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Monday, November 28, 2011

How to find business ideas

Are you looking for business opportunities but don’t know how to go about it or where to start from? I can understand your plight just as it is the case with many unemployed folks who have gotten tired of their job search or working folks that are tired of their jobs or seeing their bosses. It is not funny at all when you yearn for an opportunity to do business but can’t find it especially when you have idle capital. But no problem, we are here to look at some ways to find business ideas that can serve our purpose and shouldn’t be a problem to execute. But one thing I must state is that finding a business idea alone isn’t sufficient, you still need to analyse the idea to know if it is viable, that is if it can actually work and make the kind of profit that is needed to sustain any business. This process is called a feasibility study and thereafter you will need a business plan that will determine how best to set up and manage the business so that it can turn out to be the successful project it was designed to be.

There are many ways to find business ideas especially home based business ideas. For instance some people find business ideas from their hobbies or things they spend a lot of time doing. Take the example of one of my mentors who runs a chess academy, his first love is chess and he happens to be a teacher as well, today he runs a successful chess academy in Lagos with 8 schools covered by him and of course the income he makes from it is passive as he only needs to employ people to do most of the work for him while he can do other valuable things with himself. Talk of making money from doing what you love.

Another way to find business ideas is from your inherent skills and talents. Many of us are really good at doing one particular thing which could be of benefit to others. The story of the woman of sweet sensation is really inspiring especially when you consider that to her she isn’t really working but merely doing what she loves but the key ingredient is that she is very good at what she does. She cooks really nice meals and people appreciate the quality of meals she prepares and hence the reason her business is well patronized. So is there a particular thing you can do really well that people often compliment you for? That particular could become a business idea for you. It may be research, writing, teaching even making people agree with your opinions (being persuasive) all these qualities can find useful ways to become money makers. Look deep within you for such skills and talents and find how these things can be put to use for the benefit of others.

Research and Analysis of existing products and services can also be another way of generating business ideas. Femi Otedola started Zenon when he noticed that Diesel suppliers where grossly incompetent and unreliable with their services. He saw an opportunity in providing excellent service delivery and customer service plus how to beat the shipping costs that he decided to go into diesel business. Today he is one of Nigeria’s leading suppliers of diesel to businesses and industries. Is there a particular product that is failing to meet up with customer’s requirement? In what way does this product fail? How best can the service be met or customer satisfaction ensured? When you analyse the failure of an available product or service it could open a window of opportunities to make lots of money. So do your research and follow the idea through.

Modeling a successful business can also work out in providing one with a source of business ideas. If for instance you have worked in a fast food company for say 5 years and have thoroughly understood the business and also realize that there is a huge untapped market, what stops you from going out to start your own business? As long as you know what the successful businesses in that industry has done to get to where they are and you can replicate that strategy and model you are good to go. Many successful entrepreneurs such as like Dangote have started businesses using this method. For instance his Dansa, Spaghetti and flour mill businesses are simply modeling existing businesses they were not the first of their kind.

Another method of finding business ideas is through intuition. Some people just have a sudden feeling that something is needed and will work out if pursued vigorously. For instance DMT and the famous “shit business is serious business” is an example of a business that was founded on intuition. Otunba Gadaffi was inspired by a thought of what a mobile toilet could do in a very busy event in an open place.

These are some of the ways to find business ideas but there are several others but these are the most common ones.

1 comment:

  1. You can make money for basic carpentry or cleaning the roof or assist in home improvement projects.