Starting a business often starts with a spark of inspiration. Some of us naturally find new opportunities in everything we see, so we think: “What if there was a solution to this problem?” Or “How could this be easier for people?” This curiosity then leads us to innovative ideas and potential business ventures.
Often times when we have new ideas, our natural first step is to go to Google to see if there is already a business offering consumers the product or service. We want to see if it is worth the further investment before taking any steps forward. An initial Google search then leads to questions such as what to do if there is a business, or if there is no business, what is your next step. What if someone has failed at this before? Does this mean you'll give up on him too?
When you try something new, it's very common to have intrusive thoughts and I think we all know what that feels like. It can distract you and greatly influence the decisions you make, so it's important not to let it stop you from moving forward.
So, what if your idea is something that isn't already in production and never has been?
If you find yourself with a completely new idea, it can be both exciting and stressful. You can ask questions like: “Why isn't anyone already selling my idea? Is there a reason? Will anyone understand it?”
If the product isn't already on the market, it's possible that no one simply had an idea about it, or more likely someone might have done so and seen the same problem you're seeing, but didn't do anything about it. Some people have the idea but never act on it and leave the opportunity to someone else.
Your first step will be to conduct comprehensive market research. Even if you cannot find a direct competitor, there may be indirect competitors or similar products in the market. You want to look at the solution they provide to their customers. Market research will help you understand the potential demand and gaps in the market that your idea can fill.
Sharing your thoughts can be daunting, especially when considering whether anyone will understand what you're talking about. You want to share with people who support you, but know that they may not tell you if they think the idea will fail.
The thing to remember is that you don't want to give away your idea if it's not protected, either by signing a non-disclosure agreement, registering a trademark, registering a patent, or copyrighting your idea, designs, and names. If these things don't work at first, try giving a rough outline of the idea but without any too much detail.
You'll need to research and find a product similar to yours so you can find an estimated price point to determine if people will pay that much for that product. You may also want to know the selling price of a similar product in another country if you want to spread your idea globally.
No matter the idea, bringing a non-existent product to market is a difficult but rewarding journey and you must persevere.
But what if your idea already exists and has failed previously, what do you do next?
If someone has already tried your idea and it fails, it doesn't necessarily mean that your idea is doomed to fail from the start. If you find out that your idea has failed previously, you need to do research and find out why the idea failed.
Conducting market research will be your starting point. You want to be thorough with this to find out why the idea failed, what the market looked like when they launched the idea, what their marketing strategies were, and whether the product simply didn't get the momentum it needed to launch. Once you have this research, you can use it to figure out how you can avoid the same mistakes and improve your technique.
Whether the idea is new or not, you need to conduct your own market research to validate the demand for your product or service, and ensure that the idea is useful and serves a purpose. One easy way to get market research is to communicate directly with your potential customers through surveys, interviews, or focus groups.
Focus groups can be especially useful for gathering detailed feedback and suggestions because these groups will be full of strangers, and asking family or friends for their opinions seems like a good idea even though they usually won't be completely honest with you which is what you need.
You need to use your research to determine demographics, preferences, and purchasing behaviors to design your product and marketing strategies effectively. Once you know who you're selling to, you need to make sure your idea is clear and easy to understand, and make sure your idea addresses a specific pain point or problem that potential customers are facing. The more urgent the problem, the greater the demand for your solution.
By validating your idea, protecting it, developing a solid business plan, and staying focused and flexible, you can turn your innovative concept into a successful business venture. Richard Branson said: “There is nothing greater you can do in your life and business than follow your passion.” If you have passion for what you do, it will help motivate you and your ideas.
