Starting a Business: The Idea Phase Phase

by Garrett Spence
10/30/2014 12:24:28 PM

Where To Get Business Ideas and How To Decide If They’re Good

Starting a business is a multi-phase process. The first part of that process is usually called the “idea phase”. This is the time that an entrepreneur will brainstorm potential business concepts. Generally, the idea will not be something completely new or different – unless you're a genius like Steve Jobs. It often involves filling a niche or providing a product or service that improves upon a current offering.

Finding a Business Idea

The prospect of coming up with a business concept can be daunting to a lot people. Yet, most people are already good at something – or even a number of things. To start the ideation process, start with either a blank sheet of paper or an online notepad, and write down things you're good at or enjoy doing. Now review your list and narrow it down; just because you are good at something doesn’t mean that you want to convert it into a business.

Where’s the Passion?

Most people want to start a business because they’re passionate about something, not something that they’re merely good at. Review the list of ideas. Potential entrepreneurs should think about what items on that list they really like to do and what they wouldn’t want to do for a long-term career. For example, a person may be good at programming, but that may not be what he wants to do as a full-time endeavor.

Where Can You Find Ideas?

Potential business concepts are everywhere. Even the most saturated markets and industries may have a niche that’s not being adequately fulfilled. Talk to family members, friends and colleagues. What products or services do they complain about? What are their wish lists for improving their jobs or daily lives? What products or services do they wish were available? A potential entrepreneur should jot down all of these ideas in a notebook or mobile device. Scan through these on a daily basis and look for inspiration.

Is it a Good Idea?

Do some research to determine if there’s a need for the product or service. If there is, then the idea is worth pursuing. If not, then another business concept should be considered. Try doing some work for free or giving away the product, and see if people respond. This is a good way to determine if the product or service will sell. It also offers a way to get referrals for paying customers.

Be Persistent

Once you get an idea for a business, it’s time to start on the next phase – actually launching the business. It won’t be easy, but the hardest part is actually getting started. Don’t get discouraged. Do the research, and start putting together a business plan. Get the idea, and get going.

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >