Small business advice service, Informi, spoke to start ups to identify top sources of business inspiration, and provide their advice on ensuring start-up success.
“Some people struggle to come up with a business idea because they think it has to be unique. It doesn’t” comments Huw Moxon, Marketing Manager at Informi. “In reality, most ideas are variations of things that already exist. They’re not unique, just different, and offer something additional or meet a deeper need.”
Here are 6 sources of business inspiration
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Personal pain points are real problems that you’ve experienced firsthand. By identifying and creating a solution to a pain point, you can create a business that meets a real need in the marketplace.
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Keep your finger on the pulse of latest industry trends, and identify areas where there is a gap in the market or where current solutions could be improved. This can lead to a unique selling proposition and help you stand out from the competition.
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Trawl customer feedback, whether it’s from product reviews, surveys, or social media comments. Looking for patterns can help you identify where a need is unmet, and an opportunity to innovate.
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Not only will studying your competitors allow you to identify short-fallings that can be capitalised on, but can help you refine your marketing strategies and pricing.
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Social and environmental issues are another good source of inspiration. Look for ways to address social or environmental issues through a business model. This can be a powerful source of inspiration and motivation.
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Passions and hobbies – Considering what you’re passionate about, or already have a talent in, can be a great source of inspiration. Is there a way to turn these into a business opportunity?
“Not all new business ideas need to be the most groundbreaking idea. Simply improving on something that already exists can be a successful way to make money. But before investing in your idea, you need to consider a few key things such as testing your business idea thoroughly before launching.” Huw comments
Huw recommends doing your market research by speaking to prospective customers, not just family and friends, who can be reluctant to give honest feedback. This will help you build a realistic idea of where you might come unstuck later down the line.