It seems like these days, people are more interested in building the next big app or coming up with huge business ideas.
While it’s good to see entrepreneurship on the rise, we need to remember the #1 reason why most businesses fail within 5 years…
The lack of demand for a product or service.
If there is no demand for what you have to offer, there’s no way you’re going to make money. No matter how good your marketing is, no one will buy something if they don’t need it or don’t see it as more valuable than their own money.
However, that’s not to say that there aren’t any good business ideas. Here are some ways you can spark a unique concept for your new company — that will also increase demand.
Ask yourself what annoys you
Think about what personally ticks you off. Most businesses offer a solution to a problem. So, looking into what can be improved in your everyday life or tasks is a great way to spark that idea.
For example, the Gillette razor wouldn’t have been created if the founder wasn’t so annoyed about the tedious process of sharpening his straight-edge razors. It wasn’t until he took his idea to get researched at universities with assistance from engineers.
That one minor annoyance created one of the most prominent brands and tools in the world.
What are you good at?
Many business owners first go into business because they’re technically good at what they do. Whether it’s woodwork, hairstyling, plumbing — they’re skilled at their trade. So, they start a business.
There’s no point in going into business if you’re not good at whatever it is that you’re going into business for.
Look for opportunities in everything
There’s always room for improvement.
For instance, the sleep industry is huge and it includes many different verticals — from sleeping aids to clothing or mattresses, to name a few. Looking at mattresses specifically, think back to when Tempur-Pedic mattresses were on the rise.
They offered a new solution. Something better. Instead of the regular, “old and boring” mattresses, Tempur-Pedic offered more support and better sleep. In addition, you could jump on the bed with a wine glass without it falling over. If you ask me, this is a great value proposition.
Point is, there are many ways to think of a new business idea that’s unique and in demand.
You just have to be willing to search and ask the right questions.
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