Finding your New Business Idea

At our firm, we work with many start-up and growing companies. When our clients come to us to help them start a new business or implement a new business plan, they generally have their new idea nailed down. However, we often run into individuals, whether clients or friends in the community, who desire to be business owners or to grow their business. Several individuals are on the quest for their first or next business idea.

The post titled, “How to Find the Perfect New Business Idea” on Erica Douglass’ blog found at www.Erica.biz provides insight on finding your first, or next, business idea. In her post, Ms. Douglass identifies two items that are necessary for developing your business idea:

1.       Finding a market for your business

2.       Finding a validated pain point (or problem to solve) within the market

In finding your market, Ms. Douglass suggests that the more specific the better. Many times, whatever specific market you have identified will allow for future growth. In general, the more clearly-defined your market is, the easier it will be to sell a product or service to that market. Ms. Douglass identifies examples of how the values of your clearly-defined market will help you to develop a successful product (or service).  These values, or “problems” as identified in the post, are easier to pinpoint when focusing on a specific market.

Ms. Douglass also identifies what she calls the “pain point” of a market. These pain points help identify the problems that are ripe for a new business idea to solve.  Once a market is defined, speaking with the customers within the market will lead to the discovery of the market’s pain points.  Ms. Douglass uses the “emotion test” to uncover the pain points of a specific market. She explains that understanding what makes the customers in a specific market emotional helps to uncover a business idea that can solve their problem or pain point. 

Ms. Douglass’ post is full of great examples identifying specific markets and specific issues or pain points within those markets.  You may even be able to identify some of your own complaints as a pain point for a specific market. If you are an entrepreneur looking for your first or next business idea, we recommend reading Ms. Douglass’ post. At our firm, we hope that we can support entrepreneurship and provide assistance for new business owners who need assistance starting their own company. We are also happy to provide current business owners with the help they need when implementing a new business idea.  Please feel free to contact us at (770) 406-8060 or info@kjmfirm.com.