How do I find my great small business idea?

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How do I find my great small business idea?

How to start a small business for some entrepreneurs could be exciting, as one will have possibly identified a niche that they believe could generate millions or even billions of dollars.

Small business ideas need one to validate them, research your target market, and develop a business plan for your great small business ideas. These are some of the main areas one has to be able to cover in starting a small business.

Online business has been developing all over the world in a big way through innovative and resourceful small business ideas. The age of the internet has created a huge single market that anyone can access according to Statista Inc. One of the leading statistics companies on the internet. With a team of over 80 statisticians, database experts, analysts, and editors, Statista provides users with an innovative and intuitive tool for researching quantitative data, statistics, and related information. The number of internet users worldwide was 2.92 billion as of 2014. This is a huge market one can tap into to provide services, solutions, and products without the limit of boarders and huge capital requirements.

How do I find my great small business idea?

One can harness the power of the internet to research their business ideas using online forums, startup resource websites, local business associations and friends and family to share and validate your idea. Now you plan your research, your plan should spell out the objectives of the research and give you the information you need to either go ahead with your business ideas, fine-tune it or take it back to the drawing board. With online start-up tools, you should be been able to answer some of the important and fundamental questions or get feedback that you need to address. With this step starting a business becomes more viable at start-up and you would have tested your great business idea.

For some entrepreneurs, getting the idea and imagining the possibilities is the easy part. It’s the market research that doesn’t come so naturally. One is often blinded by the thought of the multibillion-dollar market they have identified. This is a dangerous way to start a business and some ideas do take off and in some cases, they crash and burn. Market research, then, can prove invaluable in determining your idea’s potential. Too many awesome ideas die in lost notes and cleaned up whiteboards, some people also have a hard time to find the right idea to peruse.

With online start tools, you should be been able to answer some of the important and fundamental questions or get feedback that you need to address your concept for starting a business. Issues such as what is your selling point? As it is going to be the core of your marketing and when will you be ready for that step. What sets you apart and lures customers your way. To assist you in the process here is one tool that will help, although there are several tools one can use, here are some tools.

TOOL 1.

Germ is a tool to help you manage your ideas in a better way. Never lose the big picture of your idea, starting from logging the “aha” lightbulb moment that can occur at any time. Validate your ideas and share your vision by showing off the big picture. Evolve your idea by throwing in the next steps and shape up your idea in detail. germ.io gets you on the road to create actionable ideas, helping you define all the how’s, what’s and why’s you need to get going.

website: www.germ.io

How do I validate my small

business idea?

Working with other individuals who are also on the entrepreneurship journey is a huge and valuable asset but might also be a threat to your idea. If one sells his concept to a competitor he might just loose his great business idea to him or her. So as to protect yourself knowing what your strength is or selling point is really valuable in knowing what to share and what to keep to yourself. So to validate your small business ideas has two parts to it one is to use online tools like the one below:-

TOOL 2. Experiment Board

The Experiment Board (by Javelin) is tool that was developed based on

the learnings from their first tool, the (Lean) Validation Board, which was used by over 20,000 entrepreneurs around the world. They’ve improved it to get you up and running even faster, teams who use this are ready to run their first Lean Startup experiment within 5 minutes! The Experiment board is free to download (pay with a Tweet) and includes a PDF, a Google Spreadsheet version, and instructions. The PDF document can be printed out as a 60cm x 90cm (2 ft x 3 ft) poster that you can use to put on your (office) wall. If you have a virtual team you can use the included Google Spreadsheet of the Experiment Board to collaborate with your team online.

Website www.javelin.com/experiment-board

Experiment Board assists you test what you are selling and talk to likeminded individuals refine your business idea. The second way is to test out your business ideas on early adopters to test out your product or service. In the product testing stage one is gathering as much information for people who are interested in their service or product offering.

Useful information comes out through

this process details of design, functionality, accessibility for service or product, pricing model concerns and product placement issues. These details assist you to grow and further develop your business idea to a great small business idea. Take advantage of this wonderful tool that can provide you with the best testing platform.

PRODUCT HUNT

The Verge: “Product Hunt has become a must-read site in Silicon Valley.” Product Hunt surfaces the best new products, every day. It’s a place for product-loving enthusiasts to share and geek out about the latest mobile apps, websites, hardware projects, and tech creations. Product Hunt is for sharing new, interesting products. It isn’t the place for blog posts, news articles, events, or contract services.

Hundreds of products are submitted each day and curated by the community. Members are encouraged to submit launched products that are available to play with immediately; however, the occasional crowdfunded, pre-launch, or private beta submission is acceptable if it provides thorough information about the product (e.g. explainer video, product feature walkthrough) and proof that it’s not vaporware

Website: www.producthunt.com

Starting a business or even a starting a small business requires time, patience, hard work and dedication, where it be an arts production or a home business research, product knowledge and identify- ing your target market is key. Too many awesome ideas die in lost notes and cleaned up whiteboards, some people also have a hard time to find the right idea to peruse. There are many ways to ensure your idea is new and worth pursuing. You can also gather information from industry associations, web searches, periodicals, government or parastatal institutions and so forth. So get started and start your busi- ness trial and error is the key to identifying the one great small business idea that will get you on the road of entrepreneurship.