Content

• Steps
• Advice
• Warning

Starting a business requires a lot: business planning, finding investors, getting loans and looking for people. However, first of all, you need to formulate your own business idea. It could be a new product, service, or method. Whatever it is, it must be something the customer will pay for. That wonderful idea requires reflection, creativity and exploration. If you're looking to start a business, keep the following in mind as you make an effort to find your own business idea.

Steps

Part 1 of 3: Developing ideas

1. 

   Think about goods or services that will improve your life. Be constantly aware of your strengths and weaknesses. As you look at it, something flashes in your mind that will help you live a better life? Take time to reflect on your own experience. With time and a little creativity, it is likely that you will be able to shape a few products or services that will help you.

2. 

   
   
   Determine whether you want to provide a product or service. The new business idea will most likely be based on a certain product or service. Any kind of idea requires thinking and creativity. They all have strengths and challenges that you should consider before making a choice.
   • With a new product, you will have to develop or improve an existing one and then invest in manufacturing to create it. Although it is expensive, a successful product can be extremely profitable.
   • Providing a service eliminates the need to develop and manufacture new products. However, you may have to hire more people because it is difficult to grow your business when you are the only service provider.
   • Both options require marketing and advertising. So anticipate investing time and money into them, whatever your choice.

3. 

   
   
   Identify the problem with the existing industry. Often times, business or innovation comes from someone frustrated with current ways of doing. Therefore, finding the problem is a good way to form a business plan. If you feel frustrated about something, maybe others do, and that will be your potential market. It is possible that no one in the area offers lawn mower repair services. You have now identified an issue that you can correct yourself by providing that service.

4. 

   
   
   Based on existing business ideas. Instead of a problem with your current industry, you'll probably notice what a business is doing well. Examine it and consider if you can grow more. By taking it one step further from what the industry is doing, you can create a good niche for yourself.
   • For example, when Google was just born, there were countless search engines online. However, Google is still known for its extremely accurate algorithm that improves search results. They took up a good idea - an online search engine, and successfully grew on it.

5. 

   Look to the future. Successful entrepreneurs are innovators. They do not cling to old methods or technologies but instead move forward and predict what will succeed in the future. You can do that by wondering what is the logical next step for a product or service. For example, as distance education and video conferencing are becoming more popular, you may want to start a company that specializes in setting up meetings entirely online. By looking at current trends and going a step further, you can come up with an idea that is ahead of its time with the potential to revolutionize the market.

6. 

   Conduct preliminary customer research. Although market research is usually only used after an idea has been conceived, you can do some early research to determine what people value. Thanks to this, build ideas based on their wants and needs.
   • Do some research online and see what are popular keywords or searches. As a result, you will be able to grasp what people are looking for most often, which will probably spark your idea. Read more on how to find the most searched keywords to learn simple ways to do that.
   • Alternatively, you can use a service like Google Adwords or Bing Ads. They also analyze search engines and determine common searches.

7. 

   Apply your skills to another area. Another way to come up with a new product or service is to use skills acquired elsewhere. At times, you can creatively use the skills you learned in this place to improve in a completely different field. For example, Leo Fender used to be a radio repairman. He used his skills in electricity and amplification to build the first electric guitar. When looking at a business idea, make full use of the skills you have. Maybe a certain talent in you will contribute to completely innovating another industry.

8. 

   Write down all your ideas. Every idea, no matter how small or seemingly meaningless, is worth it. Make it a habit to write down every idea you have in a notebook. Carry it with you all the time because you never know when inspiration will come. Thanks to that, every idea can be stored in one convenient place. Browse regularly to review the potential for further development of any recorded idea.
   • Even if you keep your notebook with you, you should still consider bringing it to your computer. That way, when the notebook gets lost or damaged, you have a backup. Electronic storage also allows for a cleaner and more efficient categorization of ideas.

9. 

