The Inception of a Business Idea

Every successful business starts with an idea. If you haven’t been immediately struck with inspiration, then coming up with a concept for your small business can be difficult and frustrating. However, there are some tried and tested methods you could use to come up with an idea that suits you.

Firstly, you could try doing some research into current start-up trends. The UK government publishes statistics on start-up types as part of their Small Business Service. Mintel also conducts market research on the growth of different sectors. It is generally advisable to enter a market sector that is either already well-established or is growing rapidly. Although these sectors will be crowded, at least there is a guaranteed market there for you to fight for a share.

Some entrepreneurs find it easier to look for gaps in a market and attempt to fill them. For example, if you learn about products that are doing well in other countries then you may be able to adapt them for sale here if no-one else is doing it. Other variables such as the location of your business and its opening hours could result in a business opportunity. If you can find a gap in the market that there is a genuine demand for, you could be on to a winner.

Other entrepreneurs have found business success simply by taking old ideas and breathing new life into them. Try to work out why a previously popular idea has been on the decline and then come up with a way of making it popular again. A small business can be very successful just by taking an existing idea and doing it better or differently to everyone else.

The Internet is a great way of modernising an existing concept. Many successful web enterprises are based on very basic ideas that have simply been adjusted to make the most of technology. The Internet can add extra value to many business ideas, either because of the 24/7 convenience it provides or by how it simplifies things that were previously time-consuming.

If you are determined to invent something unique, look for problems that require a solution. New inventions can be a legal minefield involving copyrights and patents, but some of the best business ideas are often things that are so simple it is hard to believe no-one else thought of it first.

For more inspiration, follow me on Twitter or become a fan of WinWeb on Facebook. I look forward to connecting with you!

7 Responses to “ The Inception of a Business Idea ”

1. John Crickett
   
   Said on July 28th, 2010 at 10:43 am

   I find it’s very useful to read widely about other people’s ideas say on blogs or in books ( ahem, like mine ) and then look at ways I could adapt those ideas or combine them either with each other or with a skill, passion or interest of mine to provide a better/new idea.

2. simon
   
   Said on July 28th, 2010 at 10:46 am

   yes, Every successful business starts with an idea. a good idea is so important. if you have it , your success will be far away from you.

   a good article.

3. Lloyd Burrell
   
   Said on July 29th, 2010 at 9:15 am

   # “The Internet can add extra value to many business ideas, either because of the 24/7 convenience it provides or by how it simplifies things that were previously time-consuming.”

   This is very close to one of your previous posts that discussed the necessity of online presence. I believe that, except for the obvious, the great benefit of the internet is the opportunity to make your image mirror your business idea and keep it updated according to your interests and needs. This is actually amazing as it gives you the chance to preserve and modify your goals better than ever before.

   Lloyd Burrell

4. Pawel Grabowski
   
   Said on July 29th, 2010 at 9:36 am

   Hi Stefan, a good post as always.

   What I found extremely important about business ideas is to thoroughly research it if it can actually make you money. Not every idea can, not even if it’s the best one in the world and I have learnt this by experience. I set up my first company with a great idea, although I quickly learnt that I set off to conquer the world with an idea that can not make money. You can only imagine the result

5. Tony
   
   Said on July 30th, 2010 at 6:29 am

   I really liked the ideas you gave in this article. Keeping your content fresh will help build your strength in the rankings. If you have a motivated writer it goes a long way in building your site.

6. Alexander Munroe
   
   Said on August 6th, 2010 at 10:33 am

   Ah, this is really interesting! I’m glad I stumbled across this blog. Consider yourself bookmarked.

7. Anglea
   
   Said on August 7th, 2010 at 7:34 am

   What I found extremely important about business ideas is to thoroughly research it if it can actually make you money. Not every idea can, not even if it’s the best one in the world and I have learnt this by experience. I set up my first company with a great idea, although I quickly learnt that I set off to conquer the world with an idea that can not make money. You can only imagine the result

Leave a Reply

I would love to hear from you, please let me know what your take on my blog post is. In order to stop spam on my blog and increase conversations, I had to implement some simple rules:

1. Please enter your real name, not your company, product or service's name.
2. If you enter your URL, your name will become a link to the URL.
3. We may send you a confirmation email to check you are a real person

We are sorry but any violation of the above rules will mean an automatic removal of your comment.