that you brainstorm will combine with another idea to come up with that perfect million-dollar business idea for you.
Bring it Home
Look internationally for business models that are doing well and could be imported to your home country. Travel and web surfing on business forms are an excellent way discover these million-dollar ideas.
Complaints are Golden
Sadly many companies ignore their customer complaints and negative reviews to their detriment. Each complaint contains a nugget of gold, which could direct you to a new business venture. There could be gaps in product lines that need to be filled with your startup. Often customers are asking for them simpler or faster versions of existing products. An example of this is 99designs who by carefully reading customer complaints developed their popular product called Swiftly. People were complaining that designs for taking too long. Management analyzes the problem and found that their designers were bogged down with many small jobs and thus the larger projects were delayed. They then launched a service focused on small jobs only and assigned specific designers to that design contests, freeing up other desires to focus on the larger design projects ordered by other customers. In a short period of time negative reviews dropped dramatically and design lead time significantly.
Hyperfocus on Niche Markets
Internet shopping is increasing steadily and shows no signs of slowing down. The opportunities are in the focused niche markets, which local retailers are not selling products. Whether it’s fly fishing, pie baking, orchid growing or Polish dancing. There are thousands of people interested in buying related products. Start your own e-commerce store to Shopify for free and tap into this well of waiting customers.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.