Business Ideas – How To Identify The Right Business Ideas
Identification of business ideas is not so 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 basing 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. It means that you have to search everywhere on the internet and offline like 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 a product about which you can think.
The ideas generated are always valuable, irrespective of whether they are good or not. Even bad ideas are useful because, at times, they lead to the generation of better ideas. They act as the basis for the identification of 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 with you 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 the skill you have, you can offer that service for either businesses or people. First of all, you need to understand yourself well as to what your strengths and weaknesses are. 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.
To make money, you should scan the environment to find out which things you can use to get money. The following tips can guide you on how 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 useful?
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 are smiling for benefiting 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 problem you have identified and the answers as well. 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 for all of us. Creativity is a crucial ingredient in the generation of ideas that can eventually turn into profitable businesses. It facilitates and leads to the identification of great business ideas. Use the process above to generate good business ideas.
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Hello! My name is Charles Kiyimba, a creative engraver, a professional teacher, a passionate blogger, a confident graphic/web designer and the founder of Goleza Designers Ltd, an engraving business that turns images into real products. Through my hands-on experience, I share with you free helpful information on our products and services, business, marketing and personal development. Always dive in for more!