Businesses are born out of ideas. If you can come up with a good idea, the rest will fall into place…
If you don’t even have a business idea but have to do something and are wondering what business you should start, you have two options. The first is to buy an existing business or franchise where business systems have already been set up and you may even already have customers. This is not an option if you do not have the finances to support this purchase. The other option is to make it your mission to find a suitable business idea. Easier said than done! Choosing the kind of business that will work for you takes a lot of thought, as there are a number of important factors to consider. To ensure that the business is viable, you need to find a product or service with a market that you can develop. In other words, you need to be selling something that people want. But to be competitive with your business, you also need to have the necessary skills. The business should also suit your personality, otherwise you will soon lose enthusiasm for the venture. Don’t pass up the chance to pick other people’s minds. They can provide you with small glimpses into various industries and prospects, as well as information that would be tough to come across elsewhere. If you’re currently employed, talk to your friends and relatives, as well as your coworkers. what we are going to suggest now may sound overly repetitive, but the factors below are important in so many aspects of your business.
The market
It might be useful to break up business ideas according to the market they are aiming at. Two main streams can be identified, namely business to consumer or business to business. In the first, business to consumer, you are aiming at individuals by supplying them with products or services. When looking for a business idea, a good place to start is in your local neighbourhood to see what goods or services are needed Start by looking around your neighborhood to determine what items or services are in demand. Consider the problems and challenges you’ve had in obtaining items for your house, at business, or in your leisure activities:
- What issues annoy you the most or cost you the most money to fix?
- What service is unavailable when you require it the most?
- What items are difficult or impossible to find in your area?
- What are the most common grievances among you, your neighbors, and your friends?
- Is there any way to provide a local service or product that people will pay for in any of these markets?
In the second, you are aiming at other businesses and providing them with products or services to help them carry on their businesses. By looking beyond consumers to goods or services that businesses need, you might find a whole host of business ideas suitable for you. There may be certain things that businesses have difficulty in obtaining locally. If a new industrial zone is opening up in your area, there may be a number of small and medium-sized firms that are too small to have their own staff canteen, but which all need some kind of catering service or maybe just a sandwich bar.
Consider commodities or services that other businesses require when you try to think of a business idea. Certain items may be difficult for businesses to obtain on a local level. If a new industrial zone is being developed in your region, there may be a lot of small and medium-sized businesses that are too tiny to have their own employee canteen yet require catering services.
Skills
Examine your own abilities, interests and expertise first.
Perhaps by taking a course in something related to what you already know, you could modify your existing talents. Your hobby could be turned into a business. A love of gardening could be turned into a horticultural or even home landscaping business, for example. A talent for cooking could lend itself to a catering service for parties at customers’ homes.
If you’re already employed, consider what aspects of your job you could do for yourself rather than for your boss. People with practical experience in the type of job that the business does are frequently the founders of successful businesses. With a bit of creativity, you can come up with an idea or two. For example, instead of competing against well-established stores, a worker in a furniture manufacturer may focus their woodworking abilities on a restricted selection of creative furnishings.
Personality
You might get a business idea based on your personality or appearance. For example, you might be a good salesman if you have persistence, charm, and the gift of gab. Self-employed salespeople with the ability to sell other people’s products are in high demand. You might be the right individual for a retail franchise if you are adept at dealing with people. If you are more of an introvert, you might find that offering data capturing services might suit you better where, to a large extent, you don’t need to interact with other people.
Resources
If you have a home that you could work from, this could be a valuable resource in starting a business. You could set aside space to If you have a home office, this could be a very useful resource for beginning a business. Set aside some time to sew, crochet, or possibly manufacture toys. You could even sell other people’s things over the phone.
As communications technology advances, more people are able to undertake office work from home using a computer and internet connection – work such as word processing, bookkeeping, freelance writing, research, and translation.
Selling for yourself
There are options for you to become a sales ‘agent,’ selling goods on behalf of several manufacturers or suppliers and earning a commission. This usually entails entering into an agency agreement with a product manufacturer, which grants you the right to sell their items for a specified amount of time in a specific geographic area. You would be paid a commission for each sale. The commission would be determined by the worth of the items as well as your level of engagement in the product’s sale, supply, and service.
Other people’s suggestins
When thinking about new business ideas, don’t miss an opportunity to pick other people’s brains. This can be a simple as talking to friends and family. Alternatively, the internet has a wealth of business ideas for you to apply to your own situation. If you do a search on Google or any of the internet search engines and enter the key phrase “small business ideas” you will get links to websites that provide you with possible ideas.