How To Create a Great Business Idea, part 1

Working from home is great, and being able to utilize a DC meeting space like the ones Metro Offices provides is even better – but what if you don’t have a reason to work from home yet? What if you’re still trying to figure out the next big thing that will change your life?

You need a good idea if you want to work from a DC office space. “You have to come up with a lot of ideas to be successful,” says Stephen Key, author of One Simple Idea for Startups and Entrepreneurs: Live Your Dreams and Create Your Own Profitable Company. Key says that for him, the best way to get his creative juices flowing is to engage his mind in different activities – whether that’s walking down the aisles of various stores or finding holes in the marketplace.  (source)

The more ideas, the better chance you have for one to actually take off and become a business. He suggests the following for generating as many ideas as possible:

STAY ONE STEP AHEAD

The successful businesses are the ones who are able to stay ahead of the game. Always anticipate what clients will want before they even know. Technology is a huge industry right now, and Apple is on the forefront of home entertainment. Is there anything you can contribute to that?

FIND A SOLUTION TO A PROBLEM

What bothers you? Find a solution for it. The website Bookrenter.com was founded when a college student in California thought textbooks cost too much. He made them available for rent for 60% cheaper than the buying price, and the company now has 1.5 million users and over 200 employees. The angle here is to find something that causes problems or inconvenience, and brainstorm a way to make it better.

LOOK FOR A NEW NICHE

You don’t necessarily need to create a new industry, just add to ones already in existence. Key noticed that the guitar pick industry didn’t provide collectible novelty picks, so he created a niche within and niche and began selling skull-shaped picks for a hefty profit.

TRANSFER YOUR SKILLS

Are your skills transferrable? Maybe you can use a skill set reserved for one industry to create a product in a different industry. Dear Kate is a R.I. based company founded by chemical engineer Julie Sygiel. Sygiel used her knowledge of science to create a stain-resistant and leak-proof underwear for women who do heavy workouts.

What do you think of these ideas? Have you tried any of them? Stay tuned for part 2 next week!

 

 

tags: Blog | business ideas | dc meeting space