Are you looking for the best sources of business ideas 2017? How do you expand and build on a ground-breaking business opportunity presented before you?
Have you ever wondered where an entrepreneur comes up with the idea for his/her business? Practically, great sources of business ideas abound.
One way to identify a business opportunity is by careful and enthusiastic OBSERVARTION.
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, co-founder of Wildfire Interactive.
A good business idea could be an invention, a new product or service or an original idea or solution. Don’t let that business
idea fades, take action now. Below are some of the sources of business ideas for start-ups. I encourage you to carefully chose the one the best fits your talent or passion.
1.BUSINESS RELATED TO THE WORK YOU DO:
The idea can be an acquired experience or one related to the work you do or have done. Such idea can give you opportunity to lunch into an existing market.
This is an easy way of getting into a business since you already know your customers or clients and where you can get them.
For example, it will be wise to open a Chemistry
tutorial class for high school students if you are a Chemistry graduate. I believe this will be profitable and has all the chances of success.
2.TURNING HOBBY INTO A BUSINESS:
Your talent or hobby can be a good source of business idea. Don’t you think so?
Think of what you enjoy doing and how it can satisfy human need. Interest in sport, entertainment, academics, etc, can provide a good business idea.
It’s not about the ideas you conceive. It’s about working and making quality ideas produce results. “To any entrepreneur: if you want to do it, do it now. If you don’t, you’re going to regret it.” – Catherine Cook, co-founder of My Yearbook.
3. POOR DELIVERY OF SERVICE OR PRODUCT:
A business idea could be your ability to improve the quality of a service or product in the market.
If you can find a solution to a problem, people will be waiting to pay for it. You have to find out what people dislike and complain about, e.g. problems of business people, house wives, working wives, professionals, etc. related to the existing goods and services. Once this is discovered, you can easily dive in and offer your novel quality services at affordable rate. Try offering discount since you’re just starting. I believe this will work.
4. OVERPRICED PRODUCT OR SERVICE:
By researching, you can determine whether a particular product or service is being overpriced or not.
If you can provide such a product or service to the market at a reduced price and better quality and still make a profit then you have a good business idea.
5. FAILURE OF A PRODUCT OR SERVICE:
There are many reasons for product or service failures. If you can find out the reason why a promising product/services failed holistically despite the available market for it and provide the solution, then you are on your way to setting up a business.
6.ADAPTATION OR IMITATION:
You can borrow ideas from existing product or services that has market and competitive product or service. It is not a crime to borrow ideas, but I believe it’s a crime not to work productively on a borrowed idea.
INVENTION OF A PRODUCT 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.
9.BUYING A BUISNESS
Another way of getting into business is by buying over an existing one. You can decide to buy an existing business accessible with prospect of doing better if appropriately managed and funded. There are some businesses that are not doing well because of poor management or lack of fund; such business can be sold by the owners at a very reduced price, the advantage of buying an existing business is that there is a market and brand already in place for you to cash in on.
10.BY STARTING UP IN DIRECT SELLING:
One way to start your own business with an existing structure is by direct selling. Opportunities for direct selling exist where a manufacturer misses out the retailer by selling directly to the customer. These sales are usually worked per time. The
manufacturer gives their sales people various titles, such as “independence” “sales rep”, etc. Being involved with a direct selling company has many advantages over setting up a business of your own. The market research, developing and testing new product, planning, pricing, and working out sales
techniques are all done by the company. All you need to do is absorb their sales training and sometimes purchase a starter pack of goods to sell.
The sales procedures have been written by experts, so if you follow the training you should, in theory be able to make sales.
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.
I strongly advise you to take your destiny in Your Own Hands and celebrate greatness in advance. According to John F. Kennedy, a man may die, nations may
rise and fall, but an idea lives on.