Professional Business Plan Specialists

Reach new heights

News And Articles

Product and Service Ideas 101 – Where to Find Them?

Product and Service Ideas 101 – Where to Find Them?

Table of Contents

Author

Product and service ideas ideally morph into profitable business ideas. Creating great new business ideas is not a very difficult task to overcome, but what if you do not have a creative bone in your body? The next time you are struggling to come up with a new idea, try the following:

1.) Shopping: Next time you go shopping, examine some of the products in the shop and ask yourself the following questions.

  • How can this product/service be improved?
  • What products/services are missing from the range?
  • Can this product/service be produced at a cheaper cost?
  • Could the packaging be improved?
  • Could the product/service be aimed at a different market?
  • Can the product/service be delivered more promptly?

2.) Media: While watching TV or reading magazines, think about the products being advertised. Ask yourself whether they could be improved or promoted in a different way.

3.) Household Duties: Think about opportunities while performing menial household duties, gardening, cooking, ironing, washing up, painting, looking after the children or sweeping. Is there a quicker, safer, easier, cheaper, more pleasant or less boring way of doing it? Could you design a new labour-saving device?

4.) Watching Children: Visit a nursery and watch how children play and interact; you will be surprised how unique their way of thinking is and how they seem to make many things so simplistic.

5.) Holidays: Going on a holiday you always seem to bump into new and exciting products/services that you won’t really find in your day-to-day living.

6.) Sports and Hobbies: If you have a hobby or play a sport, look out for products or services that are missing or could be improved.

7.) Foreign Products: Overseas products not yet available in South Africa can often be adapted for our market.

8.) Copy Others: If you decide to copy another business, you should try to improve upon it, so that your ideas become unique and distinctive, giving you the competitive advantage over the original business. Don’t be so blatant as to copy the website narrative, marketing messages, advertising, etc. of that original business. That is nothing more than unimaginative plagiarism and thievery, and you should probably stick to your day job if this is the dishonest way you want to conduct business.

9.) Revive or Modify an Old Product/Service: Look at old catalogues and magazines from way back. You may discover ideas ready for a major comeback in their original form or in a modified version.

10.) Visit Trade Shows: Besides being a good source of business ideas, trade shows provide you with an opportunity to talk with exhibitors about the market, new ideas, technology, product features and even doing business together.

11.) Talking to People: Ask friends and family whether they have thought of ideas for a new product or service. Are there any existing products or services which they feel are poor or inadequate.

12.) Examine Import and Export Statistics: Global trends can be evaluated by what products are leaving and arriving in a country.

affordable business planbest business planbusiness plan assistancebusiness plan consultantbusiness plan consultantsbusiness plan creatorsbusiness plan pricesbusiness plan servicebusiness plan writerbusiness plan writersbusiness plan writingbusiness plan writing companybusiness planning companiesproduct and service ideasprofessional business plan

Established in 2006, we have successfully written more than 12,500 Professional Business Plans for clients across 25 countries. As South Africa’s Leading Business Plan Company, we are confident that we would be able to assist you too. Kindly note that we also offer “Investor Pitch Decks”, “Excel-based Financial Models”, and “Proposal/Tender Writing Services” in addition to our Custom Business Plan Writing Service. Please visit our Services page for more information.

We look forward to being of service to you. Please feel free to contact our Founder, Dr Thommie Burger, on +27 79 300 8984 should you have any questions. He is also available via email and LinkedIn.

JTB – Your Business Planning Partner.

Share this article…

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Recent Articles

Business Plan

The Business Plan and 4 Superb Philosophies when Writing One

Creating a new business is a process fraught with difficulty and failure and many businesses fail in the first twelve months of trading.
Most businesses operate in competitive markets: They have to compete against and out manoeuvre competitors in order to answer the question of how they will gain market share and establish a competitive advantage. Not all organisations arrive at the same answer and for good reason.

Buying-a-Business-vs-Startups-12-Possible-Reasons-Why-One-is-Better

Buying a Business vs. Startups: 12 Possible Reasons Why One is Better

Before I start off, let me be upfront by saying, 99% of would-be entrepreneurs out there do not have the funds to buy an existing business. But, in an ideal world, if you do have the funding available, it would be worthwhile to look at the reasons why buying a business is an easier path to becoming your own boss than starting from scratch. So why should you buy a business versus start your own?

Investor Questions

Investor Questions – 10 Critical Questions You Will Be Asked When You Seek Funding

Investor questions are dreadful to new startups. Entrepreneurs need to be prepared when pitching their start-up companies to investors by anticipating the questions they will receive. Presenting to potential investors will involve as little as 10 questions and as much as 100 questions. We have focused on the Top 10 Most Common and Most Difficult Questions that entrepreneurs can expect when presenting their Business Plan.

Startup funding

Startup Funding and 8 Costly Mistakes to Avoid

Startup funding is perhaps the greatest challenge to new companies. Startup companies are faced with many challenges, and one of these are securing funding. Securing and managing funding can be one of the most exciting – and nerve-wracking – parts of being an entrepreneur.

Subscribe to our newsletter.

Stay informed and opt-in for our newsletter via email. We respect your privacy and we never spam.