• Elena

Developing a Business Idea

Updated: Oct 3, 2019

Usually, when there’s a change in personal circumstances, such as moving home, having a baby or recovering from a serious illness, we reevaluate what is important to us, what we want in life and if we're not satisfied at work, we start to think about what we REALLY want from work. For some, it’s a career change, others would like reduced hours or responsibility, while some of us want to be our own boss.

Becoming your own boss is the dream, you dictate the hours you work, how many hours you work, where you work from and most importantly, you are working for YOU, not for some rich guy who doesn’t know who you are and/or what you do, let alone recognise the hours you put in and how hard you work!

Whether you have a business idea, one too many, or have no idea at all, the following tips will help you decide on what you should focus on:

Find a problem - Think of the products or services that you use regularly and leave you feeling frustrated and annoyed because they don’t do exactly what you want. If you can’t think of any, start paying attention in your daily life. Make a list of the issues you face, and the changes you would make. Ask yourself whether these changes are realistic and achievable and if the answer is yes, this is a business idea.

Relatable - If a certain product or service leaves you disappointed, chances are that you are not the only person left feeling this way, and so you are likely to have a market. As you are close to the problem, you will also be (and come across!) as honest and real, making it easier for people to relate and connect to you and your proposed product or service.

Values and Ethics - Align your business idea with your own values and ethics. By doing so, you will be able to talk about your business with passion and conviction and you will be enthusiastic and excited to work on it. Starting a business purely for financial gain won’t give your business a soul or a story that can be bought into by consumers.

Network - Networking is great for all types of education and inspiration related to business, including helping to determine, refine or change a business idea. You can also use networking to research and test a business idea, to learn new skills or of resources available, or use it for guidance and form collaborations.

Current Skill Set - You don’t need to invent a new product or service to be your own boss. Another option is to look at what you currently do for work and list all the tasks you undertake and the skills required to complete them. Highlight the tasks and skills you enjoy most. Focussing on the skills and tasks you enjoy, can you use them to become a consultant or freelancer and offer your expertise to different businesses?

So, you have a business idea, what's next? Next step is to check how viable your idea is by putting together a Lean Business Plan. Why not become part of our online startup community and take our online Lean Business Plan program?

Our online Lean Business Plan program has been designed keeping (very) busy people in mind. All the information needed to complete the program is provided to you and if you do have any questions, our online community of fellow startup entrepreneurs and our expert industry panel are there to help you. Best of all, we encourage and advocate self care while you complete the program, all in your own time and at your own pace!

To find out more, click here!

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