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10 Tips to Find the New Ideas for Business

by Olufisayo
New Ideas for Business

Here are ten tips that will help you to come up with some new business ideas.

 1 – Ask your friends and family

Your friends and family may not be the smartest bunch on earth, in fact they may even be some of the dimmest people you know, but there is an old saying that says every person has at least one good idea them.  You should utilizes their knowledge and ask your friends and family for ideas, suggestions and comments.

New Ideas for Business

2 – Copy some of the world’s most famous companies

Some of the world’s most famous companies make some of the biggest blunders.  If you pick a particular failure and study it in great depth (making sure to search every publication and business journal) then you will be able to pick up on their mistakes they made.  You could then try a smaller version of their ideas and make sure that you do not commit the same mistakes that they did.

3 – Run a competition on one of your social media platforms or between the staff at work

Starting a competition is a fairly cheap way of buying an awful lot of ideas and suggestions.  Your instincts may tell you that the only idea that the competition will buy you is the winner, this however is not true. You are able to evaluate these ideas one at a time and see if they will work.  With such a large amount of new ideas coming in you’ll be hard pressed to do not find one that works for you.  The idea that works for you can then be named the winner and you can give up the prize.

4 – Ask your staff for suggestions and their comments

If you do not have staff then ask your co-workers for suggestions.  If you already have a business and you’re looking for new business ideas then why not ask your staff.  Staff in American businesses are very often severely under utilized.  Even the janitor has ideas on the way the business can be improved.  It’s mind blowing just how many people have degrees who stack shelves at night or the receptionist at an opticians.

5 – Apply the concept of and faster, stronger, quicker, smaller–to existing products, services and techniques

This is a very simple idea which is woefully under utilized.  This is because the concept is so often oversimplified to the point where a person will consider improving something by adding a clock into it.  What you need to do is gather together a few ideas such as stronger, quicker, more durable, lasts longer, etc, and then concentrate on a single product or service or technique, and apply each word to it.

6 – A brainstorming session

This is a simple yet effective technique. What you need to do if you are looking for business ideas is to set aside a space in your daily schedule for a brainstorm.  This may just involve sitting in a room with a chair and a piece of paper and pen and sitting there until a solution comes to you.  You have to be prepared to sit for as long as it takes–this is the part that most people have a problem with.

7 – Search the Internet for questions and comments on websites of items/products or services that do not currently exist

If you do this, try to ignore the silly brainless comments because you can guarantee that the solution to those problems will be on a late night shopping network.  They involve things such as a special pair of scissors from the milk cartons and slippers that’s clean between your toes.  Your best bet if you’re looking for ideas is to go to the complaints comment sections and look for the comments and complaints about other companies that are not really their fault.  It is the fault of the user or an unexpected fault of the product that they have bought.  For example a lot of fridges gain an ice backlogs up around the back if the door is left open for too long during the day.  This is not the fault of the manufacturers’ and is not really the fault of the user because we cannot help the fact that one moist air is attracted to cold places.

8 – Use an online word generator

This is how the concepts of things such as carpets recycling came into existence.  It is a very simple idea and even though it will probably not generate an idea for you it will most likely stimulate your thought process to the point where you come up with a good idea.

9 – Examine your own hobbies for ways you can improve them

This is a great way of creating a labor of love because you are able to partake of your hobby and work on it to improve it.

10 – Market research

Last but not least comes market research.  You must be very wary when using market research because quite often people say things that sound good however when they are presented with the idea in person at all discouraged or unimpressed.  For example a street canvassing market researcher may approach people and ask them if they think having a clear cola drink would be a good idea, to which people would reply, “yes that sounds cool.”  Which is pretty much how crystal Pepsi was created.

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