The Art of Creating a Business Idea
Contents:
- The Art of Creating a Business Idea
- How I created my first business plan
- Types of Business Ideas:
- Automation
- Services to a particular section of Startup/company
- Niche based Content Portals
- Dropshipping
- Which kind of Business to choose
In this post, I've curated some innovative business ideas that you can use to reach your goal. There're various money making schemes available online but those are really good effort and that too doesn't ensure long term results.
The Art of Creating a Business Idea:
Its as simple or as difficult as you can think it to be.
Step 1: Just look at an existing idea/business.
Step 2: See the problems (call it efficiency points) in that and
Step 3: Device your service around those points. Also, you can just reciprocate their key features and create your service.
Step 1: Just look at an existing idea/business.
Step 2: See the problems (call it efficiency points) in that and
Step 3: Device your service around those points. Also, you can just reciprocate their key features and create your service.
For example: facebook shows you the latest news feed. You could think about an app that shows you the posts just related to your interest rather than just all the feeds thus stop diverting your attention. Or, a service which pays you according to the engagement on your posts.
How I created my first business plan:
Creating a business idea doesn't require you to be an expert. Rather being a novice sometimes works much better in this case. A business idea is just a simple solution to a problem that one may face. A small story can help you relate with it in a much better way.
It goes like once we participated in an b-plan contest in our college. Its not like we prepared for it. Its just that we're curious about it so we just created a raw plan and sat along with one of our seniors to ask if its any worth. He seemed more confident about it than us and asked to create a small prototype of it.
It goes like once we participated in an b-plan contest in our college. Its not like we prepared for it. Its just that we're curious about it so we just created a raw plan and sat along with one of our seniors to ask if its any worth. He seemed more confident about it than us and asked to create a small prototype of it.
We soon created a paper plan. The idea was to predict the railway reservations and tell the user if he can get his tickets confirmed on a particular day. Also, a user could get the list of alternate routes available for his query. We also created a prediction algorithm to check if the train will arrive on right time on a particular day.
Thus we presented the idea along with a semi-working prototype. We got quite good response from the judges. We didn't win but we got one thing that its just about solving the day-to-day problems in an effective manner.
After the event we never discussed about the implementation anymore. Some time ago we came to know that someone has developed an almost similar app. It clicked to us very soon that the difference between the both of us was just that they went ahead with its execution while we just ignored it.
So, the moral is that:
1) Always keep looking for small problems that we face and think if we can create a system that could solve it.
1) Always keep looking for small problems that we face and think if we can create a system that could solve it.
2) No idea is bad its just the implication in real time scenario that matters.
Types of Business Ideas:
Automation:
Automation of any user task is a great way to come up with an idea.Business Idea: 1. Smart Task Scheduler (Daily Task Automation):
Such as, if there's an application or service that can schedule your next day tasks or say next month tasks. Then all you need to do is just follow the schedule. To elaborate further we always find it difficult to make a balance in our work-family life. All we need is a system that could tell us what to do at what time.
Use case 1: It can find the recreation sources available nearby you, suggest you the time for an outing with your family along with the suitable options which fit under your budget.
Use case 2: Suppose your year-end appraisal for the job is due and you're spending more n more time on it. Thus you can't get time for recreation or other day-to-day important tasks such as applying for another job, finding other career options, meeting with your gym instructor. The app can fix all this.
Use case 3: Suppose you don't want to eat at home today. So the app can suggest you what alternative options you can take other than going to a costly hotel such as a new product that came in the market or finding the cost-effective but good street food locations.
Use case 4: Also, think if you could also share this to-do list with your family such as scheduling your father's doctor visit or your wife's shopping time so that they don't blame it on you anymore.
Existing solution 1: Although you can google all of it but google gives you many alternatives which is again a good work for you to sort those. There're a good number of apps that make a list of your tasks but none of those reminds you about any task neither gives you an automated solution.
Existing solution 2: A very similar example would be the app "Siri" by Apple. Remember how easily it answered all your questions. But again, it serve you just when you ask and then forgets about it.
Business Idea: 2. LMGTFY: Let me google that for you
The purpose of the app is to provide human solutions to any of your query. For example: Suppose you want to buy a new domain but just not sure what to name it, the service provides you a human at the other end to do your task manually and provide a legitimate answer at the end.
