Have you ever had an idea that was so great that you had to stop everything to write it down? Then pat yourself on the back because you took steps to document your “Innovative Business Idea”. You never know when you will get hit with an innovative business idea, so my suggestion is that you should always be prepared to document your thoughts or ideas at a moment’s notice.
Just think of your innovative business idea as though it were like an air balloon taking off. Yes, it may take some effort to get the balloon full of air in preparation to take off. but once you take off, things will flow smoothly.
In today’s blog post, the featured tip is: Innovative Business Ideas. An innovative business idea is basically when you have a new creative thought that will help you develop a business that would either provide a product or service to your target market.
Below is some of the feedback I have received from my business associates.
| T.C. Coleman|
Grow your business utilizing LinkedIn and Plaxo. Each week, contact no less than 10 people from your LinkedIn or Plaxo connections by email or phone. Inquire about the state of the person’s business with whom you are speaking. This will allow you to stay “top of mind” and build strong relationships that can lead to business opportunities.Make excellent customer service a key differentiator for your business. A reputation for excellent service is a great foundation for a “magnetic brand” that consistently results in repeat business and referrals.
It is crucial to get your site optimized for search engines like Google. Getting higher rankings in search results can drive your traffic for years without any extra cost after the initial optimization service. Note that this is not the pay-per-click advertising but simply the unpaid search results, so you don’t pay for each visitor. Everyone is searching on Google these days for everything, so you have to be found where they’re looking.
You don’t need a blockbuster idea to start a new business. You can take a proven idea and improve on it, sell it to new audiences, give better service etc. Think of it like Scrabble. Add one letter and you get credit for the whole previous word.
Companies fail when they run out of cash before learning what works. So, test and learn about all parts of your new business as quickly and cheaply as you can.
Learn how to outsource effectively to leverage your time. Use the right online tools to maximize productivity (especially if you’re working with a remote team).
Understand smart, cost-effective marketing; don’t waste money on expensive, untargeted ads. Keep expenses low; I started my business with $200 — in 1981 — and I think that’s one of the reasons why I made it.
Even though there is a recession going on, don’t hike up your prices. People are looking for deals and more likely to shy away from a high priced product when they can get it somewhere for a lot less. Keep networking even if your company is doing well.
If you begin a business centered around one of your passions, you will not mind doing massive amounts of research and working long hours. Perform research for an available niche in the area and when you find it, jump on it. Use the Internet for all it’s worth! Learn to do deep searches. Keep good notes as computers crash and you may lose your bookmarks…I did. I started Villa Lagoon Tile just because I could not figure out how to get the kind of floor tile for myself that I had seen all over Europe and Latin America but never saw in the States. Now I am a total tile nut. I love it.
| Sandy Rich (“Custombabyshoegirl”)|
Keep your overhead low and hold on to your cash. Checkout Entrepreneurial business books from your local library, and if you have an online website, have a professional create that site for you.