How to Get Profitable Startup Ideas: Top 6 Tactics to Follow
There are thousands of new startups mushrooming across the country every month. As the word ‘startup’ has become a buzz among millennials, many want to start their own venture and get a ‘Founder’ title.
But the question is, how feasible is your startup idea?
To put it straight, if you know your startup can solve a large real-life problem that people are facing, you have a shot there.
In this article we will discuss about how to get startup ideas that are profitable and problem solving.
Let’s find out how we can do it.
1 Identify real-life problems
Ideas that can solve real life problems are always in demand.
If you look at the major successful startups in India, they all have been able to solve problems that people had in real-life.
That is why startups like Ola, Zomato and Swiggy turned highly successful.
And solving just any problems aren’t enough. It should really address some issue that annoys your audience a lot.
For example, some years ago it was really hard to find a cab if you wanted to go out somewhere at the middle of the night. Now things are a lot easy, you just need to pick up your phone and book a cab through Ola or Uber.
So, look around for some problems that are serious enough. And if you can find a feasible solution to it, you have a huge opportunity there.
2 Consider your interest and expertise
Whatever idea you choose to work with, you should be really interested in it. If you chase an idea only for the money and have no genuine interest in it, you are going to be worn out very soon.
Your academic background and skillsets have a role to play as well. If you have been a developer in your career, it is quite easy for you to come up with a web based product and turn it into a business.
Look at the example of Aytekin Tank who founded Jot Form, the famous drag and drop form creator application for websites. In his career, he worked as a web developer for about 5 years after graduating from college, and then went on to start his own company – Jot Form. Though he started as a one man company, Jot Form today has around 60 employees worldwide and has a user base of 2.5 million.
This is a clear cut example of how the right interest, passion and skillsets can become the driving force towards founding a successful startup.
3 Tap unique opportunities
Opportunities aren’t the same for everyone.
It could be due to your location, skills or expertise.
For example, if you live in a beautiful countryside, you can always look for opportunities related to tourism. There are new approaches like farm tourism and monsoon tourism to attract more visitors. Also, you can build a business by offering services like bed and breakfast or other unique experiences like hiking or cultural shows.
These are simple ideas that are quite easy to execute and they also have a good earning potential.
4 Work on an existing idea – bring out the best
Well, you don’t always have to work on a new – never heard that before – idea.
You can work on an existing idea and make wonders happen.
After all, Google wasn’t the first search engine ever made. There were other search engines before Google, but still they managed to come on top. And of course, they brought in a tonne of innovation to the idea of a search engine, and they were truly exceptional in their offerings.
Similarly, renowned social networks like Facebook and Orkut were started on the same year, 2004. But Orkut had to close down as more users started to move out of the platform.
Interestingly, the popular image based social media app, Instagram which came out much later in 2010 has grown to over 1 billion users today. This clearly shows you can work on an existing idea and still build a successful business out of it.
5 Look for ways to bring-in innovation
If you can bring an innovative version of any of the existing processes, that can lead way to founding a startup.
Take the example of Hear Me Out, the voice based social network. Unlike conventional social media channels where we share our posts containing images and text, here we share our updates as voice clips.
As the Internet and search engine usage are moving more towards voice through devices like Google Home and Amazon Alexa, platforms such as Hear Me Out will gain more prominence. This voice based social network has currently 500,000+ app installs and is still expected to grow.
There are other examples from platforms like Trivago and Skyscanner. These platforms help people to find hotels and air-tickets at the best prices. Though they don’t sell hotels or air-tickets, they find rates from multiple sources and present them before the searcher in a convenient manner. You can always find innovative ideas like these, and present an alternative to some of the existing ideas and products.
6 Look for feasibility
A problem solving idea is not always profitable. You need to rely on various sources like surveys, expert advice etc. to find out how feasible is an idea. Or get consulting from a professional mentor who has experience in guiding early stage startups. This will give you a holistic picture of where you stand in your startup journey and how feasible it is going to be.
Though there are many new startups around the country, only very less of them make it to being a successful business. Whatever idea you choose to work with, you should be able to address a serious market gap and also be able to ensure adequate revenue out of it. Consider the above mentioned 6 points when you contemplate a startup idea. You will certainly be able to come up with better things.
Do you have any comments or feedback?
Let us know in the comments section.
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A few reasons behind the failure of the majority of startups are:
- Lack of planning,
- Unable to understand and address the market needs,
- Chasing ideas without any genuine interests,
- Couldn’t overcome operational challenges.
Most successful startups have always focused on finding solutions to real-life problems.
But finding the solution for real-life problems can’t be the only way to come up with an idea for a startup.
An individual can even use their academic background and skill set also to come up with an idea of a product and then turn it into a business.
Your personal assets can provide you great support while beginning up your business and minimize the expenditure and you can use the social networks to create your team and customers for your business.
- Starting without having financial support.
- Developing a product with no specific target audience.
- Over-promising and under-delivering.
- Trying to replicate the competitors.
Primarily, you can share your business ideas about your startup with your friends or colleagues and ask them if they know any company working on the same idea. This will help you to connect with more people. Or, you can go to CrunchBase where you can find all the details of registered startups with their ideas, owner, founder, funding, etc. at a single platform.