Every entrepreneur out there wants to do it. To come up with the best business idea. An idea which will make them a lot of money and make a lot of people happy. Because that’s what business is all about. Making people happy. You have to make them happy enough to part with their hard-earned cash. If they can do that smiling you’re onto a winner.
The golden question. How can you come up with the best business ideas? It’s there. In your head. We can’t promise these tips will help you become a multimillionaire, but we can promise they’ll give you something to think about and help you push your idea to the next level. Remember, sometimes it’s not just about coming up with the best business idea but it’s about knowing it’s a good one when you get it.
Avoid Current Fads
How long does it take to set up a business? Not too long these days. A few clicks and you’ve got a website. Pay the right people and the website is looking great and ranking in the SERPs. How long does it take to build a trusted brand? A lot longer. Avoid the current fads because they’re just that…current. You need to think ahead of the game as best you can. What will be a fad in the future and how can you land your business at the perfect time in the most lucrative way. If you go with the fads you’re going to be doing what a lot of people already are. You may grab some initial success, but it’ll fade.
One of the key caveats here is if you’re already an established brand. If you’ve got a great platform, be it on social media, a website or even a physical store, it’s a lot easier to suddenly start buying into the fad because you’ve got the audience there. With that said, it won’t be the best business idea because someone has already come up with it.
Solve A Problem
Yup. It’s as simple as that. All you need to do is think about the problems in the world, then offer something up which solves it. Market it all up in a ready made and shiny package and you’re on to a winner. Let’s take a historical example. Percy Shaw. The vaunted inventor of the Cat’s Eye. The retroreflectors guide traffic and keep people safe. Drivers would struggle, and lighting all of the roads would be too expensive. The invention was self cleaning, indestructible and served a warning to veering drivers. It solved many problems in one fell swoop.
If you can solve a problem, then there’s far more chance that someone will part with their cash. That’s what services are all about. Products too. Is the door not staying shut? You buy a doorstop. Problem solved. Can’t clean the dust on the blinds? You buy a specialised blind cleaner. You don’t know where the leak is coming from? You hire a plumber. These are all problems. Sure, you can set up a business that doesn’t solve problems and still succeed, such as alcohol brands. If anything, they (arguably) create a problem, and they’re still super popular, but you can’t go far wrong with really looking to solve a problem which exists.
These problems are usually solved by people in industry. If you’ve worked within a certain niche for a long time you’ll know there are certain problems which you need to overcome on a daily basis. This isn’t a must. But it’s just a way to get you to think about it. What problems have you come up in life, and what would have made dealing with it easier.
“The way to get startup ideas is not to try to think of startup ideas. It’s to look for problems, preferably problems you have yourself” – Paul Graham.
Look At The More Current Business Idea Success Stories
So if you look at the modern world, what are the best business ideas? Mark Zuckerburg has to be up there with Facebook. Elon Musk with PayPal. Think about Garret Camp and Uber or Joe Gebbia with AirBnB. These are all huge, recognisable names and every single one of then was huge. They answered problems. Each one of them. What else made them successful? A need in the market, perhaps?
Looking at some of the current success stories can give you inspiration to soar. They all originate from a simple business idea but have evolved into some of the greatest businesses in the world.
Help People Make Money
Business ideas which facilitate others making money are always brilliant if they’re done properly. Uber is certainly an example here. The model of Uber, while it has detractors, enables thousands of drivers around the world to make a living. Can you help people make money? Look at Fiverr, the freelancing platform. They take a cut of cash as a service fee, with the rest going to the person whose done the work. Again, another success story based on enabling others to make money.
Ask Yourself…What If…
Asking yourself what if? can really pave the way forward to your next best business idea. Here are some examples:
- What if there was an automated way to fill your car up on gas without ever leaving the vehicle? There wouldn’t be people driving away with the pump in the tank (this doesn’t include the old method of having an attendant…that costs money).
- What if there was an application which determined the trust of an individual person more accurately? Think of a credit score, but for the individual. No more required down payments on high ticket items or businesses having to make up for space lost due to people not turning up for a reservation (it’s a bit 1984, but can you imagine how much effort people would put into having a good review? Might just make the world a better place).
What if, what if, what if….the possibilities really are endless and you can certainly go some distance to brainstorming. You’ll probably find that in a lot of cases the technology simply doesn’t exist yet. But if you stumble on that one idea where it does exist…
Will You Come Up With The Best Business Idea?
There it is. A few things you can try to come up with the best business idea. It all looks so simple when it’s written like that. That’s the trick though…making it look easy. We wish you nothing but the utmost of success in all your business dealings. Go out there and change the world.