How To Generate Viable Business Ideas and Opportunities
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.
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?
What are the easiest methods used to generate ideas for small businesses? You may be one of those people who have the mind of starting a small business but coming up with a good business idea is the problem.
Sadly, there are many people out there that find entrepreneurship interesting and even keen to kick start one but where to generate and garner up plethora of successful business ideas of their own choice is exactly where the problem lies, isn’t that funny?
To be realistic, everyone has his or her own setback, obstruction or roadblock that hinder them from doing what they ought to do in the first place, it may be fear of the unknown-failure or even success that hooked or jammed them up to lost it completely.
The fact is that, there are great startup business ideas for beginners around you all, what you are required to do is to open yourself up to any new business ideas or possibilities that ply your way.
The best ways to generate ideas for new small businesses though not exhausted are;
1. Use your Family as a Case Study
It is very funny saying you are looking for where to generate lucrative business idea when your ageing grandfather made it through as a dry cleaner. You can tap your business idea at home from his laundry service by setting up yours as well but in an advanced and well developed way.
If you don’t know, then I will tell, spending some hours with him in the first place may not be apparent to you that you are generating idea from the old folk but when you start making it out, then you will realize that the honor goes to the ageing father.
Therefore, using your family as a case study in the quest for generating the best ideas for small businesses may be your best and first step to the profitable business of your dream as a woman so give it a try.
2. Go with your Passion
Are you an entrepreneur who is creative and good at any artistic skills? Profound! Numerous numbers of people out there have gone for their passion and converted it into a booming business, and to be candid, they are doing very fine in the business.
Why don’t you rise up and change that your interest in crafting; the creating hand of yours into creative mind and see the end product. Most business startups today started out of passion and hobbies, you must heard of Facebook, Instagram and others. You might be the next!
3. Read Business Books
Reading business books might spark up a very multi-million dollar idea that can change your entire generation financially. They are so many business books written by business gurus and these books have the potential to create a business idea.
There are some books that are just on starting a business and so many creative business ideas are inside those books. Books like 101 Great Business Ideas written by Brian Tracy, Rich Dad Poor Dad by Robert Kiyosaki and many others.
Just pay a visit to any public library close to you and go to the business section to select from the numerous books you can find and go thoroughly through them and you will start generating different fast growing business ideas from your mind.
4. Explore Around
If generating unique ideas for small businesses is your problem, endeavor to create time and embark on a journey to somewhere new and see things (thriving business ideas and opportunities) with your eyes.
Travel opens one’s eyes to something new and an abundance of potential low cost business ideas, by so doing you will be able – though at your own satisfaction – pick any business idea that is of interest to you and work towards achieving something great in it.
Leopoldo Fernandez, a Spaniard and the founder of Telepizza was on a trip to U.S where he grew in love with Domino’s pizza fast food, on getting back to Spain, he established his own pizza store called Telepizza, not only that but also enlarge his coast to having stores across many countries.
Today, he is a famous entrepreneur that cannot be count out in the world of business. This is the power of embarking on a journey when stupor of generating viable ideas for small business startups comes your way.
5. Go Online and Research
The internet is one best source of generating easy business ideas for small business online because so many sites like this one do have numerous of business idea that one can venture into and be rich.
There are also some sites and forums that can help you unlock your entrepreneurial mind for great potentials which can lead to a business idea that you have never thought of.
These are 5 good ways one can generate small business ideas and you have just gone through them. Take action now!
Great Ways to Generate Business Ideas that Sells
To generate ideas that sell well, you need to come up with great ideas and not just good ideas. Your ideas should be great because good ideas come up every time without you thinking deeply. But to sell, you need to think deeply and come up with great ideas that will help your business to sell.
You need to create ideas that sell easily because you need constant and recurring innovation for your business in order to stay ahead of other competing business or organization. You should not think you are not brilliant enough to create ideas, there is no one that cannot think and bring up great ideas, all it needs is your commitment and work towards doing it.
You also need to open your mind towards it and once you are ready, ideas will surely come up.
You can generate book ideas that sell by first freeing your mind of thoughts that distract and disturb you when thinking. Below are ways you can generate ideas:
METHODS AND TECHNIQUES FOR GENERATING WINNING IDEAS
You can engage in observation periods whereby you go to places that help your brain to think well, it can be a park, library, pool and so on. Everyone has one or two things that relaxes them and help them to think very well. You need to do this so that your brain can come up with new and creative ideas that can help you sell your services online on Fiverr and Ebay.
By Reading Books
One best way to generate ideas that later can be sold as a million dollar idea is by reading great books. Reading books especially business books help to stimulate ideas and also bring up new thoughts. Reading books surely help to activate that part of the brain that helps in generating new ideas and thoughts.
Read books written by great business men and millionaires who has built business to seven figures. They most put their ideas and how they did it inside their books.
Breaking Thinking Patterns
Most people are stuck on a certain thought pattern and this is a disadvantage to generating new ideas. If you are stuck on a thinking pattern, then this pattern will continue to give you the same ideas it’s been giving you.
Therefore, to generate new ideas that will work then you need to break from that particular thinking pattern. You need to break from it because if it has been useful than you should not still be looking for woodworking ideas that will help you sell your products.
You can break thinking patterns by challenging assumptions, looking at an issue or problem from different angles, reverse thinking, and so on.
By Changing Perspective
Every individual have their own perspective from which they see things but as someone who wants to generate unique ideas that sell even in school, you need to change the perspective from which you see things. Because a new perspective will bring new ideas in your mind. You should not stick to one perspective when you are trying to create new ideas.
You can change your perspective by asking colleagues, family members, associates and so on their views on certain issues and their reaction to situations and also by thinking as another person, for instance, you can think as a minister while you are not.
By Changing Environment
Environment is a very important factor when it comes to generating great ideas. A bad environment affect the mind greatly, because what you see and hear go straight into your mind which can lead to drawing some bad image in your mind.
It is not compulsory for you to change your environment but you can if you want to enhance faster creation of ideas. Changing environment helps to avoid distractions and create loafing time.
By Hanging Out
You should hang out with people especially those in the same business circle with you, socializing with these people can help you come up with great ideas through your discussion with them. Through their discussion with you, knowledge of certain things about business might also be shared.
Family Members and Friends
You can ask family members and very close friends for ideas also because relying only on your ideas might limit you. There are situations where people get great business ideas just from discussing with their family members and friends.
To do all the things listed above, you need to commit your energy and time. Trust me, a lazy or busy person won’t be able to do all these. If you do all these things, then you will eventually come up with two or more great arts and craft ideas that will sell from home.
Having a jotter or journal with you every time really helps because there are times when ideas will just pop up in your brain and you need to write it down so as not to forget as you explore different means to generate business ideas that sell fast.