   Nurture your own creativity. At this stage, don't be too hard on your ideas. During this brainstorming phase, you shouldn't feel limited. Instead, free your mind to see what you come up with. Several ways can help you to stimulate creativity and generate ideas.
   • Walk. A few studies have shown that walking enhances brain activity, especially creativity. Take a walk a few times a week, especially if you feel stuck. Not only is it healthy, but it also helps you formulate the next great idea. Don't forget to take your notebook with you and jot down any flashy ideas.
   • Explore the stores. If you need ideas, go to your local store, preferably a department store, which offers a multitude of products. Next, simply walk through the aisles and take notes about the products you meet. What do they bring to the user? What are their downsides? Also, take note of what you do not see because it will give you an idea of ​​what is not on the market - something that could be a product for sale.
   • Chat with people from many different fields. If you come up with the idea of ​​a new software, don't just talk to the computer geeks in the industry. Expand and interact with people from many different fields, especially areas that are unfamiliar to you. See how they use their products or services to improve their lives. As a result, you will be able to get out of the way of thinking and see the problem from a different perspective. Another angle can give a powerful boost to your creativity.
   • Read Thinking Beyond the Framework for more ideas in your creative thinking.

10. 

    Rested. It may be too boring, but the story of the wonderful ideas formed under the shower is real. Your brain often gives an idea when you don't force it to do it. By taking a step back, you're allowing your brain to rest. During this break, do your best to get your business, product, or anything else out of your mind. Distract your mind with a movie, a book, a walk or any other activity you enjoy. Maybe, during rest, the moment of the flash will come and help you solve the existing problem.

11. 

    Get plenty of sleep. In addition to rest, the brain needs sleep to maintain alertness. Make sure to get a good night's sleep to get the best performance out of your mind. You should also keep pen and paper near your bed. Maybe breakthroughs or ideas will come in dreams. advertisement

Part 2 of 3: Evaluate your ideas

1. 

   Evaluate your strengths and weaknesses in relation to your plan. Maybe you have a great idea, but there is no practical way to complete it. Before moving on, consider whether you can really come up with this plan. For example, if you think you can open a great restaurant but never worked in a restaurant and never attended any cooking classes, this is a relatively out of your reach. Read our article about eliminating unrealistic ideas for more information on how to exclude and make ideas that are too far-fetched.

2. 

   Research whether this idea has been suggested by someone else. When you have an idea, it's more likely that someone else will. As soon as you think you've come up with a business idea, find out if someone else has. You absolutely don't want to spend months working and financially investing in an idea only to find out at the last minute that someone was already doing it before you. To avoid that, make sure to do your research and determine that your idea is truly original.
   • First, use an online search engine. Enter keywords for services or products that you think of. It is possible that the results will not match completely, so check all the clues to determine if someone started a business like your idea or not.
   • Also, do not forget to search the National Office of Intellectual Property of Vietnam. This is a complicated process, much more difficult than searching online. You may even have to talk to a lawyer, who specializes in copyright law to be able to browse the information relevant to this system.

3. 

   Research your competitors. If you find out that someone else has the same idea, don't panic. Countless new businesses face enormous competition when they first start out and beat it by offering a better service or product. Now, all you need to do is find out about your potential competitors.
   • Become a competitor's customer. Buy their product or service so you can see for yourself how they work. This way, you can see your competitors clearly and find ways to improve and surpass them.
   • Talk to a competitor's customers. Conduct a formal or informal investigation of a competitor's customers. Specially focus on what they are satisfied and dissatisfied with so that they can tailor their own products / services accordingly.
   • Look at your competitor's online reputation. Maybe a few review sites or blogs discuss them. Read them carefully to determine if people are dissatisfied with something your opponent is doing.

4. 

   Cite ideas with family, friends, and co-workers. Before investigating shoppers, consult with people who will be honest with you. Present an idea and ask them how it will improve the current industry. Ask if they are buying your product or service, and ask them for a genuine answer. This way, you can get a rough review of your idea from a few reliable individuals. They may cheer for, provide constructive feedback, or say they don't think the idea has any prospects. Listen, no matter what the feedback is.

5. 

   Chat with potential customers. Once you've formulated what you think is a good idea and presented to a few best friends, you need to go out and see if there is a market for it. There are a few things you can do to determine if someone will truly support your business.
   • Conduct direct interviews. Go to an area where people may be interested in your future business. For example, if you are developing a new kind of bait, go to a few sporting goods stores and chat with people in the fishing area. Give a brief introduction to the business you are offering and ask your buyers if they are interested in that type of business. Make sure these are short interactions: while some people may want to talk more, most will probably be annoyed when you take too much of their time.
   • Email inquiry. You can design a simple survey easily in many ways, such as using Google Forms. Since you haven't really started a business yet, you may have trouble getting an email address to send this survey to. To fix this, try sending the survey to your personal contacts and having them refer to their contacts.

