A Winning Business Concept...
Whether you’re planning to start a business or an experienced entrepreneur, coming up with a winning business concept isn’t always easy.
You might have some ideas for a new business cooking in your brain, but how do you know if it will be successful or if it’s something you’ll enjoy?
Here are 10 ideas to help you have that ‘light bulb moment’ and come up with new business ideas:
1. Solve a Problem
If you ask your prospects and clients what are their main frustrations or difficulties in your area of expertise, you will find many problems or mundane tasks that could be solved or made easier by a new product or service. Identify an issue that is not already solved, chances are they will be eager to buy your solution.
2. Solve What May Become a Problem
Solving problems your prospects currently have is not the only way to come up with new ideas. Why not think of solving problems that will exist in the future? Imagine your prospects a few years from now. Would their age, marital status, income level, business phase, or any other parameter create new problems or challenges for them? If yes, create the solution(s) today.
3. Ask Yourself, “What’s Next?
Successful business ideas are often ahead of their time. Think about evolving trends (e.g. remote working or veganism) and technologies (e.g. virtual reality or self-driving cars) and how you might move into those areas.
4. Ask Your Clients, “What ELSE Can I Do for You?”
This strategy is extremely powerful. As you conclude a successful business deal, ask your client, “What ELSE can I do for you?” and wait for the answer. They might come up with something you’re not currently delivering, but you can either create it, or partner with someone who already has the solution.
5. Do Something About What Bugs You
Have to look at what frustrates you. There’s your business idea right there.
When we couldn’t find quality marketing and financial training programs – instead of giving up in frustration – we chose to develop our own. They all became bestsellers.
6. Look for New Niches
Your business idea doesn’t have to reinvent the wheel. Take a look at what some of the big players in an industry are missing and figure out how you can fill the gaps. Mel Robbins took the principle of speed of implementation (I spent 10 minutes teaching it in my advanced programs) and made it into a business empire selling millions in books, seminars and coaching programs (The 5 Second Rule).
7. Combine Niches
Chess-boxing became a very popular sport all over the world. Alternating rounds of chess with rounds of boxing, designed to push the players to physical and mental limits. When you create a product or service that combines two different niches you are likely to create super fans – coming from both original niches.
8. Apply Your Skills to an Entirely New Field
Many businesses do things in a certain way because that’s the way it’s always been done. If you can look at these businesses with a fresh set of eyes from a different perspective – you can make all the difference.
9. Turn Your Passion Into a Business
If you’re already making or doing something, and you are good at it – consider using all the marketing and business growth strategies you’ve got to turn this hobby into a business.
10. Strengthen Your Ideas’ Muscles
This is what you get to do in this challenge… Simply come up with 10 ideas every single day, for a period of 90 days, and you will notice you keep seeing opportunities and possibilities everywhere… . This 5-minute daily practice is like a gym to your ideas’ muscles.
Now It’s YOUR Turn
For five minutes… come up with as many ideas as you can… what can you do to come up with some great business ideas?
Please share your ideas (all of them or just one) in the comment box below… and let’s get WOWing.
Live fully, stay awesome,
Top Commenters – last 30 Days
Please share your ideas (all of them or just one) in the comment box below… and let’s get WOWing.
Live fully, stay awesome,
1. Sport: I have an intensive sport where there is a lot of teaching and feedback and learning of everyone. I translate a lot of things I learn
2. Cruises: The way they systemize everything: the way they do their marketing
3. TV programs: (Well not this month of course) like Yinek: I am having a discussion soon with too people in my field.
4. transform my frustration into something new: I was really frustrated about platforms. So I have my own now.
5. I try to look for partners with additional fields to mine
6. In my case just talk: I am someone that gets ideas just to talk to people about it. The idea come to mind as soon as the conversation start. It can even be mine idea. (This my biggest learning strategy)
7. Doing these challenges: Try to come up with 10 idea's instead of 9, really works. It is hard because sometimes I really can't find anything. At that moment I know my thinking mussle is growing.
8. During the Corona time and also now: By following it, you can think ahead of a new product.
9. Listen to the frustrations of the clients, or that they do not like about you. It is very hurtful. In my case it even takes a while to get over my
anger. How ever, some of the best idea's grow from just those.
