5 Steps To Brainstorming Online Business Ideas
Coming up with million dollar online business ideas is a lot harder than it sounds. To help get the brainstorm started, here are a few business creation tips.
E-commerce websites account for around 12% of the internet’s total make-up.
While there is no shortage of online businesses, the list of successful online businesses is much shorter. Only 650,000 e-commerce sites sell over $1,000 per year.
The numbers show that it might be easy to start an online business, but it is much more difficult to create one which has sustainable growth. The key to a successful online business, boils down to having an innovative idea.
Here are five tips to help you get your brainstorm started and the creative juices flowing. Read on to learn more.
1. Create a List of Online Business Ideas
Any good brainstorming session starts with putting pen to paper.
Your first step should be to write out a list of ideas for business ventures that interest you. Get out all of your initial thoughts on paper and do make a judgement about them straight away.
The key is to get as many online business ideas down as possible. Once you’ve done that, you can refine your list by thinking about problems that need to be solved.
Look for opportunities in the market you are interested in, then refine your list, until you have 5-10 solid ideas. You can also seek out a coach if you are having trouble coming up with inspiration.
2. Identify Trends
E-commerce generates over $1.2 million every 30 seconds. There is a huge opportunity for success if you have the right online business idea.
One great way to determine if your idea might be successful, is to look at Google Trends. This online tool will give you insight into what keywords are trending and generating interest by the public.
Look at a few keywords related to each of your ideas, to see which ones are trending up and down.
3. Find Solutions As Online Business Ideas
Now that you have narrowed down your list, it is time to do some critical thinking.
For each of your online business ideas, come up with solutions to an existing problem. Approach this stage with a brainstorming mentality – and do not be afraid to seek out the guidance of others.
Analyze each idea with a solutions-oriented approach. If your problem already has a solution, you might want to consider finding a more narrow niche. This way you don’t enter into an overcrowded sector of the market.
4. What Are Your Passions?
You may have a great business idea, but it means nothing if you are not passionate about the industry.
Ask yourself ‘What are my passions?’ to further narrow down your business ideas. Ideas that you are not passionate about can be thrown away.
Entering into a business venture without passion is a risky proposition. If you want to be successful, you need to find something that you will stay invested in long-term.
5. The Final Thought to finding Online Business Ideas
You’ve done your research, analyzed trends, considered your passions, and narrowed down your search. Now is the time to whittle down your list of ideas to one.
You can test out your final few ideas to help you select your winner. You can do so by testing out the waters with crowdfunding efforts, creating a pop-up store, or creating social media profiles.
Then, you can analyze your potential traffic and interest generated, to select your final idea. The only way to know what could be successful, is to test out the market.
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