Before Facebook, there was Myspace, and just like that, there have been recycled business ideas since always are businesses in today’s world. You can figure out something extraordinary out of ordinary things.
Albert Einstein expressed his opinion and said, “Creativity is seeing what others see and thinking what no one else ever thought.”
In this blog, we will take the flight to find ideas when you’re on the block. More on this later; why not inspire your mind with some existing ones?
Our Suggestions, Your Inspiration.
This section of the blog is the same as Quora’s suggested spaces. We chose the best existing business ideas out of the good to add. So what are we waiting for? Let’s move in the plane.
1. Blogging is quite popular
In 2022, according to Earthweb, more than 7.5 million blogs went live, and the stats are growing dramatically. Among all these bloggers, more than 30% of those wear the success badge. A successful blogger can make more than $200K annually on average. among all successful writers
The monetization of your blogs is possible in numerous ways once you grow an audience. Whether it’s Google AdSense or affiliate links, all the methods will generate crazy revenue.
2. An Author
Have you ever thought of the best-selling authors? Writing and selling books is also a form of business. Even resources such as KDP (Kindle Direct Publishing) have made becoming an author a piece of cake.
Self-publishing has carved out best-selling authors such as Stuti Changle. She had self-published her first book, On the Open Road, with KDP, and now she has gone too far! Stuti, as she tells her readers, left her job to pursue her passion for writing.
3. Freelance & Skills
Learning a skill and excelling at it to earn is what a freelancer does. According to Orbis Research of 2021, the freelance industry is expected to grow at 15.3% of CAGR (compound annual growth rate) by 2026.
The freelance industry is booming every passing year, beating its record. Saheli Chatterjee, the freelance idol of many, generates six figures effortlessly with her skills. She has been in the industry for several years, and her standard in the freelance industry is no surprise.
The combination of the three business ideas is nice enough to support you in earning a living. However, all are the same as setting up a business one might have to invest money and learn a skill or promote your book.
Now, the clock seems to tick right at the ideas. It’s time to open the chapter and let it shine.
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Creating New from The Given.
An original idea is an exhausting task to do. So we have chosen to form new words by jumbling the given ones. Well!!, let us tell you all the places where you can get inspiration.
1. Ongoing trends
You decide the niche you would like to grow your business. If you’re interested in the tech niche, go for the trending topics on which the articles and videos are available. Something might catch your eye.
What can you do better? Is it painting, writing, or designing? You can find something which can be done better. Why don’t you make your dream come to life by enhancing its features?
3. Random thoughts
The last one: Get inspired by your environment. For instance, someone saw students struggling with their assignments while also working part-time to live and created AI writing tools.
Another one thought about remote-control wheelchairs. In this manner, you can grab the thought cloud and turn it into your sun.
Well! For example, there is an attractive thought you have come up with, but you still need help with the creation of an idea. So here is your answer to the why.
Is The Problem Known Yet?
There is a problem that remains hidden in an existing solution and can be replaced by another solution. But first, you need to find out the hidden problem.
For example, who thought of Metaverse before an entrepreneur figured his dream out that Metaverse is possible? Nobody. Another example to make you wonder: For now, memorizing the notes is the only option for the student. The next generation might not even need to open the books and add them to memory.
The problem could be in the latest solution to the previous query, which was like a thick line, while the existing question is a thin line. So, one is visible, and the other needs focus.
Finalize The Idea
Supposedly, you have discovered the idea you were looking for – a worthy business idea. But have you cross-checked the pros and cons yet?
The budget, finances, legal procedures, and papers should be considered before finalizing any business idea.
The Idea & The Product
It’s the right time, and you have finally created the designs but have yet to present them to your target audience. So, will investing a large amount of money into something nobody knows about be a good choice? It doesn’t seem so.
An MVP (Minimum Viable Product) takes the place of the final product to boost your business idea. It is said that an MVP is the draft version of the product with the solution to the problem. This draft version has no additional features apart from the actual problem solver.
An MVP saves you from losing money if the product does not work out, and it increases your product’s chances to shine. Read more to find out how!
Making It Live!
As your target audience uses the product and gives feedback, you work on it, and gradually your MVP takes the shape of the final product after repetition of the same process.
Your final product turns out to be of your audience’s choice and makes it more relatable to them by making the chances of your product’s success high.
Anyone could create a business and name it but growing it to a high mark is only some people’s cup of tea.
Reading your customers could be challenging. So why not ask for their feedback just as Lisa Stone says – “Wonder what your customer wants? Ask. Don’t tell.”
Bottomline, make your idea and the product relatable to your audience so you can compete to win in the race of business.
The DECISION 168 team is on a mission to Empower Small Businesses, Entrepreneurs, and Individuals. Through the relationships and experience of our network, we will make a difference together.