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How to come up with a business idea

When it comes to leaving our corporate jobs behind and heading into the world of entrepreneurship, one question we often ask ourselves is if our business idea is good enough. We spend a considerable amount of time wondering if the idea that we thought was phenomenal and out of this world would realistically survive in the market. Especially with the statistics out there stating that 8 in 9 businesses fail, it is natural to wonder or feel uncertain when it comes to starting your own venture. However, it does definitely make it a lot easier if your product or service is what the world needs right now. How do you know if your idea is good or not? Let’s find out!

The first thing you should be doing before you come up with a great business idea is doing some market research and finding a gap in the current market. Our needs and wants are growing more and more every passing day, and there is always going to a product or service that people are in need of, and might be the next best thing. As long as the demand exists, your business will be a success and will flourish. However, catering to the demand is not enough; your product or service needs to be unique and innovative enough for the consumer to pick you over your competitors. Creating a product or service that stands out and out performs your competitors is guaranteed to bring you massive success and recognition. A company that found a gap in the market and created a top-notch service to cater to its consumers is AirBnB. They have built a business that is recognised globally which caters to a basic need that was lacking in the market.

Once you have figured the product or service your business will be selling, the next best thing is figuring out the production and delivery. This is the main component when it comes to running a successful business as the quality of your goods or services dictate how long you will stay relevant in the current market, so it is crucial for your product or service to be impeccable and hold a high standard. Having access to a specialised manufacturer who is knowledgeable in sourcing high quality resources is certainly going to help your brand stand out in the market. If your business revolves around selling a specific service, hiring experienced and highly skilled professionals who have a detailed insight into the current market and the target audience is surely going to aid you in meeting the needs of the consumer and bring in the success you crave.

The third and most important element that will help you decide if your business idea is good enough is PASSION.  Ask yourself, ‘Will I still be thrilled about this idea in the next 5 or 10 years? Will I still feel the same level of enthusiasm, or am I going to get bored and loose interest in a while?’ If you answered ‘yes’ to these two questions, then your passion and enthusiasm is going to help your brand succeed. Believing in your brand and product and trusting your business plays a very important role.

AMOS Label began as an idea when two friends recognised a gap in the current Australian fashion market. The fashion scene in Australia was lacking a clothing company that catered to a community with an entrepreneurial mindset that also valued quality and design. Our products are positioned at a high standard in the market and we only use the best resources and the latest technology in our manufacturing process. We pride ourselves in being a men’s and women’s clothing brand that is designed in Australia that caters to the authentic, ambitious, brave and fashion-conscious individuals!  

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