How to Find Viable Business Ideas

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For many entrepreneurs, business ideas come and go quite frequently. Only the ones that actually take ACTION on an idea actually have a chance of succeeding. What good are all your ideas if you never take action?

However, it is important to find viable ideas that have a chance of succeeding. Here, we discuss some ways you can identify a viable business opportunity.

External market opportunities

Find out what services or products are being serviced in a market externally to yours.

Perhaps there is a need being met in another country and this idea could possibly be implemented in your own country. If you see a product or service being consumed in one market but the market that you are in is not available, perhaps import that idea.

Maybe a need is being met in another industry that you feel could also be implemented into your industry.

Think Glocalization.

Employees

Find out what problems your employees have and brainstorm on how they could be met.

If you are currently a hired employee or hire employees, then you have resources right at your fingertips you could tap into.

Daily conversations can form new business ideas.

Provide a setting in your company that allows for entrepreneurship.

Google is one of the most notable companies that allow many of their employees to spend a portion of their time working on their own meaningful projects. Google is filled with entrepreneurs because the environment allows and attracts entrepreneurship.

Customers

Customers are potentially your biggest resource to tap into unmet needs.

Interact with your customers, find out what they want and need. Perhaps you could add additional services or products to your current business. Maybe this could lead into a whole new sector business for you to form.

One of the powers of social media is in developing these business ideas through your customers. You have the opportunity to interact with them on a daily basis in order to find out what they want and how you could meet that need.

You should continually be interacting with your customers to figure out what, how, when, price, and other factors that could shape your ideas.

Important Questions to Ask Yourself

After you brainstorm some possible ideas, here are some important questions you should then ask yourself:

1. Is the market real?
   
   1. Customer analysis – Surveys or attempting to answer: Who the customer is? What do they want to buy? What price are they willing to pay for that?
      
   2. Competitor analysis – Which else is in this market? What are they doing for the customers? Are they supplying a similar substitute for what idea you have in mind? Is this industry growing or shrinking?
      
2. Is the product/service real?
   
   1. Is this industry growing or shrinking?
      
3. Can I be the best at this market?
   
4. What are the risks?
   
   1. Are there any barriers to entry?
      
   2. Financial risks?
      
   3. How can you create barriers so imitation is not prevalent?
      
5. Is it worth it?
   
   1. Is it an attractive industry?
      
   2. Regulations that you would be subjected to?
      

The key to answering these questions is to understand the need and tailor the product or service to that industry.

Do not think if you like the product/service then everyone else will.

Mastermind Groups

In the age of the internet, there should be no shortages of perceived needs that are not met. Use the power of social media and the internet to figure out these needs.

What unmet needs do you have that you could possibly turn into a business idea?

I am looking to start a Mastermind Group where we have a conference call once a month. We could get together, discuss and bounce ideas off of each other and see if there are viable opportunities.

Comment below or contact me if you would be interested in being a part of the Mastermind Group.

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