Have you for once envisaged where an entrepreneur comes up with the
idea for his/her business? Basically, great sources of business ideas
abound. And it is always required to conduct an Effective Business Research before embarking on any business quest.
Observation is one of the best way to identify viable business sources
. You
must be able to observe the environment in which you live. Think
through what you see, hear, smell, touch or feel, and you will see
before your eye business opportunities that cannot be seen by an
untrained eye.
“Even if you don’t have the perfect idea to begin with, you can likely adapt.” –Victoria Ransom.
The benefit of owning your own business
can’t be over stressed. A good business idea could be an invention, a
new product or service or an original idea or solution. Below are some
of the sources of business ideas for start-ups:
. 1. GAPS IN THE MARKET THAT YOU CAN FILL:
The idea can be a need not being satisfied by the market currently.
If there is such a need, then a market or business opportunity exists.
Unless a business fills a gap it cannot thrive.
Without doubts, there are so many gaps waiting to be filled. Once you
have identified a market gap, it is left for you as an entrepreneur to
formulate a plan of action to tap the opportunity with a good idea or
products.
- INVENTION OF A PPRODUCT OR SERVICE:
A new invention can create a good business idea by using a method no
one has ever applied before. I believe this is where most young
entrepreneurs should spend more time. Although it is not easy to craft
and design new products and services. With all the stress and
competition already existing, it can be extremely difficult to break
into the market and stand out completely. But, I believe starting is the
key, even if it’s small.
“There’s nothing wrong with staying small. You can do big things with a small team.” – Jason Fried.
- JOINING A FRANCHISE BUSINESS:
Practically, a franchise business is the partnership between a
franchisor who license trademarks and a tested system of doing business,
and a franchisee who pays a fee to the franchisor for adopting the
business model. Training and often, promotional materials are provided
by the franchisor, this has lots of merits and one of them being the
limitation of risks. As it is an already operating and proven system,
it’s harder to fail as opposed to when building a complete new
business. A franchisee must follow the business model and has little
space for creativity or innovation. A Franchise business can also be
very expensive to start. So , be prudent when making a decision.
- BY NETWORK MARKETING:
Some direct selling companies operates a multi-level system of sale
where a sale person can recruit other sales people, then receive bonuses
based on the performance of his/her recruits. This way of selling is
called “network marketing” [networking] or “multi-level marketing” (MLM
for short), and it account for about a quarter of total direct scales.
It works like this: you sell the product to friends and contact. One or
two of them might think he/she can sell it to his/her friend and so
agree to become a distributor. Recruiting them, you earn bonuses that
are dependent on these sales. If those new distributors recruits more
people you get a share of their sales bonuses as well.
Whatever your idea is, you have to be sure that it fits your need as
an individual, as well as a method no one has ever implemented before.
