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There is no better time than now to start a new business. Everyday that you delay and postpone your start, there becomes another lost opportunity.
So, if you are looking for inspiration and methods to help you find and develop innovative yet promising business ideas, you have come to the right place.
This post will uncover some of the most unique and best ways to develop successful standout business ideas.
Starting A Business: 4 Unique Ways To Develop Successful Standout Business Ideas
- Why Most Businesses Are Often Related to Solving Problems
- 4 Unique Ways to Develop Successful Standout Business Ideas
- Conclusion
Why Most Businesses Are Often Related to Solving Problems
Every business starts with an idea, or rather a problem that needs to be solved.
We constantly encounter problems in our daily lives. If you have a unique idea for a functional product or a highly innovative service that solves a key problem, then you may have discovered the perfect idea that provides value to a particular target market.
This assumes, of course, that the problem in question affects not just a very small target group, but as many people as possible. This is the demand-driven basis that is essential for steep, scalable, and successful business growth.
Ultimately, it must be about focusing on a core problem from the beginning in a cost-effective way with as little financial resources as possible.
You may think of a brilliant business idea, but it is vital that you account for the wider world. Your ideas will not be feasible if they don’t solve a problem and if there is no demand for the solution that you offer.
This is even more important in industries with a highly innovative and competitive environment. You’ll need to ensure that to solve a real problem.
Otherwise, a business idea can quickly turn out to be nothing more than a lost cause, especially since product life cycles have become drastically shorter nowadays.
READ: Step-By-Step Guide To Creating A Bulletproof Strategy For Your Business
In this respect, it is advisable to break new ground in the search for successful startup ideas. It is important to let creativity run wild in a strategically directed way.
Here you have the opportunity to do so using the unique business examples below.
4 Unique Ways to Develop Successful Standout Business Ideas
1. Find Scenarios That You Hate: This Problem Needs a Solution!
This is the solution or problem orientation that’s already been mentioned.
Most successful business founders were often faced with problems in their everyday life. The problems that they encountered initially had no solution, meaning that there was an evident supply gap in the market.
However, it needs to be clear right from the start that other people are also annoyed by this problem and that they are also looking for a solution.
An effective way to discover and develop an appropriate solution for an existing problem is, for example, the iterative product development process based upon a minimum viable product.
The finished solution now has to be marketed with an attractive price. Genius can be simple and equip familiar with completely new functions.
Often the most successful new business ideas or products are those that put a twist on things or ever so slightly think outside the box.
This is an ideal method for problem solvers. You can easily start generating new business ideas in your everyday life.
Think of all of the things that happen that you hate. No doubt some ideas quickly emerge. Then, for each problem, you structure a proactive solution and ultimately evaluate the market opportunities.
Innovative and successful business founders are more often than not problem solvers. But, in order to truly succeed, problem solving needs to be highly demand-orientated and needs-orientated.
This is so that the added value appropriately justifies a price that opens up high net profit margins.
2. The St. Galler Business Model Navigator: The 55 Business Models
If you want to find a new and above all functioning startup business idea, you should definitely spend time looking into the St. Galler business model.
This is because the Business Model Navigator is widely tried and tested in practice. Given that the world’s most successful companies typically use at least one of the 55 of these business models, it’s definitely worth looking in to.
The advantage of this method for finding business ideas is that you can use a completely tried and tested business model as a functional framework.
The model describes each business model and how they can be implemented in a very understandable yet insightful way.
At its core, you’ll use techniques to develop startup ideas based on patterns from a total of 55 different business model variations. This allows you to methodically implement the generation of ideas while relying on a high degree of practicality.
Some Examples of The St. Galler Business Model Types
Example 1: Add-on
The main product is offered at a competitive price, but it can become more expensive, and individually tailored, thanks to additional paid features (e.g. the business models of low-cost airlines or companies that sell softwares).
Example 2: Aikido
Aikido is a form of Japanese martial arts where you take the strength of your attacker and use it against them.
