Isn’t it surprising that nine out of ten startups fail during the initial years of their launch?
Have you ever thought what actually goes wrong and why they fail?
Some startups that fail are actually fully funded and have a bright future.
They made products that no one is willing to take.
They didn’t focus on their customers from the very start and remained completely focused on the product development cycle. And, when it came to selling those products, they realize that no one is willing to buy their products.
The result is a complete waste of time, resources, and money. And, to help you avoid these heart-attacks, Right Softwarewala have prepared a list of the best ways to think of startup ideas that work.
Catch the Problem.
When Whatsapp founders start off their company, they wanted to solve a problem of the high costs of global calls. They didn’t worry about revenues either on funding. They wanted to solve a problem through a solution that works globally. Later, we all know what came to Whatsapp. It was acquired by Facebook for $19 billion – the biggest tech overtake of all time.
Try to come up with ideas that make a change. And once you do that, modify it further.
Observe the Market Gaps
One of the best ways to think of creative startup ideas is by observing market gaps. Every product in the market today has a gap that can easily be solved by new ideas and startups. Gaps everywhere and you only need to observe to find them out.
Think of the Future
To plan a startup idea, think of how the world will be in the next five years and develop the idea for down the line of 5 years. Your best bet would be to research and develop, what the present lacks and then capitalize on the idea.
Talk to Customers about their problems
Products are meant to solve customer problems. So let’s ask them their pain before thinking of the product ideas?
First, analyze a market area that you would like to jump.
For example, job recruiters are looking for talented individuals but it is too hard for them to find people that actually fit the job requirements.
Come up with a Low-Cost Version of product/services
One way to penetrate a market and turn it on its head is by coming up with a low-cost version of a product.
Consider Uber and Ola, two popular cab booking apps. For a ride that costs rs.150 on Uber, conventional taxis used to charge rs200+. This made these apps popular among the users because of the ridiculously low rates. What’s even interesting to note is that, even with such low rates, drivers of Ola and Uber were still making decent profits out of it.
So, if you can come up with a creative startup idea that’s low-cost and able to rule the industry, you have a successful idea in your hands.
Know What’s Trending in the industry
The best ways to earn a quick money through your business idea is by following what’s trending. If you are into merch designing, finding trending ideas is going to be most helpful. One startup made $150,000+ in just two months by capitalizing on this idea. They sold emoji masks to the users by manufacturing them in Chinese factories – the whole story is so good and interesting.
that anyone would love to dive into this business. The big deal came when they posted the website on product hunt and received more than 6000 orders.
Knowing what’s trending or what is going to trend in the next 6 months and then come out with a unique startup idea around it is a great way to huge profits.
Last but not the least
The first step of setting up a startup is a great IDEA. I presented six ways that can help you to develop ideas around user problems. Hopefully, by following these tips, you will think for great startup ideas that will be fruitful for you and the world also.
All image source: Google.