Identifying business ideas is not easy for most people who want to start a business. Usually, it begins with searching or scanning the environment. You can also generate the right business ideas based on problems that need to be solved, other people’s needs or desires, your skills, talents and knowledge and the available resources.
To identify the right business ideas, you should commit yourself, first of all, to scanning the environment. You have to search everywhere, online and offline, such as in directories and newspapers. It means involving your family, colleagues, peers or workmates. The outcome can always be the generation of ideas for a service or product about which you can think.
The ideas generated are always valuable, irrespective of whether they are good or bad. Even bad ideas are helpful because, at times, they lead to the generation of better ideas. They act as the basis for identifying business opportunities and new, better ways of solving people’s problems.
How Do You Generate Business Ideas?
In this article, I would like to share how you can generate business ideas using key components like skills, problems, resources and needs.
First, Skills Mean Business
When you have a skill, you can use it to either provide a service or make things for your business. Use the skills you have to generate the right business ideas.
If you intend to provide a service using your skill, you can offer that service to either businesses or people. First of all, you need to understand yourself well concerning your strengths and weaknesses. You need to know the skills you already have and those you can easily acquire. Then use the following questions to generate the right ideas.
i. Which service can I offer with my skill?
ii. To which people am I going to provide the service?
iii. Which businesses are going to use my services?
As already mentioned, you can also use your skills to make things (products). Generate your business ideas by asking and answering the following questions.
i. Which products can I make using my know-how?
ii. For which people am I going to make the products?
iii. Which businesses are going to use my products?
Secondly, You Can Use Resources To Make Money
Brainstorming Viable Business Ideas
To make money, you should scan the environment to find which things you can use to get money. The following tips can guide you to generate good business ideas using the resources you discover around you.
i. Consider identifying things that you can use as substitutes for other existing products.
ii. Think about packaging differently, your products or services.
iii. Use the resources to provide a service.
iv. Alter the size, shape or colour.
v. Combine with other things to get something better.
vii. Think about using bits or parts of the product.
Thirdly, People Want Things – Needs
Remember that people or groups of people always have needs or desires they want to get fulfilled. It’s, therefore, good for you to look at their needs and desires as an excellent opportunity for you to come up with good ideas. The following guiding questions can help generate business ideas.
i. Which services or products do people want but are not available?
ii. Are available products outdated? Do the services no longer answer the needs of the people?
iii. Do people find the quality of the available product or services not helpful?
iv. Do people find the product or service too expensive?
v. Do people find the available product not easy to use?
vi. Have people ever seen the product but cannot find it on the market?
4. Fourthly, Problems Mean Opportunities
Where there are problems, there are also opportunities. While the death of a person is so sorrowful to some people, it’s also an excellent opportunity for other people to make money from selling coffins. While some people are crying, others smile because they benefit from the situation. That’s how life is.
Scan the environment to look for the problems that people have and for which you can find a solution. Think about the causes of the issue you have identified and the answers. If you do it rightly, you come up with perfect business ideas that you can use to start your own business.
As I wind up, I would like to remind you that the world is full of great opportunities. Creativity is a crucial ingredient in generating ideas that can eventually turn into profitable businesses. It facilitates and leads to the identification of great business ideas. Use the process above to beget good business ideas.
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