If you’re searching for a winning idea for a new business, feeling that you don’t fit the traditional entrepreneur mould or maybe that your new business isn’t working as well as it could... read on.
Baby businesses are conceived in 3 main ways....
1. Spotting a gap in the market.
An entrepreneur is going about his or her usual activities when it occurs to them...
It’d be really great if there was a product or service to make this possible / faster /cheaper or more convenient
I could take this product or service that’s working well in this market place and take it into another one
There’s no-one offering a solution to this problem in this place.... yet!
This is an opportunity to add value and make money
Basically they are taking in information from their environment and connecting it together in different ways to reveal problems and opportunities to solve them.
It means stepping out of pre-set, habitual thinking long enough to see situations in fresh ways and come up with creative solutions.
This is who I tend to picture when I think of an entrepreneur. We might think being an entrepreneur is inbuilt or a skill to learn but the ability for us to see situations in fresh ways is open to us all.
2. Our Personal Evolution and Self Expression
Others starting businesses, do so because they feel it is part of their life purpose, calling, personal or spiritual development. They have been learning about themselves, their passions and the lifestyle they would love to create. They want to spend more of their time doing what they love and contributing to their communities.
Maybe this is something they have wanted to do for some time but other priorities and fears got in the way.
Perhaps they have been developing a craft or creative skill. Or training to help people in a way they themselves have been helped.
They have become less willing to tolerate poor employers and work that doesn’t light them up and they decide to follow their inner wisdom and start their own venture.
They want to work flexibly and take their message to the world.
This is the group who most often come for coaching. I help them to clarify their passions and the shape of their Self Employment and to enable them to learn more about the world of business.
If this is something you'd like to explore, click here to take the next step
3. Audience First
This one has come about relatively recently, enabled by the internet. It starts with gathering an audience with a specific attribute- an interest in a subject or lifestyle - cat lovers, people who like camping, people who identify with a certain style.
Pre-internet this would have meant setting up a club and being governed by geography but, with Social Media, it’s entirely possible to gather a large audience, get to know all about them and develop relationships of mutual trust.
Having brought together this group of people and nurtured them with relevant information and conversations, the potential business owner can ask the audience what they would like to buy- what problems they have that need solving. They can they either supply that product or service themselves or source it from elsewhere.
Anyone of these three is a great starting point. Which you choose will probably be a case of personal preference. However no business start-up can afford to ignore the other two.
Every business needs to offer a solution profitably and to know their audience and make sure that offer fits them. Only by tapping into our passions can we find the inspiration to invest in developing our businesses for the long term and really enjoy what we’re doing.
The thing all three have in common is that the ideas come through us. We take the information from whatever source and then at some point there’s a light bulb moment. Our inner wisdom speaks when we decide, this is the business I want to give birth to.
If this post has resonated with you, please leave a comment. To explore further and see if coaching is right for you, book an initial conversation here.