How to start my own business? Part 2. Factory for ideas
In the first part of the article “How to start my own business?” We talked about five simple rules that can help you decide whether you need your own business. The most important thing in a business is always an innovative idea. Crowdholding will talk about how and where to find a business idea in the following article.
Also read our article on how idea innovations and co-creation are linked.
An idea in business is not the same as, for example, an idea in philosophy. A business idea is a direction of movement. At the end of this direction is the “Mission of the Firm” that is raised proudly. Henry Ford’s idea of giving every American a personal car. The vision of J. Eastman (Kodak) on the dry photoplate and the mission “Photography available to everyone”. The higher and nobler the company’s mission is, the more chances of success it has in the long run.
How to find an idea? Simply, a business idea is always connected with some type of problem and the solution for it. A mission is an ideal (global) solution to this problem. That is: first find a problem of people, help them and build the solution together on Crowdholding — they will pay you for it. That’s the essence of any business in one sentence.
Sometimes you are offered a false solution to the problem. A typical example is some dandruff shampoos. It is known that dandruff is a symptom of a fungal disease. Instead of treatment, it is suggested to use shampoos every day with an exfoliating effect. However, once someone stopped the using shampoo the dandruff appeared again. The client, as they say, is “on the needle.” Anyway, the correct sequence looks like this: The problem — An idea of a solution — The implementation plan — The execution of the solution.
Finding the problem is much easier than the idea. Problems are on the surface. Unsolved problems (such as a cure for AIDS) are easy to find, but the solution is difficult. If you find a solution to such a problem, you’ll get rich! Although, it is possible and in another ways. In our crazy age it is enough to offer a solution to the problem of “saving” in comparison with solutions already available on the market. Saving time, money, nerves, effort. For saving resources — people will pay you. The bistro network, payment machines, delivery of everything-all at home, ordering everything — all over the telephone-Internet-businesses saving time. As the saying goes “Time is Money”. Discounts, sales, discount systems — saving money. Lawyers, insurance business, tax consulting — saving nerves.
A good tool is the Maslow’s pyramid of needs. In the pyramid, the needs of people, or, in other words, their pressing problems, are determined in a row. We use this pyramid rather originally: the height of the client on the pyramid makes the average higher, the width of the line is the volume of the market (the number of potential customers). It is about the approximate percentage. If your business operates at the lowest level of needs (physiological: food, sleep, sex, clothing, etc.) — you can count on a broad market, but relatively small margins because there are a lot of competitors. But in the upper part of the pyramid (self-expression) business is only just emerging. Example: have you watched the movie “Shall We Dance?” with Richard Gere? Do we have many similar clubs where we learn to dance, sing, and draw that is not for children, but rather for adults? The need for self-expression is all. If your business captures two lines of the pyramid and more, you can count on a steady profit.
Just to disappoint you, even the greatest idea does not guarantee the success of the business. It’s all about implementation. Firstly, the most groundbreaking idea / concept might not be able to implemented. This could be down to many different reasons such as a high cost level or incorrect timing. Moreover, sometimes the idea is just not implemented correctly. Over the past five years, we have watched how two dozen of our ideas were embodied by someone quite successfully. Why not us? There was no money, time, desire, and someone had it all. Research and you will find your idea.
There are interesting areas that you should pay attention to:
- Crowdholding — receiving feedback and ideas from the crowd to produce innovative solutions to problems.
- Vending (shopping and payment machines), the higher the rent and salaries in your region — the more attractive is such a business. It is a modern and fast-growing sector.
- Non-profit organizations (sports clubs, various circles of interests, etc., although non-profit organizations — you can earn on them very well).
- Small household services. Or for those which provide such services. The firm “Husband for an Hour” is a good example.
- Any types of business related to the processing of information. Help services with telephone / Internet access. Consulting of all kinds (tax, economic, legal, psychotherapeutic). Information is always expensive.
- Seasonal business. Making candy gifts for New Year easily brings $10,000 for a month, in the summer selling ice cream and soft drinks in the right places (beaches, parks) — 150% of profits or more.
- Religious organizations. Oh, these earn simply huge money! Organize your following if you are not afraid of the Last Judgment. This is a joke.
- Internet projects. The Internet is a great place to start! Website “School of Life” — is it not an example? We hope you have not forgotten the formula of business survivability? Only 10% of firms exist two years after the start.
So, you saw the problem, you are ready to offer the original solution. How to present the idea and will the idea find its buyer? We need to validate your idea! At the stage of the business plan, many ideas are dismissed, as unrealistic or low-profit margins. But this is already the topic covered by Crowdholding of the next part. Be resourceful! And good luck with your business!
CrowdholdingCrowdholding connects the crowd with entrepreneurs, allowing you to give feedback and ideas for a future share.
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