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If you understand a market or an industry, you are likely aware of the types of products or services they may be looking for. All that’s left is to figure out which of these products or services can create a viable business. Here’s how you can find the right startup ideas for your company:
Brainstorm
With the market research in hand, you can get your team together and start brainstorming. For your brainstorming sessions to be effective, you need to start with an open environment where all startup ideas are accepted and go for quantity. However, the process does not need to be disorganized. You can start with startup ideas related to what you enjoy doing, your strengths and weaknesses, and the impact you want to have in the world. Once you have a good pool of startup ideas, you can start to filter them. Take a look at your startup ideas from a financial perspective, and try to consider the difficulty of bringing them to fruition, the partners and manufacturers you will need, and pretty much any other factor that you can think of. For example, if you plan to import products to sell them, you will have to consider the weight of these products on top of the other factors.
Borrow
Any market is filled with competitors. If you do not think you can enter a market with a new, innovative idea, you can take a look at what others are doing and figure out how you can do it better, and compete on price, quality, delivery, or customer service. Some entrepreneurs are brilliant organizers or marketers. Remember to play to your strengths.
Steal
A variation of an existing idea on the market is theft. Of course, we’re not talking about anything illegal, but when you take a look at your competitors, you notice a product or service and figure out how you can make it your own. For example, you can take an existing product and add new features and qualities to it that will help it stand out against your competitors. Here, you will compete on the products themselves, rather than on the way you deliver them to your customers.
You can also combine these three methods and approach a market from multiple angles to ensure that you have the highest chance of success. You can improve a product in an innovative new way and provide business extras that will ensure an excellent purchasing experience for your customers.