Use case 1: Suppose you want to earn money online then the service just provides you the answer after manually navigating several websites and checking out the probable options with your skill set and time available. Then all you need to do is spend your time on the actual work that you need to do.
Existing solution 1: Haptik is a good example of such an app.
PS: There's a service with the similar name(LMGTFY) but that's just a satire and returns you the first result by google.
Services to a particular section of Startup/company:
The tools that I came across recently are:
- A website that lets you create viral content for the marketing of your product/service.
- An app that fetches likes on your instagram profile. The app is named "Gramblr".
- An app named evvnt that lets you connect with people in your city.
- A tool that lets you create content for your website automatically.
The common string in all these is that they help you market your product easily. Some other services that you can create are:
Example 1: Create a live database of people in a city and then you can sell it to several relevant industries.
Example 2: Host an event to connect startups with perspective clients, employees or even collectively pitching them to a client.
Example 3: An art company that can create wall paintings for an startup.
Example 4: Soft skills training for the employees is a thing that every startup/company wants now-a-days.
Example 5: Recreational activities/trips for employees is another less explored field. All you got to do is ask for some exclusive packages from any tours 'n' travels company and pitch those to the companies that may need it.
Business Idea 3: A vlog where latest startups can pitch:
Thus your USP will be the latest startups/trends. This way startups will get a way to promote themselves. Also, people will get a one stop shop for all their searches for latest startups/trends. Its quite similar to a promo of an upcoming movie at a particular hall/theatre.(this one is still unexplored so you can take it out before someone else does it.)Niche based Content Portals:
It's the trend of startups where a skilled group of people provide solution to a particular problem. There're lot many startups that're emerging in this field. Several emerging startups include:
- yourdost.com provides psychological help to those in need. These guys are doing a real good job in helping the people who can't talk to others in open for their problems.
- babygogo.in is a startup that provides expert advice to mothers for infant babies.
- wittyfeed.com creates funny viral content around the latest news.
The advantage of working on such a field is that: you don't need to invest in buying lots of inventory or spend lots of time in creating a high-tech product. Start with a small team and scale as you go up.
Another beauty of this field is that you can choose from thousands of products from e-commerce sites and start writing about any of these. Visit nichehacks.com and you can download a quite long list of niche available. For example, you can choose fitness, health or sports and start writing expert articles/ advice on it. You can also earn by attaching the links of products from these e-commerce sites and earn affiliates commission.
Dropshipping:
Its the latest trend of e-commerce that's creating an impact. It's a method of e-commerce in which you don't actually own an inventory. Thus you can sell thousands of products without actually buying them beforehand. For detailed information about it, visit my another article:
http://startupandstartups.blogspot.in/2017/05/starting-my-dropship-business-shopify.html
Choosing a Business Idea
- You got to be a lot more practical while choosing to start a business for your needs. If the purpose of starting a business is making a side-income then you should choose 3rd or 4th options stated above that is: content writing or dropshipping.
- Why I'm saying so is that these require minimal of money and more of your energy. Once you're quite stable in earning some money from these means you can go for the option 1 and 2 stated above that is providing services or creating automation as these will require quite good time, energy and skills. Most importantly, most probably you'll fail when you do it first time so you must have some backup to support yourself in the worst conditions and keep moving.
Since these are just ideas, I'm keeping it open and anyone interested can connect and take it forward. However you're free to carry these ideas on your own and you can even ask for suggestions. Feel free to connect at sagarbhatia.iiitm@gmail.com. I'll be more than happy to help.
About the author:
About the author:
Hi, I've done my graduation and post-graduation in IT. I'm a python backend developer. I've a keen interest in entrepreneurship. Currently I'm working on my online store named "7 Dollar Store" (www.7dollarstore.com). I'm an avid traveller and reader. I like playing cricket, basketball and table tennis.
You can find me on:
Facebook: https://www.facebook.com/sagar.bhatia.927
To get my list of business ideas, mail at above mentioned email address (i.e. sagarbhatia.iiitm@gmail.com)
To get my list of business ideas, mail at above mentioned email address (i.e. sagarbhatia.iiitm@gmail.com)
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