Everything that’s ever been made started with an idea. Great product ideas are everywhere and there is a limitless supply of concepts waiting to be pursued, launched and marketed. Ideas are there to be found and expanded by those who seek them.
Step 1: Develop A Solution-Oriented Mindset.
A new product may come from someone who sees an opportunity in taking an existing concept and applying it into a totally new context.
Here are some questions to help you fine-tune your business mindset:
- What are your favorite products or services?
- What books do you read? What type of movies?
- What websites do you visit every day or week?
- What are your top five interests?
- What do others praise you for?
Next, make some notes using these answers:
- 3 businesses you could run from home
- 10 businesses that you would never want to do
- 3 businesses that I could launch in 2 day
- 5 businesses that cost less than $50 to start
The key here is to build a daily practice of searching for new ideas. Empathy is an essential part of business because without understanding the needs and desires of others, it’s impossible to satisfy them.
Everyday, sit somewhere quiet for 10 minutes and write down at least 10 business ideas that cross your mind. After you’re done, reward yourself with something you love or meeting someone you like.
Step 2: Find The Downsides & Upsides In Your Niche.
Look for things that people find upsetting, hard to do, vital or painful. Then use your knowledge to present them with “cures” or solutions that alleviate their pain or make their problems go away. Be a healer and let this mindset be your compass as you search for new business opportunities.
Here a few great tools to discover your customers’ pain points:
- Google Keyword Tool
- Quora
- Auto-Complete Keyword Tools
You can use Buzzsumo’s Top Content Tool to discover content around popular keywords and trending topics. Do a search for your main keywords and see who’s talking about it and connect with people who are passionate about your idea or niche. Connecting with these highly engaged users can give you access to a lot of valuable insights and feedback and create a community of like-minded people.
Step 3: Do a Competitor Analysis.
Are there ads or products advertised on the page, particularly on the top and sides? Use them while doing Google search on your main keyword.
After that, choose a few of these websites to further analysis using a wonderful tool called OpenSiteExplorer powered by MOZ, by entering the URL of a website you want to analyze.
Step 4: Listen to Real People
Listen to what people are saying, what they wish they’d find in products and services. Read both the positive & negative reviews on Amazon & Ebay. Check out competitive products and services and make a list of all the things missing from top-selling products. These are your opportunities.