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Get New Business Ideas

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Here are some tips on getting ideas for a new or established business.

Bear in mind that ideas could be based on any of the following fundamental approaches:

  • A manufactured product where you buy materials or parts and make up the product(s) yourself.
  • A distributed product where you buy product from a wholesaler/MLM, retailer, or manufacturer.
  • A service which you provide.

You should narrow your search to specific market or product areas as quickly as possible. For example, the "food business" is too broad a search area. Do you mean manufacturing, distribution or retailing, or do you mean fresh, frozen, pre-prepared etc. or do you mean beverages, sauces, confectionery etc.? It is better to pursue several specific ideas (hypotheses) rather than one diffuse concept which lacks specifics and proves impossible to research and evaluate.

When looking a market, segment it and keep segmenting so as to drill down to possible opportunities. 

Generally, you should always aim for quality rather than cheapness. Be very cautious about pursuing ideas which involve any prospect of price wars or are very price sensitive; getting sucked into short-lived fads; or having to compete head-to-head with large, entrenched businesses.

To locate ideas, observe consumer behavior:

      1. What do people/organizations buy ?
      2. What do they want and cannot buy ?
      3. What do they buy and don't like ?
      4. Where do they buy, when and how ?
      5. Why do they buy ?
      6. What are they buying more of ?
      7. What else might they need but cannot get ?

Also, look at changing existing products or services with a view to:

  • Making them larger/smaller, lighter/heavier, faster/slower
  • Changing their color, material or shape
  • Altering their quality or quantity
  • Increasing mobility, access, portability, disposability
  • Simplifying repair, maintenance, replacement, cleaning
  • Introducing automation, simplification, convenience
  • Adding new features, accessories, extensions
  • Changing delivery method, packaging, unit size/shape
  • Improving usability, performance or safety
  • Broadening or narrowing the range
  • Improving quality of service
  • Catering for special groups of customers.
  • Adapting to suit different market segments.

For further suggestions and tips, see our white paper on Getting New Business Ideas.

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This page contains a single entry by PlanWare published on July 24, 2011 12:34 PM.

Use Strategic Planning as foundation for a Business Plan was the previous entry in this blog.

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Projection
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Forecasting
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Freeware
Online
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