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Finding Profitable Business Ideas

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.”  

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.”

By Michael Jordan.

The beginning of the year is a good time to start a business. But, clearly, you first need to find a winning concept.

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You will find below eight key techniques that can increase your creativity to find profitable business ideas:

Ask yourself: What’s next?

Successful business ideas are usually those that are one step ahead of what exists. Think about the trends and technologies that are on the horizon and how you could introduce yourself in those areas. Some specialists suggest that you may think about innovations related to your home and lifestyle and how they will change in the future.

Solve something that bothers you

When Colin Barceloux was in college he thought that textbooks were very expensive. In 2007, two years after graduating, he decided to take action and founded Bookrenter.com, a book rental business with a high percent discount. What began as the frustration of a single person, now has 1.5 million users and 200 employees. “You just have to look at what bothers you,” he says. “Right there is your business idea.”

Search for new niches

Your new business does not have to be reinventing the wheel. Take a look at what is missing from the big players in the industry and think how you could fill in those gaps, says Keys. In 2003 he started his company Hot Picks, after noticing that many brands in the guitar nail industry did not offer attractive or collectible models. Then, Key designed a skull-shaped nail that was sold in more than a thousand stores, including Wal-Mart and 7-Eleven. “The big ones leave a lot of opportunities at the table,” he says.

Apply your skills to a new field

Think about what your skills are and how they might be useful in other areas, recommends Bill Fischer, professor of innovation at IMD, the largest business school in Switzerland.

Consider, for example, JMC Soundboard, a company that produces speakers. Its creator, Jeanmichel Capt, created these models by applying his experience building guitars and using the same resonance. There is also Providence, a company created by Julie Sygiel who used her training as a chemical engineer to create underwear with a stain resistant material, ideal for women who exercise during the menstrual period.

Find a category that does not have recent innovations

In the process of generating ideas, Key likes to identify markets that have not had many innovations in recent times. For example, when he noticed that there were few developments in the product labeling sector he created Spinformation, a two-layer label – the outer layer broken with panels through which it is possible to see, and an interior that can be read if you break the exterior. Thus, companies that need to enter more information about their product, such as medicines, can have an extra label to show more details.

Make a cheaper version of an existing product

Companies usually get their first sales by offering an existing product at a lower price. For example, the eyewear company Warby Parker sells prescription glasses that commonly sell for $ 300 or more for only $ 95. The company that started in 2010 with four friends, now consists of 100 employees.

Talk to buyers

To generate an idea that relates to the needs of people, there is no better way to do it than to talk to the same buyers. If you’re interested in mountain bikes, go to the aisles of sports shops and ask customers what they would like to find in them. If you want to develop an e-commerce business, consider sending an online survey to find out what the interests and needs of potential consumers are.

Mix and create

Walk the aisles of a drug store, a hardware store and a toy store and combine products from each, says Key. That should give you the spark to have some new ideas, although you must be prepared so that most are bad. “You’ll think of terrible ideas, and only once in a while you’ll find a good one … but maybe it’s brilliant,” he says.

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