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How To Form A Business Idea

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Behind every business is the idea that started it all. Many people believe these ideas occur by mistake or coincidence. This is not true. It takes more than just sitting on the couch waiting for an “ah ha” moment. It takes patience, effort and time. The good news is anyone can form a business idea. Here’s how to do it.

Find a problem in your everyday life

The easiest source of inspiration for a business idea is your own life. Think of anything in your life that makes your life difficult. Ideally, this is something that you encounter often. It doesn’t have to be a major problem, just something that makes your life more difficult than it should be. Do not worry how to solve the problems yet. Just focus on the problems.

You may be asking yourself, “Why do I need to find a problem in my life? Why can’t I just think of something that I would want to do?” If your goal is to create a successful business, you need to focus on a problem, or a pain that makes life difficult. If the average American has a headache, are they more likely to buy an aspirin or a vitamin? Pharmaceutical sales are a $80 billion industry. Vitamin sales are a $37 billion industry. There’s your answer.

Identifying your headache will bring you one step closer to developing your aspirin.

Propose a solution

Now it’s time to form your solution. Just think generally about how you would like to solve your problem. Don’t wear yourself down with logistics just yet. When you form your proposed solutions, Google it. Most likely, that idea already exists. Finding this out now can save a lot of time and energy if you see that your solution has already been developed and monetized. But even if you see your solution already exists, you can make it better. There are plenty of successful businesses that are modeled after an existing idea (Think FedEx and UPS).

Test your solution

If you are still encouraged that you have a money-making solution, prove it. There is nothing more valuable than gathering feedback on your idea. It’s even better if you ask people if they would buy it. Listen to the responses, and do not get defensive. Get opinions from people other than family and friends and then redevelop your solution until an objective person tells you they would buy it.

Side Note: Some of you may be thinking, I don’t want to tell anyone my idea because they may steal it. Unless you are planning to invent something that could be patented, you should not care about others finding out about your idea. An idea does not make a company successful. You do. You must believe that you are the only person that can make your idea successful so that it will not matter who else copies. If you are afraid of competition at this stage, how will you handle it when money is on the line?

Bring your business idea to life!!!

If you made it this far, your solution has now transformed into a legitimate business idea. Now comes the hard part. It’s nice to think about owning a business, and sometimes fun to plan it, but the hardest thing to do is actually open your business. Don’t let fear stop you. If you’ve made it this far, it’s time to bring your idea to life. So when you are ready, give us a call at 954-282-9331 or contact us online to schedule a consultation with an experienced business attorney to help business idea to life!

 

Bryant Taylor Law

333 Las Olas Way
Suite 416
Fort Lauderdale, FL 33301

info@sbttlaw.com