Before you start any business, you need to ask yourself some questions relating to the business and as well write them down (both questions or problems and answers or solutions). You can get the solution to your problems or questions at any time and anywhere depending on your level of curiosity. Without any waste of time, get your jotter and pen handy as I share with you the six (6) steps on how to generate business ideas.
Let’s get started…
How to generate business ideas
When thinking of business ideas you must first know your niche (i.e your area of specialization) and must have the mindset (and target) of becoming an authority in that niche. Here are a few steps to generate business ideas:
1. Your Why:
You must have reasons for wanting to engage in that business. Write down your reasons, and put them in places where you can easily see them so that they can serve as your motivation to achieve your goals. Write as many as possible so you could be able to define why it is important to you. Then pick out the ones that are most compelling to you.
2. Self Inventory (Discover Yourself):
Identify if your own strengths, skills, and interest align with your business. List out all the skills you have both learned and in-born skills like teamwork, writing, graphics design, speaking, website development, computer programming, etc.
Write out the things that are important to you (whether would I like to work alone or as a team with others, issues, activities, etc.) and identify those things that drive your personal and professional life (your personal values).
3. See Problems As Opportunities:
Look around and search for areas that need impact or change. Seize every problem and turn them into opportunities. For example; what problem can your skill solve? When you discover that, carry out research (SWOT Analysis), and brainstorm with like-minded people.
Let me break it down…
- What problem can your skill solve?
There might be other organizations trying to solve the same problem but with your skill, you can use some tactics to solve the problem in a better way. You can use it as a stepping stone. The catch here is to do the same thing in a unique way.
- Carryout research:
Reach out to people who are working in the same niche as yours to get more information about the problem. With the information you have gathered, you can go ahead to create a solution.
- Brainstorm with others:
Meet friends, colleagues, or mentors to get ideas and feedback
4. Study Successful Businesses:
Study other industries and businesses and try to figure out what makes them stand out. Be on the lookout for ways or things to offer to be better than them.
5. Consider Emerging Technologies:
See if there is a way to leverage your business idea with emerging technology so as to avoid being outdated. Always keep up with recent technologies and apply them to your business. I’ll recommend that you upskill yourself.
6. Test The Waters:
If after taking all these steps you don’t feel certain about the business idea then you consider volunteering yourself for another organization working in your area of interest. This can help to assure you if this is what you really have passion for and the level you may like to be involved in.
This would also help to know whether you have found the best fit for yourself or not. My advice to you is to start making short and long-term goals that will act as stepping stones to your new vision. Would you like me to mentor you? Click here to join my ProMentorship program.