If you have always wanted to start your own business, then the entrepreneurial nature of the modern world is both a blessing a curse. On one hand, it’s useful that starting a business has become the norm, as guides and resources that allow you to turn your idea into a reality are now commonplace. On the other hand, the sheer volume of competition can make finding a unique business idea next to impossible.
The risks of duplication
As a result of the sheer volume of companies in the world, many businesses naturally offer identical services to other companies. Few companies enjoy complete market dominance to the point they have no other competition; Amazon, for example, may be the world’s biggest online store in the world, but they are far from the only online store. The same applies in other industries; there are hundreds of advertising agencies, for example, and a seemingly endless number of different shampoo or lipstick manufacturers.
However, the problem with the current entrepreneurial trend is that it is more and more difficult for companies to distinguish their products from their competitors. The market share for any product or service will always be naturally limited, which means that more and more companies are competing for the same pool of potential customers. At its worst, this can mean that starting a new company offering the same products or services is almost pointless: the need has already been met by others in the market, and there just aren’t enough customers to go around.
To avoid joining an already-bustling crowd of companies pursuing the same customer base, many prospective entrepreneurs turn to the idea of creating an entirely new business; something that no one has ever done before, and that can chart its own course rather than following in the footsteps of others.
However, it often feels like all the good ideas have already been taken – so how can you find a business idea that is truly unique?
Consider your problems
Odd as it may initially sound, the problems that you encounter on a daily basis are a great place to start when seeking a business idea. Almost all new business ideas are focused on solving problems; people took to ecommerce stores because they were more convenient, and solved the problem of needing to physically go to a store, for example.
It’s fair to assume that if there is a problem that you experience regularly, whatever that problem may be, then others share that problem – and they might be willing to buy a product, or hire a service, that can remove that problem. It’s therefore worth thinking about everything you encounter, whether it’s at home, at work, in your garden, when caring for your pets – anything. All you need to do is identify a problem, and then go from there.
Turning a problem into a business
When you have identified a problem that you want to solve, you can begin researching how that problem can be fixed. This may mean designing and manufacturing a physical product, or pursuing custom software development from Xibis to create a service or platform that can solve that problem. Whichever route you choose, you’ll be working through the same process: envision how the problem can be fixed, then work until you can find the right answer.
If you do manage to find a solution, then you now have a viable business; selling the product or offering a service to those who were once in your shoes, seeking an answer to a disruptive issue, and ready to embrace an innovative solution.
Finding a truly unique business idea is increasingly challenging in such a busy business world, but you might just be able to find a viable opportunity by examining the problems and issues you experience throughout everyday life.
Subscribe to our mailing list
Join Hundreds of readers who have access to exclusive downloads and content