New business ideas are created every minute and the world of innovation is an exciting place to be. It’s fast-paced and nothing ever stands still. It’s a place of opportunity and is open to everyone, regardless of background, wealth or status. That said, simply having a good idea is not a straightforward route to success and there are many challenges and obstacles to overcome along the way. BUT, if your business idea is solid, then with hard work, persistence and a well-thought out strategy, you’ll be sure to see the fruits of your labor.
Solving a problem
Some of the most exciting startups, particularly in the technology sector, are actively seeking to solve a specific problem in the world. They have identified a clear challenge or issue which they intend to fix through their app, gadget, service etc. Knowing what your end goal is gives you the focus you need to stay on track and avoid getting distracted by some of the finer points of creating a new concept, such as logos, websites and marketing. These are all important of course, but it’s like putting the icing on the cake before you’ve left it in the oven long enough to cook properly; it will look great on the outside but once you scratch the surface you’ll find the contents are less than desirable.
Personal experience
Whilst this isn’t necessary for all startups, I would argue that the founders who are personally invested in the product, service or solution are much better able to convey the benefits and vision for the company with potential investors, customers and other stakeholders. There’s an air of authenticity when you can speak from experience about why your business idea is so important, or what gap in the market it fills.
My company, GLITZ TOY, was born out of my personal frustration with how quickly I consumed my own beauty products. I found myself buying essentials every month, and I felt like there must be a better way of using these products without all of the packaging wastage. This was when the idea for GLITZ TOY was born – a range of portable, reusable and affordable tools that meant beauty enthusiasts could consume all of their favourite products, achieve professional results and reduce unnecessary wastage.
Supporting research
We’ve all watched programs like Dragons’ Den where potential candidates are pitching a strong concept, only to fall down when quizzed over the market potential, the logistics of the production or the predicted profit levels. It can be easy to get caught up in the excitement of the idea but ultimately, it’s got to make smart business sense too.
Whilst makeup has certainly advanced in recent years particularly with regards to ingredients and pigments, the same cannot be said for beauty packaging. There has been little innovation in this area in terms of sustainable and refillable products and even less so with regards to the development of beauty goods that incorporate technology. GLITZ TOY was therefore perfectly positioned to bridge the gap between tech and beauty; helping people to gain fast and flawless results from their homes whilst also promoting a more sustainable and environmentally friendly mindset,
But I needed more. I need to prove that this was the case. So I spent time thoroughly researching the market and showing evidence that backed up my top-level thinking. I was able to show for example that beauty devices are expected to grow at an annual rate of 19.34% from 30.59bn USD in 2017 to reach 125.86bn USD by 2025 (Source: Technavio). This kind of validation helps to show why your idea will be successful and provides reassurance that you’ve evaluated it’s potential accurately in the ‘real world’.
Future proofing
This is always an interesting concept, as it requires you to think about the place your idea may have in future society. Having an idea that works right now is of course important, but if you want your product, service or solution to last, it needs to tap into the wants, needs and trends of the future too. Many tech startups are built on the concept of ‘fixing the problems of tomorrow, today’ and this is a good mantra to have in mind when formulating your own business idea.
With GLITZ TOY for example, sustainability and durability is a key aspect of our brand and product development. We are increasingly moving towards a more sustainable world and the generations of the future are likely to be much more averse to wastage than we are currently. Most makeup application products are disposable and last just 3-12 months, which is why at the heart of all of the GLITZ TOY tools is a ‘sustainability promise’ which aims to educate users on how to continue using their much loved beauty brands, but with significantly less wastage. Our electronic tools are reusable, portable and can be used many times over. This cuts down significantly on product packaging and wastage, particularly when calculated over several years. In the years to come, when other brands are rushing to try and adapt to new rules, regulations or greater pressures from society to become more sustainable, GLITZ TOY will already be there because we’ve embedded sustainability in the very core of our proposition from the onset.
Ultimately, creating a good business idea is all about solving a problem, drawing on your personal experiences, backing it up with solid research and ensuring that your idea has relevance for the future.