A business idea is a blueprint to what the business you want to build should look like. It’s like an abstract concept that you develop and use to start a business. It’s the birth of a business. There are many different ways of finding business ideas and reading this article to the end is one such way.
Owning a business has many advantages, especially in a country like Nigeria. Most people want to start a business of their own, but then they even know which kind of business to settle on. They join the club of people who wail “I want to start a business but have no ideas” or the “I want to start my own business but don’t know what”. Well, worry no more, this article is set to help you out with that. Even if you belong to the “I want to start my own business from home” group or the “I want to start a business but don’t know what to sell” group, this article will help you out. There is even space for the “I want to start my own business; where do I begin” folks.
How to find a Business Idea # Key into what you are passionate about.
The most important factors required for being successful at any venture at all is commitment and consistency. Finding a business idea to build is not as much of a problem as sticking with or committing to it is. Why? Because people tend to get bored with doing things they are not passionate about. When boredom sets in, the commitment begins to wane. To make sure this does not happen with the business idea you want to build, it would be best to key into what you are passionate about. If you are passionate about football, you may get bored with a poultry farm. If you are passionate about makeup, you may get bored with a supermarket. While you are scouting for that business idea, make a mental or physical list of all the things you enjoy doing, and then make sure your idea is not too far from those things in your list.
How to find a business idea # Consider what the people around you need.
A wise man once said if you give people what they need, they will give you what you want. Translate that to, if you give people a product or service they need, they’ll give you money. The possibilities are that you would want to start a business that will not only be profitable but needed. Right? This is where a market survey comes in; as a tool to objectively discover the need of the potential market and the propensity to sell your product at a given price. It should preferably come after you must have made the list of the things you love doing. This step means you should make a sort of survey of the people around you. Find out the things that are a necessity for them. Necessities are most times relative and dependent on the kind of people concerned. For example, if you live in a place filled with female folks, makeup and accessories will be a top demand, and if you live in a place with a lot of bachelors around, a restaurant will definitely be well patronized.
Read Also: How to Set up a website for your business
How to find a business idea # Consider how much people are willing to spend?
Failure to consider this is simply an indication that the walls of your enterprise will soon crumble on you. This is also part of a market survey, except that it is a vital part of it. It involves evaluating the average income of the populace and how much luxury, or better still preference for your product they can afford. If the cost of producing your product cannot be cancelled out by the potential revenue you can get from your target market, then sorry. You’re out of business. This basically means, you should take into account how much the people around you earn, and how much you think they would be willing to spend on this product or service you want to provide them with. For example, you may not get high patronage for an expensive product in an environment filled with students.
How to find a business idea # Consider environmental setbacks.
This involves being on the lookout for the general shortcomings in your locality. y this I mean things like electricity supple, availability of clean water, accessible roads, network connectivity, etc. It is important for you to take this into account before settling on a choosing an idea to work with because if you pick something like a laundry in a place where there is hardly available water, you will find it difficult to operate. You might even end up spending too much all in a bid to get water to operate your business. Or if you want to open a cyber cafe and the area has really bad network, it would make things difficult for you. So try to pick an idea that would not be too hard for you to work with considering the setbacks in your environment.
How to find a business idea # Potential market.
Consider whether or not this idea in your head will be appealing to other people around. If you want to open a boutique or start a tailoring business, checkout if the people around like clothes that much. Before you settle for a business idea, find out if there are people that will even patronize you in that area. For example, if you live in a place with a lot of conservative religious folk, a makeup business might not be patronized.
Finding a business idea is usually one of the fun parts of starting a business, but if not done right, it becomes a nightmare. Who wants to spend so much on opening shop only to find that there are no customers.