Thread: What advise do you have for creating a new business idea?

Read this first.

http://www.thefastlanetomillions.com...l-premise.html

There is a quote in the first post that will be helpful, too.
http://www.thefastlanetomillions.com...html#post97523

Personally I try not to force it. When I forced it in the past I lost drive and passion extremely quickly thus leading to me abandoning those projects. As mentioned in the links above, don't go in wanting to only make money. Making money is great, but make sure you are solving a need, problem or creating some sort of emotion with your users.

Once you find a viable idea, what I did (learned from members here) was to create targeted Google adwords campaigns for each idea to test the market, so to speak. After which I would evaluate the numbers, evaluate what each idea would take to accomplish and evaluate which one I had the most passion for. Ultimately you just have to go out and do it. As MJ mentions time and time again "actions take work, while thought does not". Well, he says something to that effect at least.

Hope that helps a little.
-Lo Key-

honestly, I was stuck in to finding idea's, until it actually came to my head... "you don't have to reinvent the wheel", so this is my strategy: (and it has let me start 1 company, and the second is in the works)

find something that already exists, Do same thing,
after your in the market and are established, innovate and change your company to stand out and be different.

This is my little tip, don't think you have to come up with a brand new soda or somthing

Find a need and fill it

Just keep reading around here and keep thinking about it. One business my wife and I had happened over a bottle of wine at an outdoor cafe in Italy... in vino, entrepreneuritas as they say. Ideas will come, sifting them through the marketability filter is the trickier part of it.

Ideas also form slowly, maybe you pick up 100 little things here and there and then one day you're doing the Archimedes shuffle down Main Street shouting "I've GOT IT!"

...just remember a towel.

Originally Posted by bonkers123

I am trying to think of a new business idea but am really stuck on what it should be. What do you guys do when you try to think of a new business idea? What goes through your mind? What should I be focused on and be thinking about? Any advice that can help I would really appreciate it. thank you.

There are two ways:

1. Ask people what they want you to help them with and ask them to set a price. If the price is OK and you can make a handsome profit on it, then seriously consider doing it and then see if there are more people out there who would like the same help at the same price. Voíla, a business. Just leverage it from there.

2. The second one is more of a crap shot, but pretty fun and sometimes I use it myself. More for fun than for serious application. Sometimes it actually leads to something tangible. What is it? Party and drink.

Creative guys have, for centuries, used alcohol (and drugs by the way. I don't recommend it though. I have tried marijuana myself and even though it creates nice experiences it isn't an overly productive way of doing business. Marijuana = slow speech and slow and drifting brain) to become more in touch with their subconscious. And believe me, it works pretty well. If you want to be creative, alcohol and drugs are hard to beat. Sorry, not trying to be pro-drugs here. Don't do drugs.

As you may have guessed by now: Preferably use number 1 above. It is simpler to design a business around peoples wants and needs than guessing it (even though guessing it is much more fun. It creates an element of unpredictability. Just how life is like in general).

Hello.

What is your skillset? What are you passionate about? Either one or both of these may shorten startup (learning curve) whereby you only have to add those skills and knowledge that you don't already possess.

With that said, there are a number of industries where money is plentiful especially those dealing with e.g. the environment (green technology).

I saw one guy who went around and collected 2-liter bottles and refilled them with fertilizer or something (I don't remember exactly). There was a someone else who designed a pizza box that had perforations such that the pizza box became plates. And another who made reusable business envelopes.

...and on and on...

Whatever it is, you have to love what you do or else you'll find yourself revisiting this again talking about how you don't like it. Hopefully, whatever it is, it will be highly marketable such that it turns out to be a niche so you'll be rolling in dough.

Be observant of your surroundings, from every action that you speak, say,or hear. Be conscience all the time of what you are doing. Ideas have come to my head from just staring at an object for a brief second.

I didn't see anyone else mention it, but keep your mind open to moments when you are doing something and thinking "gee, this sucks". Chances are it sucks for someone else too and they may even be willing to pay for someway around it...

If you are actively searching for an idea, and if you keep it a dominating thought inside your head for long enough-- it will come to you. Think about it 24/7 and the light bulb will turn on sooner or later I promise. Mine flashed inside my head during the middle of class-- but I had been actively searching for a viable idea for many months. All I can say is analyze everything you see, make it a habit. It'll come, be patient.

Keep in mind that there are two types of entrepreneurs out there: 1. Those that have ideas and 2. Those that are able to execute them. If you are weak in one of these areas, find someone who isn't and team up some how (doesn't have to be a partnership necessarily.)

Like mentioned before, find a need and fulfill it. It doesn't necessarily have to be a unique concept either. Look around you and look at your own needs. Is there a service that you desire that is not around, or maybe a service you currently use that you think you can do better? If that's the case, then you may find that others are in the same situation. If that's the case you have identified a need.

Oh one more thing, don't do something because you think it will make money, do it because it will be something that you enjoy doing.

I personally look at trends that are at work within my community, State/ Province, Nation wide and Globally.

You mustlook to add value and fill a need; if you do it right customers will be coming to you !

my business idea was right in front of me but clicked in my mind only after I started searching for a business idea(I have just changed my thinking from slow lane to fast lane).