How to get a great business idea

Recessions are traditionally the time when people start to think about new ways of making money. Business start ups are normally driven by people who have been given a redundancy package from their old company. They find they have the finance to start something they always wanted to do. Many go to buy hotels or pubs or just a franchise, thinking that all they have to do is to follow the instructions!

Unfortunately, running a successful business is more than just following instructions! Business success is about doing what your customer wants at a higher level than they expect at a price that is affordable and profitable. While it is true that there are a number of businesses which are recession proof, what they generally mean is that it is the industry will survive, not individual companies.

Hairdressing, groceries, plumbing and funeral arranging are all examples of these types of industries. A person wanting to get into this type of business, needs to gain the skills first – and that takes time!

There are less skill driven businesses which can be started by someone with the drive to succeed. These include corner shops, take aways, taxi companies and many simple franchise ideas.

But what if you want a fresh new idea – where will you get that from?

The simplest way is to surf the internet and look at other countries. What is big in Japan at the moment? What is popular in the USA or Canada? Does Australia have some interesting ideas you could bring into your home market?

Google really is your friend in these circumstances.

However, an even better idea is use your experience and add it to something you want to do. This is how you can add value. e.g. How did Henry Ford make his company so successful? He didn’t invent the car, he didn’t invent the idea of the production line. He did however, introduce the production line into the auto industry – from the abattoir industry.

You could do the same as a core aspect of what you do. You could introduce a procedure to make your new business a little more appealing. Perhaps you could add a new service such as internet order into a business where it hasn’t been done well before?

Originally posted 2009-07-08 11:11:57.