Starting a business often begins with a spark of inspiration. There are some of us who naturally find new opportunities in everything we see, we think, “What if there was a solution to this problem?” or “How could this be easier for people?” This curiosity then leads us to innovative ideas and potential business ventures.
A lot of the time when we have new ideas, our natural first step is jumping on Google to see whether there’s already a business out there providing the consumers with the product or service. We want to see whether it’s worth further investment before taking any steps forward. The initial Google search then leads to questions like what to do if there is a business out there, or if there isn’t, what your next step should be. What if someone had previously failed at it? Does that mean you give it up too?
When you’re trying something new it’s quite common to have intrusive thoughts and I think we all know what that feels like. They can distract you and hugely impact the decisions you make, it’s important not to let them prevent you from moving forward.
So, what if your idea is something that isn’t already a product and never has been?
If you find yourself with a brand-new idea it can be both exciting and daunting. You could ask questions like, “Why is nobody selling my idea already? Is there a reason? Will anyone understand it?”
If the product isn’t already on the market, it could simply be that no one had the idea for it, or more likely it could be that someone did and they saw the same problem that you’re seeing, but they didn’t do anything about it. Some people have the idea but never act on it and leave the opportunity out there for someone else.
Your first step is going to be conducting thorough market research. Even if you can’t find a direct competitor, there may be indirect competitors or similar products on the market. You want to look at what solution they are providing their customers with. Market research is going to help you understand the potential demand and gaps in the market that your idea can fill.
Sharing your ideas can be daunting, especially when thinking about whether anyone is going to understand what you’re talking about. You want to share with people who support you, but know that they might not tell you if they think the idea is going to fail.
Something you do need to remember is that you don’t want to give your idea away if it’s not been protected, either by a non-disclosure agreement being signed, trademarking, patenting or copyrighting your idea, designs and names. If initially, these things haven’t been done, try and give a rough outline of the idea but nothing too detailed.
You’ll need to research and find a similar product to yours so you can find an estimated price point to determine whether people would pay that amount for this product. You’d also want to know what a similar product is selling for in another country if you wanted to take your idea global.
No matter what the idea is, bringing a non-existent product to market is a challenging but rewarding journey and you should persevere with it.
But what if your idea has already existed and previously failed, what do you do next?
If someone already tried your idea and it failed, it doesn’t necessarily mean your idea is doomed from the start. If you find out your idea had previously failed, you need to do your research and find out what caused the idea to fail.
Conducting market research is going to be the starting point for you. You want to be thorough with this to find out why the idea failed, what the market was like when they launched the idea, what their marketing strategies were, and whether the product simply didn’t get the momentum it needed to launch. Once you’ve got this research you can use it to see how you could avoid the same mistakes and improve your approach.
Whether the idea is new or not you need to perform your own market research to validate the demand for your product or service, making sure the idea is useful and fulfils a purpose. An easy way of getting market research is going to be for you to engage directly with your potential customers through surveys, interviews, or focus groups.
Focus groups can be particularly useful for gathering detailed feedback and suggestions as these groups will be filled with strangers, asking family or friends for their opinions sounds like a good idea although, they usually won’t be completely honest with you which is what you need.
You need to use your research to define demographics, preferences, and buying behaviours to tailor your product and marketing strategies effectively. Once you know who you’re selling to you need to make sure your idea is clear and easily understandable, ensure your idea addresses a specific pain point or problem that potential customers are facing. The more pressing the problem, the higher the demand will be for your solution.
By validating your idea, protecting it, developing a solid business plan, and staying focused and resilient, you can turn your innovative concept into a successful business venture. Richard Branson said, “There is no greater thing you can with your life and your work than follow your passions.” If you have passion for what you’re doing, it will help drive you and your ideas.
