By Evan Vitale
The first step in starting a new business – and sometimes the first question we ask ourselves – is to determine what type of business would we like to start? And, of course, can we generate revenue with this business idea? What if our idea is new, with little or no competition?
In coming up with an idea in starting a new business, begin by asking yourself (and others) questions and spend time doing business research on the Internet. These two factors alone will help get the juices flowing and help you generate and focus on an idea for a new business.
Here are some questions you can ask yourself to help launch your research:
What can be done better?
If someone is already offering a service or producing a product, can it be done better? Is there something you can do that can save time or, better yet, save money and generate the same (or better) service or product to customers?
What else can be done?
If you can help people solve a problem, help them save time or money or effort (or a combination thereof), then you might have a good idea worth pursuing. People will spend money to save time or solve a problem. For example, a landscaper, lawn care, pool care, pet care, auto mechanic, etc. Try to generate ideas to help people.
Finding product or service gaps
Instead of offering many things to many people, focus on individual niche services or products. For example, instead of offering website design and search engine optimization services, focus specifically on a part of the industry, such as social media or link building services.
Create the best service or product
Perhaps, you can combine the best features and benefits of one product and transform them into a better and lower-cost product that offers the same results. See if you can take a high-cost item (or service) and transform it into a more affordable one without losing quality.
Ask lots of questions and do tons of research before you begin any new business venture. And, as always suggested, talk to your team: your attorney, your lawyer and your banker.