Sources of Business Ideas

When we decide to start a business or look at self-employed income options, we are often left wondering what to do. Business ideas however can be easy to come by. Many people start a business in an area of interest, such as writing or bookkeeping. The possibilities are however endless and they can come from many different sources. If you are currently thinking of starting your own business, but are not sure what business you want to start, then maybe reading this article could help you on your way. Below are some sources of business ideas:

Present / Previous Employment

A large number of small businesses are inspired by present or previous jobs. If you were great at your job, it could be a good idea to start your business in this field, as you would bring experience and know-how to your new business.

Hobbies

What is it that you like to do? Often we are prepared to put a lot of time, effort and money into a hobby, why not consider making money from it? Many writers, for example, first started writing as a hobby.

Niche Markets

Sometimes small pockets of a market are not being satisfied by the general market; make an observation, do your research – Is there a need you could fill?

Personal Observation

Look around you, is there a need in your community that is not being satisfied or maybe the need is in a neighbouring community?

By-products

Many products are derived from the waste of other products, for example, using scraps of materials to make colourful rugs for children or using coconut trash to make coconut cakes. Sometimes businesses dispose of things that could be used to make other products or charge a minimal fee for the waste.

Is There a Product on the Market That Needs Improvement?

You are a consumer, there might be products that you think could do with more or less of particular ingredient, if you think you could do a better job, and can source the necessary assistance…well make a start.

Distribute Someone Else’s Products

You do not have to create your own product, why not market or distribute someone else’s product for a percentage of sales?

Export

Find market overseas for locally produced goods; research could prove integral to starting. Perhaps you have travelled to other countries and have noticed a lack in certain areas of the overseas market. Get information from the relevant authorities on how to proceed.

Buy Downtown, Resell Uptown

You will be surprised at the vast differences in prices for similar products in these two markets, other people capitalise on the price differences, why not you!

Business, Magazines, Newspapers, Trade Magazines and Newsletter

These are also good sources of ideas.

Government Agencies

There are certain government bodies that can provide information about gaps in the market, make use of them.

Franchise

If you have the cash and do not mind giving up some control (much control in some instances, depending on the business) this could be an option for you. There are many franchise businesses out there, check them out, and see if any suit your interest or your pocket.

Brainstorming

Gather a group of family and friends, use this group to suggest and evaluate business ideas.

Current Market

Check market trends and see what’s happening. Which products are being sold quickly in the market at the moment?

Look at Importations

Are there products being imported that you could produce at the local level? If particular products are being imported on a consistent basis, this is an indication that there is definitely a market that is not being adequately provided for by local producers. Many people are willing to support local producers even at the expense of paying a bit more for the product.

Supplying Raw Material

Larger businesses sometimes depend heavily on small firms to supply raw materials. For example, larger firms in the canning industry depend on small farmers who produce fruits and vegetables. Find out if there is a market for raw materials that you could fill.

Invent a Business

Many of life’s pleasures were born from simple ideas. If you have an idea that could prove beneficial, do not just push it aside because it is new; entrepreneurship is about innovation.

Buy an Existing Business

Many business owners start by buying an existing business. If you know of viable businesses being sold and are able to make a purchase, consider the possibility of owning one.

Specialised Products

– Some goods and services are too specialized for large firms and work better for small businesses. Find out more about these.