3 ways to come up with a business idea today
Many people are interested in starting a business, they have many great skills to contribute and things that they want to change in the world, but they get stuck on the idea.
The notorious ONE IDEA that will enable them to change the world.
Here, I want to show you a few ways that successful entrepreneurs (and doctors!) have come up with business ideas:
- Examine your career capital & experience
The first, and easiest place to look is from within.
Look at where you were 5 years ago. Or 4 years ago. Or 3 years ago.
Choose the biggest challenge that you were facing at that time. How did you overcome it?
Do you know something now, that you wish you knew then? Can you create a step-by-step process for others to follow so that you can help them?
BINGO, there is your new business
Tom and I have done this a number of times within our own personal businesses. We looked at what we needed to do (The GAMSAT, Med-School Interviews, increase business acumen, marketing, sales etc, the list goes on) and created different products around all of those areas, using our life experience. We systemised it, so it was easy to implement, and we save our clients from making all the mistakes that we did in the past. We also knew that what we did worked – We had already figured out the way, so we are just guiding others down an easier path than we had.
- Find an old industry, that needs shaking up
This is the strategy that Richard Branson has used his whole career.
When launching Virgin Blue he could see that the Australian marketplace was bogged down with expensive tickets, a lack of routes within the domestic market and customer service was almost non-existent.
When Virgin Blue was launched in Australia, Branson sought to shake up the entire industry. He introduced the budget carrier and ticket prices across the industry dropped dramatically. Qantas then launched Jetstar which is now Australia’s largest budget carrier, but they would have never done that if there wasn’t competition in that space.
He introduced flight attendants who were pleasant to deal with, customer service crews that loved sorting things out for you and even in-flight safety videos were changed to something fun and uplifting.
Virgin Blue has rebranded to Virgin Australia and changed it tactics once again, appealing to business travellers who don’t like the up-tightness of Qantas, especially for domestic travel however, this doesn’t change the way that they broke into the Australian market.
They wanted to shake up an industry that was bogged down by things that it didn’t need to be.
Koala mattresses are another outstanding example of shaking up an entire industry. They have put to rest ridiculous mark-ups on mattresses, making them easy to order and get delivered easily to your door. What a breathe of fresh air!
Now, for most people starting out, taking on an entire airline industry or mattress industry may be a challenge that is too big and just downright overwhelming. That doesn’t mean that there aren’t smaller, more manageable industries that need a shake up. Don’t let the size of the examples intimidate you.
So, look within the areas that you are familiar with. What would you change if you could?
Is there something that really peeves you off, that you think ‘why couldn’t they just add XYZ to make it better?!”
Then do it.
- Partner with someone else with an awesome idea
Is there someone you know that had a brilliant idea, was full of excitement when pursuing the dream, but never made it work?
Maybe there was something that they were missing. Maybe you have that certain something that can help them make some impact with the idea.
Having a different set of eyes, someone with a different background or experience come in and take over something, often has a big impact on what can actually be done with it.
I was recently speaking with a doctor who had just opened an emergency clinic. Although he was an amazing ED doctor, he was struggling with client acquisition for his clinic. What would have supported him most through his transition from Consultant to Business Owner would have been someone who could support him through learning how to acquire more patients to his practice.
Do you have skills that could be useful to someone else’s enterprise? Who is the ying to your yang?
There are endless ways of coming up with your business idea. As they say, there are many ways to skin a cat. The biggest part for you, is not how to come up with the idea, but what you do once you have them. There is no point having a big Ah-Ha moment, if you don’t follow up. So, go out there, follow your dreams. Start that business. Take some risk. Put yourself out there. Go and change the world. The world needs more people willing to take a chance and turn their dreams into reality.
If you are interested in speaking with one of our team about implementing your ideas, or even fleshing out how your idea could come to fruition (and, how to make money from it along the way), book in a free call by clicking the image below