Most people struggle with how to come up with killer business ideas, especially if they have little to no skills. However, you may be surprised to find that can be an advantage to your business more than you know. You don’t need to be a genius to come up with killer business ideas and you don’t need to have a ton of cash to start a business from your home.
Yet, good business ideas take time to develop. Even if you follow all of these steps and come up with a killer business idea, it may change by the time you launch your business. Building a business from the ground up is a learning and growing process. Do not get complacent; find creative ways to make your dream come true. Here are 5 ways on how to come up with killer business ideas.
- Focus on a problem to solve
- Craft a business around your strength
- Figure out the resources it would take
- Devise actionable steps
Focus on a problem to solve
The time-tested and reliable tactic of finding a problem and solving it is still needed even to this day. Oftentimes, though, people search out for any problem that looks like it can be turned into cash. Doing this is a mistake, because most people give up on their business dreams when they find out they hate doing the work. Don’t let that be you!
Instead, focus on solving problems that interest you. Finding that subject or set of problems that interest you the most is going to help you stay enthused even when the going gets tough! Try looking for problems to solve in areas like:
- Environmental protection
- Data analysis
- Medical accessibility
- Infrastructure stability
- Transportation costs
- Translation services
- Catering needs
- Agriculture sustainability
- Space exploration
- Advice columns
- Information dissemination
- And anything else that inspires you!
The trick is to be very specific about what problem you are going to solve, as Side Hustle Nation points out that you should use the “sniper method.” Instead of trying to solve multiple problems in a given field, try just solving one. How can you turn that into cash, and more importantly, how to come up with a sustainable killer business idea.
Craft a business around your strength
After laying out some problems in areas that you feel inspired to serve, now it is time to write down what you do best. You need to make a list of your strengths and weaknesses when it comes to your business. Define your strengths such as:
- Great customer service
- Love meeting face-to-face with people
- Don’t mind giving a presentation
- Willing to cold call business
Define weaknesses like:
- I’m not an expert in my field
- I don’t have the money to immediately start
- I do not enjoy sitting at the computer for long periods of time
Now you should have at least 3 frameworks to come up with a killer business idea. You should know what fields you are interested in, what problems you are interested in solving, and the strengths you can use to solve those problems. Doing this process helps eliminate unnecessary business ventures that you are not interested in.
Specialize in specific problems that you want to solve, and the easiest way to solve your weaknesses in that field.
Figure out the resources it would take
You’ve most likely narrowed down your business prospects a lot at this point. Now, you need to understand how many resources you need to compete in that market. What items do you have currently that can help you start your business? Find out things like:
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- How much money do you need to start your business?
- Can you outsource anything?
- Can your business idea be done from your home?
- Would you need accounting software like Quickbooks?
Writing this out can help gain a clear understanding of your business. You’ll know how to come up with killer business ideas better and what it would take to start your business.
Devise actionable steps
At this point, it is time to act and seek out advice. Contact mentors and talk about the problems you want to solve and your solutions. Doing this will help you test out your elevator pitch and formulate your ideas better. Once you have a solid foundation, make a list of what you need to do next in order to start your business. Try out something like this:
- Register domain name for company
- Acquire proper tax filings
- Contact suppliers for products
This step will be tailored to your business needs. We’d like to stress that you need actionable steps that can be completed. Don’t generalize. Define your obstacles and then solve them. Without doing this, your business will fail before it even starts.
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