6 Overlooked Ways to Create Your Business Idea

1) Optimism: There is no point in embarking on any venture, business or otherwise, without having buckets full of optimism. Keep a positive mind whatever you do to develop your idea. Whether it be research or convincing a spouse. Try to treat every failure or mistake as a learning opportunity.

2) Ask for advice: We often go to friends and family for advice, which is good. However, for really constructive advice and reaction to your business idea you may well be better asking others, even a perceived competitor. These people will often freely criticize. Do not take it as a personal criticism, use it to help you develop your idea further.

3) Put yourself in the customers shoes: Imagine you are a future customer of your own. What type of service or product would you be willing to pay for? What would you perceive as ‘value’ for what you have paid for. The perceived value of a service may differ greatly from the perceived value of a product. Think about this, as an example. Why are moms birthday cards so much more expensive than the other cards for sale?

4) Do your research: Every business, or the future development of that business, needs research. If you are in the process of ‘thinking about’ starting a business there will be a lot of things you need to research. Here are a few for you to consider;

# Your potential customer base. Will they be repeat customers?
# The need for what you are offering.
# The acceptable price.
# Your profit margin.
# Your time needed to implement start up.
# Your return on investment (ROI).

Consider this, many people under estimate the time and cost needed when starting a new venture.

5) Don’t burn your bridges: If you are already in a position where you have a career or job that pays the bills it may be a good idea to hold onto it whilst you create and implement your business idea. By doing this you may evaluate your idea better because you do not have to try the first idea you have. Already having an income can help provide stability in the early stages of your new venture. Think of it has being the college kid doing a part-time job to pay for the gas in his car whilst learning for his career.

6) Formulate a Business Plan: Once you have done your research you should really think about writing a business plan. This will benefit you by highlighting the good, and not so good, aspects of of your idea. You will also need a business plan if you need to get funding from a bank or a venture capitalist.

Although the above is not an exhaustive list on creating a business idea it will hopefully have given you ‘food for thought’.

Remember to be optimistic and keep a positive outlook.