There are many ways to come up with a winning business idea, but some are more effective than others. If you’re just starting out – and trying to conjure up an idea that yields profits – it’s easy to fall into the wrong mindset. Today’s post will explore exactly what you shouldn’t do when thinking of possible business ideas.
Don’t blatantly copy others
It’s very tempting to see a successful business idea and think “Okay, I’ll have that for myself.”
You know it works, but that doesn’t mean you should adopt it as your business idea. Copying others can land you in a lot of trouble – there may be legal disputes if you’re copying them too obviously. What’s more, you’re more than likely creating an idea in a very saturated market. This will make it harder for you to stand out or to do something different.
Copying ideas from others is the easy way out, yet it rarely yields long-term business success.
Don’t follow an idea you’re not passionate about
There’s a multitude of business ideas and concepts to gain inspiration from. Some seem like excellent business ideas and you can easily put together a winning business model. However, is it worth doing this if you’re not passionate about the idea? The prospect of making money can only go so far as motivation for running a business. If you truly want to succeed, your business needs to be your passion.
With that in mind, start figuring out what you’re passions are in life. Then, adopt these to the working world and you’ll discover some excellent business ideas. Try taking the Strong Interest Inventory free test if you can’t work out your passions. Tests like this help pair your interests to certain jobs or fields. For example, your love of collecting things or building models at home can translate to a career in bookkeeping or accountancy. From here, you can start a business offering these services and it’ll be something you genuinely enjoy doing.
If you can find a business idea born out of your passions, you have a higher chance of a) succeeding, and b) loving what you do.
Don’t jump on trends
Trend jumping is the worst way to build a sustainable business. The world always goes through trends where specific things are extremely popular for a short while. As such, you end up seeing dozens of businesses cropping up, all of which pander to this trend.
Sure, they do really well initially and get loads of customers. Then the trend dies down and business dries up. Because they built the whole company around a specific trend, the owners can’t pivot and the company goes under. Avoid jumping on trends unless there’s significant evidence that it can be an idea that either stands the test of time or can be altered once the trend dies down.
It’s very easy to come up with a bad business idea or to approach things in the wrong way. If you want a successful business that you enjoy running, you need to avoid the mistakes spoken about above.