From meditating to seeking inspiration from your travels, explore the creative ways to hit on an entrepreneurial money-making scheme
Finding your niche as an entrepreneur can be challenging. Here are six alternative routes to that perfect business plan:
There are countless businesses already in existence, so it’s very likely that you won’t be the first person to think of an idea or product. Many talented entrepreneurs waste time and energy trying to think of a unique business, when they should be focusing on how to be better, rather than how to be different.
“Don’t believe the myth that an idea isn’t a good one because there is competition,” says Marianne Cantwell, founder of Free Range Humans. “If it is a good idea there either will be competition already, or there soon will be. Remember Facebook was not the first social network and Google was not the first search engine.”
Cantwell recommends keeping a list of businesses that you find inspiring, then asking yourself how you could put your own stamp on that product or industry. “This thinking will free you up to find more ideas than you imagine, closer than you think,” she says.
If you haven’t already watched Headspace founder Andy Puddicombe’s TED Talk, this is a great place to start. Puddicombe explains the importance of taking time to stop and look after our minds, and why this is an essential part of the creative process.
“We are so distracted, we are no longer present in the world in which we live,” he explains. A busy, stressed mind is unlikely to be able to access the inspiration and clear thinking required to come up with a business plan, and build that plan into a reality. Taking some time to clear your head and become aware of the world around you could open up a myriad of potential ideas.
If you’re not trained in finance, you wouldn’t open an accountancy practice. It’s the same with any business – you’re far more likely to make your idea a success if you focus on the skills you already have. Vicki Anstey, founder of Barreworks, quit her job to set up a dedicated barre studio after discovering a ballet workout technique that revolutionised her body, posture and confidence.
“My background in marketing and advertising gave me the right instincts and skills to turn a much loved hobby into a profitable business,” she explains.
“I get ideas about how to do things differently all the time,” says Thomas Vles, who came up with his disposable cat litter product, Poopy Cat, after realising that his cat didn’t associate the box as a toilet, only the litter.
If you look around your house or workplace, you’ll see a huge number of problems or mundane tasks that could potentially be made easier by a new product or service. If you identify an issue that someone else hasn’t already solved, chances are there will be a market for it.
“Being an entrepreneur has nothing to do with being the smartest or the best, it is only about daring and taking risk,” Vles says. “Too many great ideas remain undeveloped, just get out there and do it.”
Jimmy Cregan, founder of Jimmy’s Iced Coffee, came up with his business idea when he was travelling in Australia and discovered the iced coffee market there. Looking abroad for inspiration can be a great place to start – you might discover a product that hasn’t yet been marketed in your local area, or you could discover a new way to present an existing product.
Cregan believes that you can recognise an idea that has real potential by its persistence.
“If you like the idea of quitting your day job and becoming an entrepreneur, that’s great but you’ll need to find something you will spend more time on than anything else in your whole life, aside from breathing,” he explains. “The idea needs to be embedded in your brain like some sort of bug that won’t go away. The idea won’t let you go to sleep, the idea will wake you up in the morning and it won’t leave your side.”
Don’t be a perfectionist – if you wait for your idea to be perfectly formed, you could waste months that could be better spent testing out the “maybe ideas” that could potentially become something amazing.
“Sometimes the best ideas sound less than promising at first and only become brilliant in the execution,” explains Cantwell. “In 2015 you are lucky enough to be able to get an idea out into the world, for free, in a very short period of time. So instead of shelving an idea for not being completely perfect from day one, challenge yourself to find the heart of your “maybe idea”, try it out in a short timeframe, and improve it on the ground.”
Often the biggest barrier to success is the fear of taking that first step. Jump straight in, experiment and see where it leads you.
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