May 14, 2021   Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Innovation and Resources   No comments

How to Find an Idea for Your First Startup

Guest Post | May 14 2021

Ideas for your startup - How to Find an Idea for Your First Startup

Are you dreaming of a startup? Then you need a good idea. Here are some ways to determine the specifics of your future business. Check this out now.

Most people have thought about starting their own business at least once. Office work can seem boring, and a startup is a good way to leverage current trends to make money and do whatever activities you enjoy. Once you realise what your passion is, it’s time to do thorough research about the industry. Once you collect all the required data and write your business plan, getting the business off the ground will seem easier as there are many available options for each type of startup. Entrepreneurs can create business or product concepts with the help of accelerators to AI B2B venture studios for SaaS companies, which also invest money and offer strategic guidance.But the problem is that not all people know where to start. How to find an idea for your first startup? Here are some tips to help newbies.

Check What You're Good At

The most important task of any person is to find key strengths. What do you do best? Perhaps you are a good graphic designer, manager, or translator. Determine the area that best suits your skills. If you have a talent for songwriting, why not start your own company and provide services to musicians? Pay attention even to those skills that may seem secondary. This advice will be especially relevant for students. Even if you need a couple of days, you can tell someone, "Can you do my assignment?" Then nothing will distract you from finding your best skills.

Run Some Cheap Tests

Take a look at the Internet space. It is a great environment for testing your ideas. For example, you can rent a website or buy cheap ads to determine how profitable your ideas are. If you are going to sell goods, you can negotiate with a warehouse for a dropshipping system. Even if your experiment fails, you don't have to put up with high losses. Typically, any series of small tests or even social surveys will help you narrow your search.

Bring an Existing Idea to a Different Platform

This advice may sound a bit abstract, but let's look at an example. It’s simple. Let's say you have programming skills and want to create games for smartphones. Then you should understand that the niche of arcades and platformers is already overfilled. Take a look at those video games that are popular on consoles. Adapt the gameplay for touch screens, change the scenario and add new elements.

See:  13 Modern Ways to Bring Good Ideas to Life

Let's say you like Mortal Kombat 11 and want to create your own fighting game. Modify the characters, add more weapons, explosions, and the very principle of a combat tournament. Then no one can say that you stole the idea. Adapt to the market, and you will be successful.

Do What You Love

Sometimes even the most original ideas may not be unsuccessful if you have no personal interest. Take a look at your hobbies. What do you like the most? Perhaps you are crazy about golf. Then you can create golf courses, mini play zones, or create video tutorials. How about starting a YouTube channel with golf news, guides and reviews? Create a list of your hobbies. Then it will be easier for you to concentrate on those ideas that can be monetized. Don't be afraid to discuss some points with your friends. If your hobby includes socializing with other people, you may want to consider finding several business partners.

Buy an Existing Business

Someone has already implemented almost every idea. Let's say you want to open a small pub. Take a look at what options are available in your city. Someone may agree to sell you the existing business. It will be easier for you to study all aspects of such a company than search for employees from scratch and establish sales of goods or services. Take a look at the most promising niches. In addition, no one bothers you to use other people's ideas and slightly change someone else's startup concept.

Create a Survey

What could be easier than asking people about their wants and needs? Conduct a survey. As a rule, there are quite a few companies that can do this for a small price. If you have no money, you can look at examples on the Internet and ask people in your city.

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You can even create multiple answer choices and voice them for each respondent. Then it will be easier for you to analyze public opinion.

Solve Your Problems

Take a look at what you don't like in your daily life. Perhaps you are not satisfied with the speed of delivery of pizza or groceries. Or are you not satisfied with the quality of the baked goods at the local bakery? Do you like the software you are using?

A good startup should offer an effective solution to a problem through a product or service. Your job is to make a list. You don't have to come up with something global like Amazon or KFC. Start with a local startup. Then you don't have to think about how to attract additional investment.

Final Words

There are many options for coming up with a successful idea. Don't be afraid to dream or set ambitious goals for yourself. Your main task is to understand if you can implement your idea. Sometimes even very good startups crash against the wall of reality. That is why you should determine all the risks in advance. Then you will have a better chance of success.

NCFA Jan 2018 resize - How to Find an Idea for Your First Startup The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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