I have an addiction … and it’s called Shark Tank. While this Emmy award-winning show has been on the air for several seasons, I’ve just recently became interested in watching it, and of course, now I’m hooked. The Sharks are self-made multi-millionaires and billionaires, including Dallas Mavericks owner Mark Cuban. During each episode, contestants pitch their concepts to the Sharks and try to get them to invest in their businesses. The Sharks are looking for a return on their investment and the next big idea.
But the Sharks have a goal, too—to get a return on their investment and own a piece of the next big business idea. When the Sharks hear an idea worth sinking their teeth into, they’re more than ready to declare war and fight each other for a piece of it. Of course, only the best ideas make it this far but even then some of the business concepts fail.
In this issue of Promotional Consultant Today, we’ll share these five key steps from business author Maggie Aland for building a business concept the right way that ensures success.
Step 1: Train Your Mind To Identify Areas Of Opportunity. The first key step is knowing how and when to look for good ideas. Your concept might come from your experiences, your travels, your hobbies or your current job. It might be the result of a pain point in your life. Not every idea is a good one, but you should train your brain to notice potential opportunities.
Step 2: Start Making Lists Of Problems That Need Solving. Once you are tuned into looking for areas that can be improved upon, you will want to start writing down the problems that need solving. You need to be actively searching, networking, asking friends and colleagues, and considering products that can be improved upon. Places where you can find problems to address include your current job, your day-to-day life and existing products.
Step 3: Come Up With Possible Solutions. A key step to identifying solutions is to collaborate with others as part of the brainstorming process. When you hit a wall with a particular problem, just move on to the next. When you’re brainstorming, consider a niche area where you can home in on a specific market area. Also, when you come up with an idea, before you invest too much time, make sure a solution doesn’t already exist.
Step 4: Filter By What You’re Passionate About. Starting a successful business takes a lot of drive and persistence, and is likely to take at least a few years. This is why people who choose to start businesses that they are not passionate about, generally give up too soon. Choose what you have a passion for and bring in others to cover the skills that you aren’t good at. But your potential partners must also be passionate about the business for it to work.
Step 5: Narrow Your Ideas Down To One. Once you have a short list of solutions to common problems that you are passionate about, find out which business ideas will actually work in the real world. Make it your goal to narrow down to one idea by testing out the concept. Ask others if they would buy that type of product or service through a focus group, pop-up store or even a crowd-funding website.
Coming up with a business idea can be a fun—but it’s not always an easy process. Try these steps to identify your next big idea.
Source: Maggie Aland is a staff writer for Fit Small Business currently specializing in marketing with a focus on digital marketing. Before joining Fit Small Business, Aland worked as a marketing associate at a small publishing company.