Therefore, having an Aikido business model means that you are providing something that is completely opposite to the functionality, values, and principles of competing businesses.
This is done so in such a way to draw in customers who value ideas or concepts ahead of what is viewed as being mainstream.
Example 3: Mass Customization
This is a business model where customers can customize products to their needs.
This is done in such a way that there is a standardized model to begin with that gets parts added to it in accordance to the demand of individual customers.
3. Digital Dinosaurs: Business Ideas With a Focus on Industries of The Past
In the age of the omnipresent Internet, no company can afford to neglect digitalization within their corporate culture.
Unfortunately, the reality is different, because in many industries the implementation of digitalization is massively behind those of others
Significant cultural changes are yet to have taken place in many industries. This is often the case because they acknowledge that their current business methodologies and process are still working.
So, they think to themselves:
“Why take new, unknown paths when the company is still doing well?”
When starting a new business, you ultimately want to find opportunities and, above all, future-oriented ideas.
These so-called ‘digital dinosaurs’ in theory create fantastic business opportunities. Basically, all you have to do is identify industries or companies that have a low degree of digitization.
Once you’ve found weaknesses or clear inefficiencies in processes and value chains, you can develop solutions to intelligently digitalize this business’s processes.
Software-as-a-Service: a solution that digital dinosaurs can’t resist
One of the best ways to exploit the opportunity of digital dinosaurs is to focus on SaaS (in other words, Software as a Service).
In principle, a SaaS solution is an Internet application that solves a specific task for a specific audience or can do it more efficiently and quickly.
So, a customer can use an application online that helps them complete a particular task, like a kind of service.
They then pay fees to the company that provides the software in order to use the software.
READ: Successful Entrepreneurs Have Said: These Are The Best 10 Business Strategies
4. Business Process Automation: Digitalize and Automate Manual Activities
Business process automation (BPA) is similar to the software-as-a-service (SaaS) approach, and it builds on the “Digital Dinosaur” method.
This approach is very simple, but highly effective when done right. All it really involves is identifying previously manually performed tasks and activities and then generating ideas for automated solutions.
Think about the evident lack of digitalization and automation in the construction industry as an example.
You can learn more about the benefits of business process automation, some examples of BPA cases, and what kind of business processes should be automated in this article.
Conclusion
There is no doubt that the opportunity for new business nowadays is incredible. However, distinguishing your new business from the rest of the crowd is fundamental.
Therefore, by taking advice from the unique ways mentioned to develop standout business ideas, you’ll be able to distinguish your new and upcoming business from the rest of the market and strive towards developing a truly successful business.
Which business ideas on this list did you like best? Do you have other ideas you think can make for a successful business? Share them in the comments!
Author: Ryan Keeler
A marketing student and professional photographer, born and bred in Kent, England. Striving to inspire others to live meaningfully at FocusEthos.com.
Twitter: Blog/Business | Personal
A very informative read
Great informative post guys some useful tips for us to take from it. Will spend some time reading through some more of your work later
Thanks for the great twitter feed also helps us greatly
So glad to read the content has been helpful. Thank you so much for your feedback! ?
Thank you for sharing such inspiring and useful post! It could really help many people to come up with the business model and proceed to the stage of the development. BTW, don’t forget that sometimes you can outsource the part of your development to optimize the resources. I’d like to share the material that helped me to see SaaS the way SaaS developers see it tagsoft. co/saas-development-company/. Good luck!
I learned a lot about different types of business models from this post. I think digitalization is incredibly important, and I think a lot of people finally realized this once the pandemic hit.
That’s true, this pandemic has definitely affected the way people run their business, and providing digitatalization options to businesses has become more of an in-demand business idea than ever before.
Great tips! A product/service that solves a problem is the ultimate business idea
Indeed! People are always looking for more connivence, and it’s relatively easy to succeed when you’re providing something unique that people actually need to make their life easier/better.
Really informative post.