6 INSIGHTS THAT WILL GENERATE A BUSINESS IDEA
6 INSIGHTS THAT WILL GENERATE A BUSINESS IDEA. We’ve been getting a lot of letters from our readers lately, and the four questions below appear to be dominating the list.
- “I have limited funds; could you please recommend a good business idea in which I can invest and earn a quick return?”
- “Can you recommend any business ideas to someone who has no prior experience as an entrepreneur?”
- “There are few opportunities in Kenya’s rural areas; what kind of business can I start there?”
- “I already have a job, but I’d like to start a part-time business (or side-hustle) to supplement my income.” “Can you assist me?”
So, what does it take to recognize the proper type of idea?
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6 Clues That Will Help You Come Up With a Business Idea
CLUE 1: Examine Which Issues Affect Your Society
This is the simplest and quickest technique to generate a viable company idea. Examine the challenges that the majority of people in your community encounter and try to devise a comprehensive solution that can be turned into a business.
For example, if people in your neighborhood have to drive considerable distances to re-fill their cooking gas cylinders, you could start a shop that sells gas cylinders.
If individuals are having difficulty finding clean water, consider building a borehole and selling water for a nominal price.
Why not establish a coaching business if individuals are having difficulty acquiring quality education and you can assist them?
If people are too busy at work and don’t have time for lunch, why not establish a food supply company?
As long as society has challenges, there will always be business ideas.
CLUE 2: Provide Your Knowledge as a Service
Everyone of us is an expert in some capacity. For example, while I am strong at business advise, someone else excels at photography. You also have a special skill, such as being a wonderful cook or a great athlete.
If you’re proficient at playing the guitar, why not consider opening a guitar school and teaching guitar lessons for a fee?
Why not start a social media consultancy business today if you are skilled at it?
Why not create a fashion blog if you are adept at giving fashion advice?
The advantage of beginning a business in an area where you are an expert is that you may easily beat the competition if you provide great services to your clients. Of course, such a venture may be challenging to launch, but with perseverance, passion, and high-quality services, there is no place for failure.
CLUE 3: Turn Your Interest or Talent Into a Business
We each have our own set of interests and skills. You have a knack or exceptional skill that you can turn into a business.
It doesn’t matter how unusual your ability or passion is; if you have the courage to market it, you may be certain of gaining a customer or two.
For example, there’s this young man who travels around Nairobi with a large drum balanced on his shoulders. He refers to himself as “The One Man Band” because he plays all 12 of his own instruments. While that is an unusual talent, he makes a career from it.
So, how does this man differ from you? The only difference is that he is self-assured enough to sell his abilities.
Customers will eventually come to you if you stand up and sell your talent or passion right now.
Clue 4: Make Your Own Product
What distinguishes Mark Zuckenberg (the creator of Facebook) and Bill Gates (the creator of Microsoft) from the rest of us? These two men invented one-of-a-kind items that transformed the world for the better.
You may also design a product that will positively impact the world – and you don’t have to be a scientist to do it.
For example, you could start manufacturing one-of-a-kind necklaces and jewelry. You could also write and sell a book. You can make and sell an excellent video of yourself.
If you’re a good fashion designer, you could make a one-of-a-kind shirt using Kenyan colors and sell it.
The only thing you need to do to break through here is make sure your product is useful, unique, original, and of great quality.
NOTE: Regardless of how bizarre your idea is, someone out there wants to benefit from it and would even pay a premium to consult with you on it.
CLUE 5: Create a less expensive version of an existing product
You can create a business that sells an existing product at a lesser price to clients. For example, you may open a less expensive barbershop to compete with the more expensive ones in your neighborhood. Alternatively, you may begin providing less expensive courier services from Mombasa to Nairobi.
If you can bake cakes, you can price your products lower (while maintaining quality) and sell aggressively.
What about starting a less expensive car wash that provides the same quality services as your competitors?
People are always seeking for ways to save money, and if you can sell your products for as little as Ksh.5/= less than your competition, you can quickly secure a market position for your company.
It is important to note that, while offering things at a lower cost may be a wonderful concept, it must also result in a profit for your company. So, be careful not to sell your things at a loss in the sake of attracting more customers.
CLUE 6: Consider the Future
What is the next step? Consider emerging trends and technology, as well as how you may innovate to improve the future.
Consider developing a solution that allows smartphone owners to use their phones for extended periods of time without worrying about battery life.
Consider developing a mobile phone application that allows you to search Google without using the internet (oops! I’ve heard it’s already been done).
You merely need to study current patterns, predict future needs, and then build a solution to those needs.
What Can We Take Away From This Long Article?
There are several ideas available, and it is up to you to utilize the proper procedure to find the best ones for you.
No one will ever give you a magical idea until you go out there and research it.
Don’t sell your products at a loss in order to entice more customers.
It is best to start a service-based firm if you have little or no funding.
Before creating a new product or selling an existing one, ask yourself, “Would I need to buy this if it came across the market?”
Overall, one of the simplest methods to get a strong company concept is to consider how to solve an issue in your community.