As an aspiring entrepreneur, you would be tempted to commence a business. However, to initiate a business, you need to have a good business idea. A good business idea is the one which is technically possible, financially feasible and practically possible to implement. However, how to get a business idea which fits the above criteria.
Below we’ll discuss some ideas of generating new business ideas:
1. Review your skillset:
Every person in this world possess some skillset, make a list of your skills and then choose at which you are best. If you are good at gardening, you may choose this as a business idea to provide gardening services, same goes for cooking, hairdressing, plumbing, graphic designing, financial modelling, software development, news reporting, marketing, training, counselling, etc. You can utilize these skills and create your startup, providing any of these services.
2. Your family business:
Please don’t underestimate the organization run by your father (or anyone in your family). Try to join hands with them if possible. There will be fast growth of your career in a family business plus bright chances of becoming a shareholder soon. A family business is a fantastic ‘ready to eat’ entrepreneurship opportunity. The family business which you’ll continue would be transferred to your offspring’s as a legacy. You may join, however, any other job for a short time for learning and developing your business skills.
3. Meet with people:
Meet your friends, relatives, neighbours and acquaintances and find out what they are doing. Understand their financial situation and the business in which they are operating. Be open and ask for the advice for commencing similar business and express your desire to be a businessman. Ask someone to help you with some new business ideas. A bold entrepreneur is never afraid of holding the hands of aspiring ones. Further, it is better to avoid learning from a person who is not courageous enough.
4. Networking events:
You already know that attending networking events would help you to identify business opportunities as well as strengthening your network. However, what most people don’t know is, how to make the best use of networking events. My advice is, if you are attending a networking event to enhance your network and find out business opportunities, then, do not sit idle in the corner of the meeting hall. Please kill your hesitation and meet every stranger, extend your arm and say, “Hi, how are you, sir, my name is Vuznyaki Parasychi, I am working in Thermal Drums Pvt. Ltd., may I know your name please?”. I have used a fictitious name here, but you, please use your real name.
5. Travel in the city:
Be open-minded and look around. Just take a ride on a local bus and start filming around the town (make sure it’s not against local laws). Film or keep looking at all the streets, shops, roads and people. Look what they are doing. Then reach back home and see the movie filmed (on camera or in your mind). Make a list of what people were doing. You’ll notice a long list containing names such as laundry business, tyre trading business, petrol pumps business, furniture business, glass factories business, computer shops business, carpet trading business, import and export business, imports from china business, clothes trading business, fashion products business, FMCG, retail business, repair and maintenance of cars business, general repair and maintenance business, building maintenance business, electronics trading business, software development business, cleaning services business etc. This observation will help you to generate ideas about new business ventures.
6. Make Money Online:
You can find out many business ideas on the internet as well. Search for “new business ideas” or “best business ideas” or “online business ideas” on Google, and you’ll come across many options. There are billions and trillions of dollars being earned by people working online. If you are considering making money online, then there are many ways which you can utilize your skills in making money online. You may create Facebook videos or write a blog and then earn from the advertisements placed on our content. You may provide online freelancing services on a project basis — many websites like freelancer.com and upwork.com providing such platforms. But you need to be cautious of fraudulent activities and scams which are very common online. To avoid deception, do a background check on the reputation of the company by typing “scam company name” on google.
7. Full-time job:
Is it surprising that a full-time job can help you in generating new business ideas? No, it’s not. A full-time job in any industry would help you understand the business dynamics of that particular industry and will train you to launch your entrepreneurship journey. Let’s say if you work in a manufacturing unit as an engineer or as a machine operator or even as an accountant, you’ll get a chance to look at how things are happening practically. Once you see the whole process of purchasing, manufacturing and selling, this will help you a lot in launching your manufacturing unit. There are different options for raising finance for your business which you can read in our article on how to arrange finance for business.
8. Read books on business ideas:
There are many good books on successful and failed business ideas. Reading these books will help you evaluate different business models and enhance your understanding of various industries and sectors. Some of the books which you can consider reading are “The $100 startup”, “Start With Why”, and “The Founder’s Dilemma”.
9. Think of the Gap:
Sometimes, we wonder why a particular service or product is not available. For example, why there is no quick machine available where we can enter in one part of the world and pop-out immediately in another part of the world? Why can we not take things out of the internet and bring in our real world? Well, these are some extreme examples. But you may consider some small missing products or services which may not be present in your area or anywhere in the world. For example, why we have to go and pick the grocery ourselves, why there can’t be an App linked with nearest grocery stores etc. Why do we need to call someone to find out where is he or she. Why there is no product available which would clean the home out of its own? So, think of the gap which you are missing, and then you can utilize that idea as a business.
Innovation in any existing product or service can dramatically increase market demand for that product or service. A little add-on or a change in the method of delivery can result in significant value addition. Try to innovate any existing product or service and then launch that product with that innovative style. For example, a restaurant may offer its customers a custom made food where customers can select ingredients and quantities to be added and also participate in the cooking process and oversee it live.