Have you ever looked at a company and thought: why haven’t I thought of that? Or, how did they come up with that idea? Or, who knew there’s a market for that? Business ideas aren’t hard to come by. There are tons of it. What’s hard to come by is a great business idea that has a market that is ready to patronize your company. It’s not just about identifying a business that can make a lot of money. It’s more about coming up with an idea that can last amid political, economic, and environmental changes. The question, above all else, should be: is it resilient enough?
Who would’ve thought, for example, that the travel industry is going to take a hard hit because of the pandemic? Did anyone even foresee the coronavirus pandemic? So, does that mean you shouldn’t get into the travel industry? And if you do, what can you do to make your business model resilient to future pandemics?
Use Technology
The answer to all your questions is to use technology. You have to harness the power of these tools and algorithms to come up with a great business plan. You need to listen to your audience and the only way to tap them is to use online market survey tools. What do they want to see? What do they need? How can you convince them to give your business idea a try? Only technology can give you a convenient way of getting to the meat of the problem.
Of course, it wasn’t always this way. Bill Gates didn’t have the internet when he thought of making his own operating system, as well as a suite of programs that revolutionized the whole office experience. The late Steve Jobs literally created the technology you now use to easily research a business idea. These mavericks created something out of nothing. That’s what makes them unique. But you have to thank them as well since they paved the way for entrepreneurs like you.
Today, it is easier than ever to come up with an idea because of the technology entrepreneurs before you innovated.
Online Survey
The smartest way to find out what your market wants is to do an online survey. You will create a list of questions that will help you determine what your market needs and wants. Tailor your questions to come up with the answers you need. For example, you can find out if your market needs to step outside the town’s borders just to find a competent car mechanic. That will give you an idea that there is a lack of auto repair shops in your area.
If you are targeting the local college students, then you can start asking them through the survey if they think there are enough leisure options for them in the area. If they find this lacking, what business can you come up with from that information? While it is not easy to convince your market to answer online surveys, you can offer them incentives and freebies. If they find out that their answers can help the community, they will be willing to answer your questionnaire.
Search Engines
Do you know that search engines can also be helpful? First, make sure to turn on your location in your browser. Then, on Google’s search bar, start typing random products and services that you’re thinking of starting.
What products and services are being offered in your area? What is not being offered? Even Google’s suggestion box can give you great ideas on what is being searched for in your area.
You can also check social media for feedback and grievances. People will always be commenting on posts about certain products and services they feel are lacking. These are great idea generators because you will be addressing actual grievances from actual people.
Apps
What are the most popular apps in your area right now? Is there anything missing? Can you improve on some of these apps? Can you, perhaps, take the app and turn it into a brick-and-mortar store?
The great thing about this is that these apps have a strong market presence already. By turning them into inspirations, you can come up with a great idea that your target market will recognize and support.
Businesses will take longer to prosper now because of the tough competition in the market. However, they also have a higher chance of succeeding because entrepreneurs now have the right tools to determine what their market wants and needs. So, although the market is saturated, it is also full to the brim with potential.