How To Come Up With Unique And Good Business Domain Name IdeasFollowing are seven technical & logical approaches to coming up with a unique and small business name ideas and good domain name suggestions.
1. Address A Problem That Needs Solving
Typing on plastic keyboards on phones was never comfortable. Every person who’s used old school phones knows that. The keys were most often too small or had to be pressed multiple times to get to the right letter.
Then came the iPhone and phone consumers have never looked back since then. Recognizing a problem – an inconvenience or a feature that can be improved is a skill in itself. Addressing said problem is the vital ingredient that will help you come up with small business ideas that have the potential to scale, massively.
People buy products, they buy solutions to inconveniences and problems. In a way, that’s equivalent to when consumers mass-hoarded toilet papers at the beginning of the lock down. If your idea can potentially make the lives of people easier, it’s best to convert it into a business because people will buy it.
2. Address A Want That People Don’t Yet Know They Have
It was always perfectly convenient to simply use smartphones and have fun without video games. However, tablets and gaming consoles have proven very successful in the electronics market. We don’t need tablets and video games to go about our daily business, but they certainly add value to our lives.
While recognizing a need is much easier (people often feel that something amiss), recognizing a want that others fail to do so is much, much harder. It requires regular research, ideation, and an imagination that is crazy enough to create something entirely new.
Even despite that, the invention can fail. Converting a new invention into a business requires an excellent knowledge of the market and an understanding of how consumers think. This is why, despite inventing the computer mouse, Douglas Engelbart was never credited with it. It was Apple, instead, that converted it into a household product.
3. Supply A Product That Has A High Demand
You don’t have to be revolutionary to come up with online business ideas. Sometimes it is as simple as observing the market for products and services that have a demand to supply ratio that favors the former. If you have access to a supply chain, connections, or even industries that can allow you to supply products that are needed, then you can convert that into a business opportunity.
You can also control the supply of a product if you are the owner of a patent that is essential to a product high in demand.One of the best examples of an industry run purely by demand-supply is the luxury sneakers market, a big portion of which runs exclusively via resellers.
Benjamin Kapelushnik used the demand and supply principle to start his small business. He became a teenage millionaire by reselling luxury sneakers that no one else had access to, to celebrities.
4. Leverage Your Professional Connections
Sometimes the best online business ideas are sitting in your phone’s contact book, ripe for the picking. If you have experience in a particular industry and have built strong connections through the years, then you can turn those connections into customers.
For example, your knowledge in the electronics industry combined with positive connections you’ve built with past customers can help generate new customers if you decide to venture out and start a business on your own, in the same industry.
Thinking along these lines may not generate a unique, groundbreaking idea, but it will give you access to stakeholders, who may be willing to become customers solely because they trust you professionally.
5. Digitize Your Industry
Recent times have influenced the digitization of various industries- including fitness. However, not every industry had adapted to the Internet, yet. Various industries, such as State and Local Government have yet to fully take advantage of the Internet.
All it takes is seeing how processes work in a particular industry and how the Internet can potentially make them better. This process can help you generate great online business ideas, which can eventually become more than just small. One of the best examples of this is Uber. The tech-giant essentially digitized taxis and has gone from strength to strength since doing so.
6. Be An Early Adopter of Technological Innovations In Your Industry
Be an early adopted but take an educated approach to it. Video games are slowly moving towards a subscription-based revenue model and Sony has invested heavily in Virtual Reality. Being an early adopter gives you a first mover’s advantage.
It doesn’t require innovation, since that’s already been done. However, it does require you and your team to have a keen sense of marketing.
Answering such questions will put you on the path to generating online business ideas that can eventually impact the future of an industry.
7. Use Your Skill Set Outside Of Your Industry
Amy Hennig used her film education in the video game industry to produce one of the most cinematic video games, in Uncharted.
Much like in her case, using your skills in a booming, or unsaturated industry can lead to some interesting results and some great online business ideas. That’s not to say that combining a random skill set with a completely unrelated industry will yield results. This also requires research and observation.
If a particular industry is missing something that can be fixed with your expertise, then it’s reason enough to combine your knowledge with that industry. In the upcoming section, we focus on how to name your business, so you can hand those business cards with that much more confidence.
