Opening a business is a great way to improve your finances. Although the initial investment is usually high in most cases, with good planning your investment will return soon and you will begin to receive profits . But what business can help you stand out from the rest? Although users require certain fundamental products and services, it is also true that with so many diverse offers , it is essential to have innovative business ideas that allow you to differentiate yourself from others.
In this article we tell you how to generate creative ideas and we give you some examples of innovative businesses that can serve as inspiration.
What are the innovative ideas?
The innovative business ideas are those that offer a differentiating factor for consumers. Although it is very difficult to invent something new, since there are already very similar offers in the market, if it is possible to provide a product or service with added valuethat attracts your customers.
But how to do it? To open innovative profitable businesses, you can do a preliminary study that allows you to identify how you can stand out. These are the steps you must follow:
1. Train you
Starting a business is always easier if you have business knowledge that can help you. There are several options for face-to-face courses or postgraduate courses, as well as virtual master’s degrees in entrepreneurship. The selection of the type of training you will take will depend on your needs and availability.
2. Do a market study
How to know if our idea is really new? Carrying out a market study that allows us to verify it. What you should do is review the offers of your competition . Is what you are going to offer different from what they sell or is it more of the same? If you find that your idea is not innovative, don’t be discouraged. With this market study you can better understand the interests of users and identify what needs are not being satisfied.
3. Make a prototype
To know if, indeed, your product or service is innovative and meets the needs of your users, it is necessary to test it with a select group of them before its launch . The minimum viable product will allow you to measure the impact of your new product or service before its exposure to the market, and thus determine whether or not it is worth its production or distribution on a large scale.
4. Design a business plan
There is only one way for a business to be successful: planning . The innovative business ideas always thrive that count entrepreneur with clear objectives, a product line, study of competition, marketing strategy, sales plan and possible ways of financing. Only then will you be clear about the steps to follow to guide your venture on the right track. Therefore, knowing how to make a business plan is essential.
How to generate innovative business ideas?
Producing innovative ideas for businesses is not always easy. Sometimes work teams require a boost and detailed instructions during the process. If this is your case, we show you some methods that can be used to get creative ideas :
Also known as brainstorming, this creativity technique consists of writing down the ideas of the members of a work team on a specific topic on a blackboard. These must arise spontaneously, in a session held for this purpose. The objective of the dynamic is that, seeing the ideas that everyone has expressed verbally , the team is able to establish connections between the proposals and discuss them, to choose the one that suits their needs.
The brainwriting is a method derived from brainstorming , but this is expressed in written form . It is ideal for work teams where the members are not extroverts and, therefore, fear to express their proposals with confidence. To develop it, each participant must write their ideas on a sheet of paper. Then proceed as in brainstorming , and the team moderator leads the discussion with the aim of selecting those innovative business ideas .
The SCAMPER method is an acronym that represents seven words: substitute, combine, adapt, modify, put to other uses, delete or reorder . Often used for product improvement or redesign. To develop this dynamic it is necessary to know the context of the problem to be solved, and to have extensive knowledge about the market where the product coexists.
10 innovative business ideas to carry out
You already know what innovative business ideas are , the steps to execute them and the techniques to generate them. If you want to be inspired to start your own business or copy a business model that already works, here is a list of 10 ideas that can help you:
1. Toy business
This niche of innovative business ideas ranges from toy recovery to the development of special toys for children with disabilities. With this proposal, toy hospitals were born, for collectible toys, which are well worth repairing for their economic value. And also toys with Braille writing , building blocks for children with cerebral palsy, light and sound games to train the senses or inflatable balls to promote coordination.
If this niche appeals to you, think of new business ideas and ideas for complementary services that you can offer to families to help their children’s development .
2. Online courses and advice
You can from offering your services as an online marketing consultant to selling onlinecourses to foster an entrepreneurial spirit. This is one of the innovative business ideasthat can be started just by opening a blog, and its search volume is very high. In Argentina, for example, it represents one of the most successful businesses. If you have certified knowledge, with just one camera you can record tutorials and sell yourself as an expert in the field.
You could even post videos about entrepreneurship for young people or business videos and help them discover this world, motivating them with an exercise like brainstorming ideas for entrepreneurship.
3. Clothing rental
The rental of party dresses, suits, jackets and accessories is another of the innovative and profitable business ideas , and it attracts the attention of both the female and male audience. This venture offers a solution to those who cannot buy party dresses, as they have a very high price, and most of the time they are needed on very specific occasions. You can set up a store, an online business or if you already have contacts, take the dresses home.
4. Design and sale of special clothing
Another innovative idea for businesses is clothing adapted for the sick, such as the design of a fashionable cast. This endeavor consists of offering, through the internet or in a store, a wide range of easy-to-wash garments that can be unfastened in various ways, that get little dirty, that have invisible compartments for the different medications and that, in addition, have an attractive design .
The key is to come up with new ideas that improve the quality of life of sick people who also do not want to lose their glamor, despite suffering a mishap.
Castto, an SME from Colorado, USA, created special tattoo-like labels to give life and color to the casts and remove their tasteless white.
5. Electronic commerce of low cost products
E-commerce, of all kinds, is a trend that has been taking place for some years now, and it is gaining momentum. One can cite as an example, Heve, the Spanish store of sophisticated and modern low cost fashion . This online store is dedicated to low-cost clothing . It is based on a business model that several brands are already successfully exploiting in the English-speaking market and now in the Spanish-speaking market.
6. Services for companies
The shopping mistery or managing defaulters are also innovative business ideas that can provide businesses, although you have some technical knowledge to develop them . The “mystery customer” technique consists of a person visiting shops incognito as if they were a normal consumer, and thus being able to assess the quality of the actual service and the attention received as if they were any ordinary consumer. You can also offer delinquency management, a business that tracks the payments of all the clients of a company and ensures that they pay within the established period.
7. Personal shopper
This trend is becoming more and more sought after, both for work and for events and parties. What did you sew on? Not all jobs are equally flexible in terms of clothing and some people need to be advised in this regard. The personal shopper offer advice to people who do not know what to wear to work, to a party or an exclusive event, so it has become a trend business online .
8. Sale of organic products
Environmentalism has been growing for some years now and has therefore also given way to innovative business ideas. The concern for caring for the environment has given way to the consumption of ecological products and organic foods, such as vegetables, fruits, meats and dairy products produced without the use of chemicals or additives.
If you do not have enough capital to buy or rent a place where you can sell organic food, you could sell it online, through an online store . A successful example of this type of business is found in Spain, with Barriga Verde, an online market for fresh, healthy and natural organic products at the best price.
9. Senior Services
From urban residences for the elderly to services for the elderly and home care, these businesses are becoming a trend, given the high demand that exists for the care of the elderly .
You can set up your own chain of high-end apartments that accommodate a maximum of 5 elderly each and that have personalized attention 24/7, instead of the traditional residences for grandparents. You can also open a business dedicated to providing home care for the elderly or even a recreational center for the elderly.
10. Beauty and health businesses
From personal training to yoga workshops and hairdressing at home are businesses that are in the forefront and have become highly demanded and easy-to-manage ventures. One of the businesses that have been operating in Spain for some years is related to personal training. Also yoga workshops, where people seek moments of relaxation that allow them to relieve stress. You could manage this business from your own home .