Landing your next startup idea is really about studying the business landscape as it currently stands, and then locating a place that you can insert yourself. Successful ideas don’t always have to be in the creation of brand new industry market place. In fact, many great startup ideas are waiting unclaimed within the spaces that bigger businesses have ignored and are ripe for the picking.
Below is how you can find your next startup idea from within the ignored spaces that other big businesses have left behind.
Discover the Un-Sexy
Take a look at the industries that big businesses are flocking to. They are all heading to this area of business for a reason, so study why they might be, and then look for the spaces that they have not set up camp in yet.
These spaces, such as an ignored demographic or lack of a particular offered service, are where there are prime openings for a startup to jump in and capitalize on low hanging fruit.
Refine the Idea
When it comes to refining an idea, forcing a brainstorming session will not help it grow. Believe it or not, what really is needed is time away from thinking about it directly. Taking time away from it all will let your mind produce thoughts that will grow and expand far better than they would when being forced. So plan to take time to unplug from everything to properly let the ideas breath, and the growth of ideas will happen naturally.
Study the Need
After discovering where this space is that the other industries have left open, study why it is exactly that this space has been left open. Have other companies tried to build up here before you? How did it end up for them?
If there are spaces available that are still ignored by bigger businesses, then there might be a good reason as to why this particular area of business is so resistant to cultivation. Study why other businesses have been or haven’t been successful in this particular area, and focus on finding a solution to where they may have failed.
Test the Waters
Once you study the terrain and understand why it is that other businesses have failed to be successful in this area but how you can succeed, it’s time to create a prototype of your product or service.
Before you go all in with your startup venture in this new area of business, test the waters by creating a “Test-Run” version that won’t sink all of your funds. The reason to play it safe here is because you still don’t know if you’re version of this business idea will take and if it ends up not being successful, then you still have some funds to try again after some changes or to try a whole new idea.
Hunting for a big idea for your next startup venture does not have to be a wild goose chase. It really can be as simple as scoping out the already existing business landscape. One doesn’t have to think about reinventing the wheel with every new big idea, it can be as simple as focusing in on where there are ignored needs.
