They say all it takes is a good idea, so here’s how to have one

The first step to running a successful business is coming up with a successful business idea. But this isn’t simply a case of waiting around for the muse to strike. There are steps you can take to encourage the spark of brilliance necessary to set your business dreams alight.

That’s why we’re here with three simple ways to boost your chances of coming up with a killer business idea. Incorporate these methods into your everyday and start putting the wheels of your future success in motion. Let’s take a look.

Identify problems

Great business ideas are all about solving specific problems; about moving people from a place of pain to a place of peace or pleasure. So your first step should be to uncover the most common pains within your chosen industry.

Join Facebook groups relating to your industry, or take the time to do some internet searches about the issues and grumbles people are facing. Ask your database, your friends, your family, and anyone who will listen what their biggest daily challenges are and start spit balling possible ways these issues could be resolved.

Or, just ask yourself! Highlight what your own daily problems, niggles and qualms are and consider how you would like to overcome them. Think about a dream product that you would love to have. Chances are, other people feel the same way.

Start thinking effectually

Too often, we fall into the habit of casual thinking when trying to devise business ideas. This means we think only of existing problems and how to solve them, without taking your own unique position into account.

Effectual thinking is a much more prosperous route to take. This involves looking at your existing assets in order to devise your idea, including your knowledge, qualifications, networks and exceptional strengths. Somewhere within these factors lies value, and this value may seem like something obvious to you, but to others it could be ground-breaking.

This kind of thinking is all about being confident in your own abilities. You don’t necessarily need to stumble upon a brand new invention or create a new service from scratch – you could take something that already exists and make it better, or cheaper, or easier to use.

Hone your craft

Coming up with ideas isn’t easy. But like anything, practice will help you hone your skill. Practice thinking of ideas for even the small, regular grumbles you face every day. Once you’ve got one, see if you can get to 10: 10 ways to improve your bathroom; 10 ways to store your clothes; 10 meals you could make this week.

You may find the first five easy, but then you’ll have to get more specific, which might be challenging. But this is all great practice for forcing your brain to switch into ideas mode at a moment’s notice. And after a while, the prospect of listing 10 new products or business ideas won’t seem so daunting.

Great business ideas rarely exist without bad ones, so don’t be afraid to jot down anything and all concepts that come into your head. You could even nurture a bad idea into a plausible business model. Doing this a few times will mean you’ll know by feel alone when you’ve stumbled upon the right business idea for you.

Looking to get your business idea off the ground? Let the team at TEDCO Business Support provide the help you need. Get in touch today by calling 0191 516 61 02 or by dropping us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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©2018 TEDCO Business Support Ltd. All Rights Reserved. View our privacy policy Company Number: 08568533 | TEDCO Business Support Ltd | VAT No. 169 8629 44 GB. North East Business and Innovation Centre (BIC) Wearfield, Enterprise Park East, Sunderland, SR5 2TA, United Kingdom.