How To Generate Viable Business Ideas and How To Identify Viable Business Ideas
Business ideas are the seed that generate into money making opportunities. Not all business opportunities will thrive well so you need to be able to assess how viable that business idea is. In this post, I will be taking you practical steps on how to generate viable business ideas in Nigeria, South Africa and other parts of the world.
Sources Of Viable Business Ideas
I have outline various areas and avenues through which a potential investor can find viable businesses to start up.
Finding viable business ideas
Imitation – This is when you discover an existing product or service offered by someone somewhere and replicate it in areas of less competition.
Buying Franchises– Many people have considered buying franchises such as Zara Franchise. As a franchisee, this arrangement would guarantee your business less resistance from the market as well as professional guidance during start up and operation.
Passions And Hobbies– With the right approach, an entrepreneur can start making money from what he/she enjoys doing. Turning passions into businesses has worked for lots of viable online business ideas particularly when such hobbies are marketable.
Previous Experience – With solid work experience in a particular field, you can look at investing in certain areas in that industry. Your experience will minimize mistakes and create competitive advantages that keeps young businesses afloat in the face of stiff competition.
Brainstorming and Inspiration – This involves a step where members of the business come up with different ideas that can they be analysed and expanded. This is a way to generate creative business ideas. Many flourishing business ideas have come through inspirations. You can come across valuable business ideas if you empower your creative thinking. Through innovations, you can stumble on how to solved existing problems differently.
A business is said to be viable if it conveniently meets the needs of its clients, guaranteeing enough sales as to sustain itself.
How To Identify Viable Business Ideas
So what makes a business idea viable? Through these questions, you will discover what it takes to generate a viable business to start.
In assessing a business to determine its viability, you should answer the following questions.
—–» Why would people buy or use this product or service?
—–» Do I have the required manpower and expertise to exploit it?
—–» Is the startup capital available? What about running costs?
—–» How large is the demand for the product/service? Is my business modeled to absorb the fluctuations of such demands?
—–» Will the business be able to meet existing costs, sustain itself and still be able to make profit?
—–» Who is the target market? Are there any peculiarity to this set of people?