6. 

   Identify risks and obstacles. Every business plan, whether financial or personal, has an element of risk in it. You may face a myriad of obstacles, from a lack of capital, a conflict with a business partner, to the loss of a personal relationship. Expect and prepare yourself for potential risks. Look further and weigh what might be difficult. By anticipating risks, you can improve your chances of successfully overcoming them without compromising your business. Many companies face some difficulties when starting a business. Therefore, please keep the following in mind to be able to overcome the obstacles that you must face ..
   • Only work with people you trust. A bad partner or supplier can bring a lot of trouble and loss to your business. Avoid this risk by working with people you know you can trust.
   • Always make sure you have enough money before proceeding. Many startups fail because of lack of capital. To avoid debt or bankruptcy, don't go on if you can't be financially secure.
   • Willingness to change. If you establish your business successfully, the market can still transform around you. Adjust in accordance with those changes to stay competitive.
   • Stand up from failure. Many startups fail. You must understand that it is not the end and you can still go on with better ideas and capital.

7. 

   Determine if your plan can be successful. Ultimately, you will have to make your final judgment about the feasibility of the plan. There are a multitude of factors that need to be considered when evaluating a plan. Take it all seriously to get a good sense of whether or not to proceed.
   • Take into account all the interviews and investigations you have done. Is there a market for your business plan? Here, be honest with yourself, don't convince yourself that there is a market out there when only a few people are interested in it. If no one is buying your product or idea, move on to the next idea.
   • Competition at what level. If the competition is too fierce, you will have to work hard to beat them. Take the time to determine exactly how you will outperform your competition to get your chance to compete in the market.
   • Conduct a cost analysis for your business plan. Even when a good market exists, you still have to determine if the plan is economically viable. If starting a business and maintenance costs are too high, you should probably reconsider. Financing should also be taken into account. Determine how much the plan will cost you and how much revenue it will expect from it. Read our article on cost analysis for more information on this.

8. 

   Rate your ideas. If there is more than one, rate ideas from best to worst. Apply all of the questions above to them and see how they will perform. Next, sort # 1 for best ideas. This way, you can rest assured that you are focusing all your efforts on the best idea. The bottom line should be discarded or greatly improved before implementation. advertisement

Part 3 of 3: Turn ideas into reality

1. 

   Choose the best idea you have. After carefully evaluating your ideas, you should choose the best one out there. That should be the idea that you will put all your effort and effort into. Once you've picked the best idea, start making it happen step by step.

2. 

   Decide the type of business. There are a few different types of businesses to choose from. Each type has its own characteristics, affecting the way you plan your business as well as your legal status. Some options include private business, limited liability company, partnership, etc. Refer to the Department of Justice page for a more complete look at these options and to determine which one is best for you.

3. 

   Business plan development. Once you have an idea that you need to focus on, you will need a business plan before you can move on. A business plan shapes your company, the services it provides, and anticipates its potential costs and revenue. A business plan not only helps you focus and organize your ideas, but is especially important to investors - it helps them see the profitability of your business. Read more articles on a business plan for detailed instructions on building an optimal plan.

4. 

   Find capital for your business. Unless you are independent rich, you cannot execute a business idea without funding. Once you have a business plan in place, you will have to present it to the investor in order to get the capital needed to start a business. Usually, you have two options: bank and private investor. Both have their own pros and cons. It is also possible that you will end up using a combination of the two above.
   • Bank. You can borrow from the bank from a few months to a few years, depending on the type of loan. It may cover the opening costs and your first few months of running.
   • Private investor. These could be friends, family and other business owners who are interested in investing. Be sure to make clear whether they are only lending and receiving interest or if they really want to buy a portion of the company. Notarized contracts stating the terms of the agreement will be very helpful, helping you avoid problems that may arise in the future.
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Advice

• Another possible option is to first let your imagination fly and then bring it to life with the refinement and elimination process.
• Don't be afraid to come up with bad ideas. You will probably have tons of ideas going nowhere before you actually come up with promising ideas. The key here is persistence and patience.

Warning

• Many companies fall into failure when starting a business. Be sure to keep your current job until the business is so big that you can live on it. Otherwise, maybe you will end up in financial trouble in the event that your startup fails. If you fail, don't hesitate to try again.