10. Sit down and write for 5 minutes: I do have the tendensy to walk a way or wonder off.
But just by keep on writing idea's create some new ones. It is not a one or the other: Keep on looking what is happening, connecting with people is still very important.
I get totally inspired by our customers. Talking to them and asking questions about their needs and hurdles has brought many initiatives. Some successful, others NOT.
When I started I had 2 products, 1:1 revenue coaching and group workshops around linkedin. I the past 5 years we have developed a complete product portfolio from free content to high end products.
𝗢𝘂𝗿 𝗰𝗼𝗿𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗻𝗼𝘄 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝘀:
👉 Revenue coaching, both on- and offline , group and individual
👉 LinkedIn for Business, everything form webinars, masterclasses and workshops to complete implementation programms
👉 Content coaching and content creation, including different packsge deals
👉 Sales training, group and individual including coaching on the job
1. I love the Shower Principle or what I call my coffee storm.
2. Read everything, at some point you'll connect the dots and maybe you'll create a new product / service
3. Observe other companies, other people. A simple discussion can lead to a new product or service
4. Keep an eye on the competition; they are spending so much money to test products / services. Why not to learn from their mistakes - maybe this is more suitable on how to save money!
5. Use twitter or something else at least to see headlines for different subjects
Great ideas here @Chris - I especially LOVE #3 - There is so much knowledge out there and not necessarily in our own circle, but when we look around we can learn so much from other industries and apply it to our own business with some modifications which can put you ahead of all the others
Good point nr5 monitor social media to get inspired....also LinkedIn my favorite platform...
Focus on what gives you personally the most joy in your private life and combine that with your experiences and your strongest skills, to come up with a fresh approach.
I am not so used to give comment. Until now the ideas about time and time management are of great use. My morning routine gets better, but still could include more ingredients. I come back to this as soon as I integrated more elements.
Welcome here then Elisabeth. I found out that forcing myself to comment (and think!) really brings me so much more than only reading. So… I cheer for you that you dared to step out of your comfort zone and hope it will bring you beautiful insights.
What can I do to come with a new business idea:
* assist in other business (to have a look)
* work together with another business for a while (combine the products)
* pick one thing out of your business and make a whole product of that.
Find the collaboration with other experts that you connect seamlessly with, so that you can solve all the problems of an organization. If anyone shares this idea, please contact me.
Combine entertainment with learning moments
Bring people together who are struggling with their problems and take them for a weekend to an inspiring place where they solve the problems together.
Combine products and services together from others and earn from each other through the revenues.
The one that always works for me (on a daily basis):
Take the dogs out in the woods for 2-3 hours.
Leave my phone @ home.
Just walk. No expectations.
Ideas pop up like firework.
Write the best ones (the ones that really stick, usually only a few) down when I get back.
And besides that:
Plan lots of holiday weeks/months.
- It forces me to be creative in running the business without me.
- It’s like walking the dogs on steroids 😉
- After every holiday the businesses improve massively.
If you don’t have time/money for this: you actually really need it!!!
Find partners and friends that are willing to think 'out of the box' such that you can brainstorm together.
After having a great idea, do not let it go like that, but keep talking and trying to find support for it.
As try-out for this time I use the idea of having a straightforward interface for selection systems in the phone.
With this idea I can invent what I should do to feel comfortable with the further development.
I notice that I become more and more practical in my comments. Anyway I also feel the need to select some of them to implement completely.
1 define your target audience, and use that to determine their needs
2 watch the solutions others provide for problems and see if you can improve those
3 do not get stuck in impossibilities, but focus on the ideas
4 take a look at what is in reach and what you might do with that, their is so much information already available that you can freely use to help others
5 talk with others about ideas, things they say can bring up completely new ideas
6 do researchabout problems, struggles needs and wishes of your target audience
Most is already said above. Here are my ideas:
Attend courses to get new inspiration.
I work together with someone and we created a product to fit in a programm that will go to the schools next year for grade 6. So, working and brain storming together.
A walk in nature can give me inspiration.
Google Alerts for certain topics.
When I read an interesting blog posts or the like I take the idea and 'Dunjarize' it. (a term which came up last year in a FB group).
