Are you looking forward to starting your own business but you have no solid business idea? Did you know that the easiest part of the entrepreneurial journey is coming up with an idea? However, for others new business idea generation is just isn’t easy, but it is possible because business ideas are everywhere.
If you want to start your business and watch it grow, here are different ways you can come up with incredible business ideas.
What Skill Set Do You Have?
Think about your talent or current career. Are there skills that you have amassed during your career that would make a profitable business?
Are your skills and experience marketable enough? Would people be willing to pay money for it? Is there a need for your skillset in the market?
These questions will help you come up with a business idea that is in your niche.
Current Trends Bring Business Opportunities
Let’s take a walk down memory lane. Do you remember when the quail egg farming business was booming? Anyone who invested while it was new, reaped a handsome amount of money. The rest who came in later incurred losses. The same goes for the current Covid-19 pandemic. People who invested first and fast in face masks and hand sanitizer selling business made huge profits.
Watch daily news to help identify market trends and industry news. You will be surprised at how many business ideas you can generate.
The invention of new products
Technology has seen that everyone owns a smartphone and internet services are almost a basic need in most urban homes.
If you are in IT, you could come up with an app that serves more than one need. In 2008, Uber was formed from a need of getting a taxi at the comfort of your home without bargaining with the driver on the price.
Think about it, is there a need around you that is not being met? Or how can a certain product or service that you use be improved?
Do A Market Research
Market researches are very important for an entrepreneur because they help you understand the needs and wants of consumers. For example, if you want to start a supermarket retail store, market research will help you know what kind of products customers want to see on the shelves and those they don’t.
Look into your current industry and think about what consumers might need. Ask questions on something that is not even in the market and listen to their answers. Ask questions relating to already existing products or services and how customers might want them to change.
Probing on the needs of your potential clients can harness many business ideas for you.
Add Value To An Existing Product
Wheat flour, eggs, and sugar are each sold cheap but when mixed to make a cake then the price goes up. This is adding value. Products or services can add value to each other.
Think about the products or services you are interested in. What value could you add to them? For example, you can start a transport services business for a local grocery store to help with their deliveries. You get to help the grocery owner and keep their clients happy. You might get referrals to other stores too.
With the above tips, I am sure you have a few ideas on your mind. Write them down and assess their pros and cons with an open mind. Do not start a business immediately you think of it. Plan before implementing it.
If you are stuck on where to start, our start a business program would be a good place to start as our top business advisors guide you from the ideation stage to a successful business.