As a marketing consultant, brainstorming ideas is one of my favorite things to do. It’s an opportunity to be creative, shut down the inner critic, and just have funs. If you’re looking to come up with a business idea or expand your business in new ways, this blog will help you through three approaches to brainstorming business ideas.
The first step is to open up a new document or your journal and write at the top: “Business Idea Brainstorm.” The outcome in this exercise is to come up with 10 business ideas and have fun doing it. You are more than welcome to come up with more than 10 ideas, but you must have at least 10.
We’re coming up with 10 ideas is because it’s a big enough number to inspire you to mentally stretch yourself so that you can come up with new insights and new connections. Plus, once you start to organize and test your ideas for viability, you’ll be able to eliminate a few ideas quickly. This is a good thing as it will keep you focused. When you’re ready, dive into the three approaches below.
3 Approaches to Brainstorming a Business Idea
Approach #1: Scratch Your Own Itch – Several entrepreneurs have found success solving problems they have themselves. They bring new services or products to the market that provide solutions to the problems they face. So, think about your own life. Is there are recurring problem or frustration that you wish there was a better solution for?
Approach #2: Consider Your Strengths, Skills & Interests – I personally believe that we are all born with a unique set of strengths, talents and skills. There are problems in this world that you are uniquely qualified to help solve. So, get curious about who you are and what you do naturally. How can you use your strengths, skills and interests to solve problems for others?
Approach #3: Shop Around for Inspiration – Go idea shopping by checking out other businesses in industries that you are interested in. Chances are other companies exist in a market that you’re interested in that can help inspire your own business ideas. What can you do better or differently in a totally unique way?
Once you have your ideas, review them and think about which ones are viable. Consider the revenue model – can you make money with this idea? What about the competition – is there any and how can you stand out? Think about the market – who are they and how can you position your product or service in a way that makes their lives easier, more convenient and more joyful?
As you define your idea and develop a strategic plan to execute it, you’ll be well on your way to running a profitable business! And if you need help, you know who to call. 🙂