Combine known products into a new product.
Keep my mind open in fact anything can be inspiration for a new product.
First of all, just start! Do free webinars, check the responses, ask for feedback. This way you will get so much information and you boost your self-esteem.
Look in your niche to see what more problems others solve. Think much broader than the thing you think you need to solve. And KISS (keep it simple sweetheart). It's better to start small but deep, take the people with you. Create a focus builder system for your clients so they also really see what they've accomplished.
I love how you think, Naomi…
Please, pretty please, 😅 can you share how you create a system for your clients to see what they’ve accomplished…?
This is so valuable for so many of us.
The problem with anyone (including myself) is that you think you didn't do anything, or you hardly accomplished anything. To have like weeklijk, monthly and quarterly sessions, you can look back and remind yourself what you did accomplish (and look forward to what you want to accomplish).
what was your biggest win
what were your accomplishments
what were your obstacles
commit to do the hard but important thing and punish or reward yourself.
what are your goals for free days, focus days and buffer days?
want went right? Identify your wins, how did they make you feel? Strive for progress rather than perfection.
what desired change did you have (5 main goals) and what was your compliance?
honesty wheel (fill out the wheel with 8 categories you want to measure)
what 5 goals MUST happen in the next quarter and why is it important
I just started working with upcoach. You can show people their achievements very easily. And hold each other accountable.
Hope this will help!
Brilliant, Naomi… Thank you so much for elaborating.
WOW … so many ideas here already!!
Ok here are my ideas.
1. Google. I know Nisandeh Neta hates this because it’s the lazy way but yep it sometimes gets me good ideas 😅
2. Sit down and force myself to come up with new ideas for 30 mins (the sweating sometimes takes a bit of time before it begins
3. Look at my competitors and see what I can offer for free (did that with a 1500 euro training and it was a great success)
4. Ask my client the question: what if you could have me working for you for a whole day what would you let me do? It gives sometimes CONPLETELY different answers from the question “what is your biggest problem”?
5. Read the evaluations that I’m getting afterwards. Sooo many times it says what they missed and it is such valuable information for what to offer next!
6. Sit with someone who has a completely different product for the same audience and try to come up with something together
7. Think of ways to make the problem you’re solving bigger instead of smaller. That different perspective is great fun and sometimes makes you come up with solutions you never thought of before based on finding out how easy it sometimes it to make it bigger
8. Select 3 of the things you came up with and offer them for free. The one they take is the one you’ll sell.
Whoohoo @Gerdy! Love all your idea's, #5 the most! That's huge huge lesson to improve and come up with more idea's!
Keep up this great work!! WHooho!!
I actually want to google more... for inspiration. I like it 🙂
So How did Googlen go, @Naomi? 🙂 hahah! Love Your comments!
I use to get ideas for my weekend program. So what kind of exercises you can give in between the teaching and jokes, etc. The problem for me is that I get too many ideas... 😉
Where is the energy?
If I watch my client entrepreneurs, when I listen to their business ideas, I can tell by the energy in the room which will be most valuable.
Feeling the intensification of the energy, getting goosebumps, seeing the sparkles in the eyes of the person in front of me: it makes me know: this is a hit!
If an idea raises the energy of a person like this, he/she will be keen on working this out.
If combined with coaching, a good strategy, earning model and marketing, it will be working out great!
Totally agreeing with you @Inge! It is all about energy!
#1 Listen. People will tell you what they need and are willing to pay for if you just listen.
#2 Fix your own problems. By fixing your own problems you become an expert at fixing a certain problem. Chances are you are able fix it much faster for someone else. Practice makes perfect right.
#3 Stay current on innovations. When new stuff is happening, people will need help. If you know about the new stuff first, you will be the first that has any practice on it and are able to help others navigate. You only need to be one step ahead.
yess @Rowan! Love your contribution now and with all of other topics!
So a question about #3: How do you do that? How do we become "Early adaptors"? As the world turns really fast these days and I see 30 innovations per day, at least. How do you choose?
