Have you been saving up with the intention of starting a business but you are now stuck because you don’t know exactly which business will work? The thought process of coming up with a business idea does not have to be stressful. It starts by being observant, being aware of what is going on around you, what is working and most importantly, what is not. Below are six tips to guide you and make it easier for you to decide what business idea to work on.
1. Need
Let’s say, you stay in an area that grows sugarcane but the people in that region have to travel quite a distance to get a sugarcane grinder, or an area that has many vehicles operating but it takes several kilometers of traveling before you come across a filling station. These are only a few examples of scenarios that can create entrepreneurship out of someone who wants to create a solution; identifying a problem and giving the community what they need. It’s a win-win situation.
2. Talent
This mostly applies to creative people. People who are good with their hands,feet, words i.e painters dancers, musicians, can turn this talent into a business either by selling their work/service or by opening a studio where they teach others how to do what they do for a fee. This is a good way to start since most talents need minimal resources in terms of capital as what is more important is your creativity.
3. Passion
Let’s say, you are passionate about fashion, and you are always keeping up with the latest trends and you have been complimented on multiple occasions on how good you dress. This could be a great motivation to start your own boutique or even a clothes line. Your passion has already made you knowledgeable in this field and all that is left to do is to research and figure out the rest of the details.
4. Experience
Growing up, you may have had parents or relatives who are entrepreneurs and you would most likely help out during the holidays. Over the years you picked up the skill and even as you move out of the nest you have enough experience to open a similar business wherever you may go.
5. Borrowed idea
Some of the best ideas around are not original. You can see a concept you like and work on improving it. In entrepreneurship, execution is everything so make sure your borrowed idea adds more value as compared to the original.
6. Available resources
You may have this grand idea of opening 5 star hotel in your county but you don’t have enough capital. Instead of giving up on it you could start with a business whose resources are easily available. You start small as you save the money that will make your dream come true when you eventually go for the business you originally intended to have.
Final Word
Do you have any other tips on how to get a business idea? Share them with us in the comment section
