When you want to start your new business, “innovative idea” that can compete in business market is a crucial thing you should have. But how do you find plausible, innovative ideas that can be turned into profitable business opportunities? According to IE University Insights, while groundbreaking ideas might be hard to find, there are still ways to obtain them:
(1) You should change what does not work;
(2) You should make things easier for customers;
(3) You should make things more affordable; and
(4) You should have one element called ‘imagination’ to create an outstanding yet selling idea.
The four elements above will help you come up with fresh and selling ideas you can consider for your next business plan. If you are looking for something new to do, what about trying these ideas?
Idea #1 Diet restaurant/catering – The number of people with obesity keeps increasing from year to year as reported by World Health Organization. Therefore, creating healthy food restaurant can be a good business plan. You can arrange and serve menu for healthy diet as well as giving tips and tricks for people who wants to maintain their health and shape.
Idea #2 Automatic trash can – Sometimes, people are lazy to sort out and dispose their trash based on its recyclability. Therefore, to help garbage man and recycling company, you can create an automatic trash can that can differentiate disposal by itself. For example, an AI-powered trash can that automatically collects plastic form of rubbish.
Idea #3 AI for massage – Many said that technology, Wi-Fi, phones, and automations are silent destructions to the brain. So, why not create the cure from technology itself? You can create technology innovation that can actually make human’s brain healthier. For example, AI-generated application that can help people relax and prevent brain injury such as excessive dizziness.
Idea #4 Recycled furniture – Help the earth by recycling. You can create recycled furniture such as table, chair, doors, and the like from rotten and unused furniture such as rotten table, stainless, or tire.
Idea #5 Hotel service – Sound simple right? But what about hotel that employ homeless and street people? Sure, it sounds challenging. They might not have the skills at first but you can always provide training. Also, this could be one of labor shortage solutions.
Idea #6 Idea service – It might sound silly, but if you have brilliant mind and high imagination, this one might be worth to try. You can provide ideas, caption for feeds, or even quotes for social media posts for company or individuals that need it. For example, there are many organisations that deal with recycling garbage. Here, you can provide idea of how to recycle the materials.
There are a lot more ideas you can do. All you need to do is to look and try from different angle.
However, as important as your ideas, Bill Gross said that idea comes the third , the first is timing and the second is team and execution. Bill in his TED talk shared his finding on why company can reach their biggest success and the answer is timing. Timing plays as a leading role of success with 42 percent higher chance than any other factors, while team and execution come next.
As an example, let’s take a look at Airbnb. The company provides services to those who want to rent their house to travellers. Airbnb is successful because it came out just right on time. When Airbnb was about to launch its product, the country was in “a height recession when people really needed extra money, people can overcome their objection to renting out their own home to a stranger and gain some cash”, Bill said. So, idea does matter most, execution also, but timing is the number one factor.
To know the right time to launch the business, you should conduct a market research first. According to British Library, the scope of market research is influenced by overall objectives. Therefore, you should cover primary and secondary market research, which defines as follow:
Primary market research:
- Monitoring the effectiveness of sales
- Ascertaining the quality of service provided by competitors
- Understanding the channel of communication used by competitors
- Assess the active competition within the market
Secondary market research:
- Published company reports data
- Existing surveys and studies
- Newspapers reports
- Government data
The key steps of successful market research would be as follow:
- Investigate whether similar research has previously been carried out
- If so, analyse the existing relevant data that meets your objectives – providing it meets your budget
- How will the existing data be used and by whom?
- Do you need to conduct your own primary market research too, if so, with whom?
- Understand the types of customer you’ll encounter
Read also: 3 Most Tried and Failed Business Ideas