* I move around entrepreneurs, business owners, etc... have conversations with them at all sorts of places (kids' school, birthday parties and so on), ask some genuine questions AND really listen to what they are (not) saying. I do not "jump on top of them", there are always moments when I can share my genuine interest in them and their paths. I noticed that it is quite easy since a lot of people like talking more than listening.
* When you are in the business for a longer time, invite students/young people to have a chat/conversation about what is driving them and what their vision is on topic x,y,z (I 'stole' this idea from a former CEO of a large bank, who did this to stay 'sharp' and open to new developing trends)
* I read books (I should read more books)
* I go away, on my own, for a couple of days,.. beach, house in the country, city-trip,..where-ever. With the goal to clear my head (not to come up with ideas!) Maybe for some people long walks might also do the trick.
* Sometimes I visit seminars or fares to be inspired
* Take my wildest thoughts and ambitions seriously! I tended to think of myself as being silly when thinking of new or different things/approaches. The biggest change came "falling out of the sky", I only had to catch it. And thinking of it now, being honest to myself, it was an old ambition of 30 years ago, only tweaked a little bit. Didn't catch it then,...
Those are brilliant, Frans...
Thank you so much for sharing.
I used your idea (or that bank CEO idea, originally) to talk to young people a bit differently a few years back.
When we moved from the Netherlands to Tenerife - we gathered a group of 10 "kids" most of them under 25 and gave them a "playground" - with the intention to build a new platform for education.
We gave them a company, an office (on the beach), all the equipment, coaching, budget, place to live and a small salary... and "released" them in the wild for 2 years.
Looking back - the creativity, enthusiasm and passion they brought was amazing.
However... the lack of experience, and "adult supervision" didn't get all this creativity into a mature product - before we ran out of money.
It was a good lesson, and I think the way you do it... might be the more "controlled" way to get into such an adventure...
Super tips @Frans! And yes, the one with the "Younge" ones I am going to implement next month as I am giving 4 lectures at 4 different Universities... Thanks for sharing!
A question: What was your wildest ambition and what does it look like now? 🙂
I find your idea of inviting students very inspiring. I'm going to think about how I can implement this. Thank you, Frans
Have lunch with an entrepreneur in a completely different field as yours.
Think "what about in 5 years from now"
Check out the competition
Love the first one, @Han! How do you invite them to lunch btw? Is it a networking lunch or do you give it a theme or reason?
1. Find painful problems and give a solution
2. Find someone else's good idea and put your own spin on it
3. Ask your clients what more they need
4. meditate or go for a walk in the nature
5. read tomorrow all the comments on this post
Hahaha,... no. 5 is brilliant!
Love your ideas Beata and totally agree with your #5... I got so many great ideas already from this Challenge...
Going to figure which one now to implement
yesss!! Love #5! That's why I am here 30 min at the morning and 30 min at the evening.
30 min morning = Give my idea's
30 min evening = writing your idea's and making an Implementation List!
This is a great system Aramik…
I hope for everyone here to do something similar… both contributing AND looking for best ideas to implement.
Tons of good stuff here…
Thanks @Nisandeh. It does really work for me and after a week, it feels totally integrated in my system. I have a great list of implementations for Sunday to go over and think about and test them next week! So yes! Loving this fantastic Community you are building here, Priceless!
1. BRAINSTORM TOGETHER with a friend over a drink in a cafe and and scribble on beermats. Succes guaranteed! The winning idea should fit on one beermat 😉
2. Take a high market product and make a spin off that can serve people with a lower budget. Or do it the other way around.
3. Go international. Some countries are behind on trends in the Netherlands (for example the funeral branche in Germany is quite old fashioned compared to ours, but - very important! - they're ready for change).
4. Distillate successful elements from the products you already have and turn them into a new product. Nice example: I designed a gravestone with hearts for a mother of 3 daughters. I made 3 big hearts and heart shaped gravel. The gravel was fantastic, I decided to turn it into an affordable and comforting product that people could give away to relatives in grieve. They're called Memory Markers and come in different shapes now. People love them, I even won the Dutch Funeral Award with it.
Especially #2... I did that time and time again, just to extreme...
I'd take the bestselling service of the biggest competitor in the market, improve it, and offer it for free. Each time I managed was a game changer.
Thank you for thinking aloud.
hahaha!! I Laughed out loud on #1, Ine! hahahah!!
And woooww! #4! Congratssss....! I did not know that there was an award. Do you know Boukje Canaan? She is a Funeral Photographer... Let me know if you would want to get introduced to her ok?
ps: Right now you have 13 comments and I love them all! So keep it coming and thanks for sharing!
Well... This one was tough cookie. My Idea;s muscles worked really hard today... 🙂 I gave my 100%!
So here they come:
1: Watch "Emily IN Paris"... This Show is full of amazing new and great (Marketing & Sales) idea's!
2: Go over the Lidle/kruidvat/Mediamarkt folder and look for "remarkable" products that catches your eyes.. So Some thing is great about them. Then Use the messaging with that product to get inspired.
3: Funnel hacking! Love this one: Once a week, I will just go the website of a great Expert and opt-in to his Leadmagnet and free product. Then I just watch the emails coming in and read them, analyse them AND use them to test one of my email-campagnes (I send 3 mails per week, so I do need to get inspired weekly!). You'll be amazed how many great idea's are already out there..
4: Interview EXPERTS! This looks like #3 but its not. Because now I directly ASK the Expert about his hacks en idea's. At #3 I needed to guess and tweak but now I just ask. And you know the great part? I never met an expert that did NOT share his secrets with me....
1 As a miniature book publisher 1:12 I ask clients to think of new historic book titles they fancy. If I take it into production this client recieves the first copy.
2 Find out wich famous person will be highlighted in the artworld ‘ Rembrandt /Shakespeare or like in England 70 Queen Elisabeth, and come up with a product.
3 Think of a ingenious tool for miniature bookmakers customers can’t live without.
4 Take courses, your mind will keep spinning during the lessons. Either new ideas will pop up by them selfes or will pop up during discussing subjects with fellow attendeed during the coffee break.
In my industry the only way to move forward is developing new material.
The problem is, producers, agents and publishers want NEW but also the SAME something that proved it can be sold. So the sentence you hear the most is "We want the same as... but different"
The challenge is there is no story that has not been written before, even Shakespeare realised it and hashed his stories from existing ones, so what can we do 400 years after him...
Here are some of my ways to develop Same, but different - try and see what you can adopt from it to your business and expertise:
1. Combine two genres that have not been done before... Think of the movie "Get Out" - the reason it was such a hit was it combined horror and family drama, not something that has done before...
2. Take a story and give it a twist - the movie "10 things I Hate About You" is basically "Taming of the Shrew" in the 20th Century in High School
3. Take a minor character in a known story and make him/her your main character and tell their story - best example from recent times is the movie "Joker" - taking the antagonist and making him the main character of your movie and giving us the "behind-the-scene" look of how he became that character
4. Next one is a risky one - taking a trendy issue and creating a story on that - just see how many movies, books & plays were released lately about transgender issues, coming-of-age, BLM etc... or on the other hand - about viruses that endanger society...
Great tips @Bina! I LOVE your 3th tip!! WOW ... So what would John Watson do? or Captain Haddock if he was the main character?
Thanks @Aramik... I love your ideas in previous posts and even marked some of them to use..
Interesting you mentioned "Emily in Paris", I disliked so much that program I didn't think of looking at it from a marketing point of view... might revisit it for it...
Ooh cool @Bina, thanks voor your kind words.
Which idea's did you like? 🙂
And yes: Please do watch it and let me know how it was... This was a tip I got from a dear Expert-friend as I told her exact the same when she encourage me to do it.. SO... yes! I am glad I listened to her 🙂
ps: Keep up this great work! I love your ideas!
Thank you Bina! You just inspired me a great deal!
This one is hard for me. Let's see what I can come up with in addition:
Follow the economic news for inspiration or niche problems.
Be a member of a LinkedIn group that is important to your target audience.
Talk to random strangers, show interest in their story.
Read a book by or about an entrepreneur.
Look for shortages felt in other branches.
Great tips @Manny!
But.. and... A LinkedIn group? Which are the ones you follow? 🙂 (I declared them dead for like 10 years and every 6 months I run a test to see if there are any active groups... I do not find them... So please do tell about your experience ok?
What are your favourite Books about entrepreneurship?