How to Find Great Startup Ideas: Separating Diamonds from the Dirt
No great building was ever built with unstable foundations. To build something up — to grow a startup into something to be proud of — you’ll need to choose an amazing startup idea to develop in the first place. There are plenty of ideas out there but knowing which one is right for you is key to being successful.
The Good, The Bad and The Bizarre
The most important thing you need to know when thinking of a startup idea is that not every idea is good. You might scribble down thousands of them on sheets and sheets of paper but none of them will ever make you a single dime. Some might be too wacky, others might not be sustainable and some might be too obvious and have already been taken.
What you should think about when you’re coming up with startup ideas is whether or not you can solve a problem. Looking at the industries that your team have worked in, what are the common problems? Which big issue have you faced but never found a way to solve?
Research the problem and find a solution
If a solvable problem doesn’t stick out to you then look at each industry from top to bottom. Maybe catering companies need better food storage because their ingredients keep going off. Or maybe supermarkets need to source more local products. Maybe athletes need an easier solution for cleaning their gym clothes after a work out.
There are problems with potential solutions everywhere and speaking to those affected may also help in figuring this out.
If you’re able to solve an issue, your startup is inherently valuable. It also means that there’s a great demand for what you’re offering.
The more experience you have with your market, the more you can recognise which problems are major and which ones are minor, and it’s important to take this into consideration. If you don’t know enough about your market then later down the line, should you need to alter and improve upon your product, you might find it difficult.
Money, Money, Money
There are also plenty of startup ideas that were unique or interesting and may have even solved a problem. If you can’t make money off of them, they’re not going to be very successful.
The way to go about finding out if your startup idea can be monetised or not is to consider who and what is going to pay for it. Would your startup go about getting lots of investors? Think about what’s in it for them. Are there any competitors who are doing similar things to you?
Consider what you can do better and trump the competition. And finally, how sustainable is the business? If your startup idea revolves around making one, complete product, you’ll never be able to release another one so make sure that your idea has longevity.
Overall, it’s a combination of market research, industry knowledge and the sustainability that will see your idea do well. But when you have a strong startup idea, teams such as EL Passion can help develop your idea into something tangible.
