Finding New Business Ideas

Try to imagine a world without television, radio, computers, airplanes, internet, telephones in fact, a world with none of the inventions made after the year 1900. Seems impossible that so many things we take for granted were invented after 1900. Yet, it is said that the director of the U.S. Patent Office was concerned about the longevity of his job because he felt that everything that could be invented probably already had been. This was in the late 1800’s. Just imagine the number of new business ideas that have been implemented in the last 50 years. The fact is, the rate of new business ideas are increasing, not declining.

So, how do you go about finding new business ideas? There are at least two good ways to generate new business ideas. First, you can look at what other businesses like yours are doing. This can be done by joining business associations, or forums on the internet, by reading trade publications, or attending trade fairs. This is a good way to stay abreast of what is going on in your own field. By learning what is being done already, you accomplish two things. First, you see what is being used in the market. That tells you what the general public is likely to buy or want in the future. Second, you can determine what improvements can be made to the new products to make them even better. Business ideas such as Microsoft Windows did not spring into being full blown. They were created by building on and improving other concepts.

Another way to use business ideas is to create the market first, then create the product to fill that niche. You may not even have to create the product from scratchperhaps it already exists within your own business. Again, if you invest some of your time daily in researching the wider market, trying to determine trends and how they will affect your own businessyou may discover a wealth of business ideas which can be developed to bring the market to your product. For example, how many people would purchase a Muppet creature such as Oscar or Elmo or Miss Piggy unless they grew up on Sesame Street?

Each year around October, the stores are full of business ideas dependent upon creating the market, then filling it with a product. You can take advantage of this within your own business by being on the origination end rather than by playing catch-up with the market.

Try to look at your own business as a customer would see it. What products do you have that would fulfill a need or perceived need with the general public? How can you get those products or business ideas in front of the purchasing public? One of the things you may want to consider is by asking your customers or employees. How would you change this widget if you were in charge of changes? Sometimes the answers will surprise you and lead you to a profitable change of direction.

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