Starting a business often starts with a dash of inspiration. There are some of us who naturally find new opportunities in everything we see, and we think, “What if there was a solution to this problem?” or “How can this be easier for people?” This curiosity then leads us to innovative ideas and potential business ventures.
When we have new ideas, our natural first step is often to search Google to see if a company already exists that provides consumers with the product or service. Before we take any steps forward, we first want to see whether it is worth investing further. The initial Google search then leads to questions like what to do if there is a business there, and if not, what your next step should be. What if someone had failed at it before? Does this mean you give up too?
When you try something new, it's very common to have intrusive thoughts and I think we all know what that feels like. They can distract you and have a huge impact on the decisions you make. It's important that you don't stop them from moving forward.
So what if your idea is something that isn't a product yet and never has been?
When you find yourself coming up with a brand new idea, it can be both exciting and daunting. You might ask questions like, “Why isn't anyone selling my idea yet?” Is there a reason? Will anyone understand?”
If the product isn't on the market yet, it could simply be that no one had an idea for it, or more likely someone did and saw the same problem as you but didn't. do something about it. Some people have the idea but never act on it and leave the opportunity to someone else.
Your first step is to conduct thorough market research. Even if you cannot find a direct competitor, there may be indirect competitors or similar products on the market. You want to see what solution they offer their customers. Market research helps you understand the potential demand and gaps in the market that your idea can fill.
It can be difficult to share your ideas, especially if you wonder whether someone will understand what you're talking about. You want to share it with people who support you, but know that they may not tell you if they think the idea is going to fail.
One thing to remember is that you don't want to give away your idea if it isn't protected, whether by signing a non-disclosure agreement, trademarking, patenting or copyrighting your idea, designs and names. If these things haven't been done initially, try to give a rough outline of the idea, but not in too much detail.
You need to research and find a similar product to yours so that you can find an approximate price to determine if people would pay that amount for this product. If you want to spread your idea worldwide, you also want to know what a similar product is sold for in another country.
Whatever the idea, bringing a non-existent product to market is a challenging but rewarding journey and you should keep at it.
But what if your idea already existed and failed before, what will you do?
If someone has already tried your idea and it failed, it doesn't necessarily mean your idea is doomed from the start. If you find out that your idea has failed before, you need to do research and find out what caused the idea to fail.
Conducting market research will be the starting point for you. You'll want to be thorough with this to find out why the idea failed, what the market was like when they launched the idea, what their marketing strategies were, and whether the product simply wasn't gaining the momentum it needed to launch. Once you have this research, you can use it to see how you can avoid the same mistakes and improve your approach.
Whether the idea is new or not, you should conduct your own market research to validate demand for your product or service, and ensure that the idea is useful and fulfills a purpose. An easy way to obtain market research is to connect directly with your potential customers through surveys, interviews or focus groups.
Focus groups can be particularly useful for gathering detailed feedback and suggestions, as these groups will be filled with strangers. Asking family or friends for their opinion sounds like a good idea, although most of the time they won't be completely honest with you, which is exactly what you need.
You should use your research to define demographics, preferences and purchasing behavior to effectively tailor your product and marketing strategies. Once you know who you're selling to, make sure your idea is clear and easy to understand. Make sure your idea addresses a specific pain point or problem that potential customers face. The more urgent the problem, the greater the demand for your solution will be.
By validating your idea, protecting it, developing a solid business plan, and staying focused and resilient, you can turn your innovative concept into a successful business venture. Richard Branson said, “There is nothing better you can do in your life and work than following your passions.” If you are passionate about what you do, it will help push you and your ideas.
