You are starting a business or you have run a business for some time and you are thinking about what new products you could introduce. You have been thinking all the time, but you cannot think of anything good. Where do you go for inspiration? Just take a good look around. This, at least, is the advise given by speaker and entrepreneur Stephen Key, who focuses on helping entrepreneurs launch their business ideas. In an article on Entrepreneur.com Key summarized the following five areas where the best ideas for your business are hidden.
1. Competition
Watch the future plans of your competitors and where the industry as a whole is heading You can start e.g. with the patents registered by your competition.
2. Product reviews
Focus on how consumers evaluate products in your industry. Just look at the internet and you will find a huge number of reviews. Focus your interest on what they complain about and what they would like to have.
3. Trade fairs
Regularly participate in conferences and trade fairs in your industry. New products are introduced at fairs and that is a perfect opportunity for you to speak with their creators and users. Current problems are also discussed, so you can be the one to come up with a better solution.
4. Local shops
Visit shops in your local area. Choose a time when there are not many customers so you can talk with the staff. Ask what problems they have with customers, what sells well and what does not. You'll be surprised by how much information you can learn this way.
5. Search engines
Specialized websites write about up to date news in all industries. Just open a search engine and type the name of your industry together with the keyword "trends".
So where are you looking for new business ideas?
-kk-