How to create a Business Idea

In this video and article, Richard McMunn explores the main concepts behind creating a business idea that works.

Get Richard's comprehensive DVD entitled 'How To Create A Business Idea' please CLICK HERE.

During my early days of business I literally stumbled across some very good business ideas. There was no initial methodology behind my thinking. However, I soon realised that my initial 'good fortune' of creating great business ideas stemmed from one thing - my passion for, and knowledge of, specific subjects. I am now an expert on how to create a business idea that really works.

Let's get one thing straight from the start. If you are going to succeed in business then you must have a passion for your work. For example, I have absolutely no knowledge of, or interest in flowers! Therefore, I would not be very good at running a florist business. Of course, this sounds obvious. But you would be amazed at how many people set up in business in an area where they have little or no knowledge of, simply because they believe that business will bring them in lots of sales.

My very first business was a careers website called 'how2become'. I was serving as an Officer in the Fire Service at the time, and I had plenty of experience in Fire Service recruitment. Having already marked firefighter application forms, and also assessed potential candidates during interviews, it made perfect sense to set up a business that would help people to become firefighter's. My first product was entitled 'how to become a firefighter', swiftly followed by my first DVD entitled 'How to pass the firefighter interview'.

This business idea was to be the catalyst for a very successful website. I found that have sufficent knowledge and contacts to make further products that were relevant to similar careers such as the Police Force and the Ambulance Service.

Even though I had stumbled across this initial business idea, it was one that worked very well for three very good reasons:

1. I had a thorough knowledge of the subject area. Therefore, I could quickly create products without any initial investment. After all, all of the knowledge and expertise was in my head. All I had to do was put it down on paper.

2. I had a passion for the subject area. Because I was serving in the Fire Service at the time, I had a great passion for the subject. This meant that I could be 100% sure that I would be able to sustain my interest in the business and continue to grow it over a period of time. Many people start up in business only to become bored or fed up fairly soon after its inception. To become a successful business owner you need to have longevity and perseverance.

3. I was an expert in this area. Because I had spent time marking application forms and sitting on interview panels, I considered myself to be an expert. I knew what the Fire Service were looking for from potential applicants and therefore I could teach people how to pass. This was to be my Unique Selling Point (USP).

So, taking all of the above information into consideration, in order to create a business idea that works you must first of all write down a list of the following areas:

- All of the areas that you have a knowledge of, or expertise in. Try to think or previous jobs or training courses that you have been in/on. In addition to these, write down all of your hobbies or passions.

- The areas that you believe your are an expert in.

- If you are struggling to find any of the above areas, write down any friends or relatives who have expertise knowledge of a specific area. For example, I am aware of a fellow internet entrepreneur who had a client who wrote a guide entitled 'how to become a beekeeper'. Although he had no experience whatsoever in this area, he still managed to create a guide by researching the subject, and also interviewing members of a local bee keeping club.

You will find that by simply following all of the above steps you will have a host of business ideas to choose from. It works every time!