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Empowering the Next Generation Entrepreneurs with Profitable Ideas

5 Ways To Come Up With A Business Idea

If you have been looking for how to come up with a business idea, these valuable tips will help you do that.
Reading Time: 4 minutes

With many companies in existence today, you may have erroneously believed that the business idea you have in mind has been taken up. For example, you wanted to open a restaurant, but just right down your street, someone else had opened a restaurant and is making progress.

The same applies to many other business ideas you have in mind, only for you to discover that someone out there is already working at it. That is to bolster the assertion that “for every business idea someone has, about 100 persons are also thinking in that direction”.

Although you may be forced to think that the market is saturated when it comes to the business idea you have in mind, the truth is that the list of business ideas is not exhausted.

How Can I Come Up With A Business Idea?

If you have racked your brain many times to figure out ways of finding business ideas to no success, it is time you take a seat and listen to us.

You see, when it comes to how to come up with a business idea, many things need to be considered. From your interests to the challenges people face, you can always leverage them to come up with a business idea.

To break the chase, here is the overall breakdown of how to come with a business idea in 5 steps.

1.      Come Up With A Business Idea from Your Frustration

There are always bothering us. You are not an exception. If you examine it, you will discover that there are some things that bother you.

In as much as you deem that to be challenging, they could be the goldmine you have been looking for elsewhere. Your business idea lies in the things that frustrate you.

Let’s assume that you don’t love reading textbooks. No matter how hard you tried, you couldn’t come to bear the thoughts of sitting down for long hours just to read. You would rather listen to music than reading.

Boom! That’s the business idea you are looking for. Now, you can remodel the distaste people tend to read textbooks into something they will find pleasing. Ideally, you may want to set up an online platform that can convert books to audio so people can “listen to books” via the audio versions.

2.      Look for Problems and Suggest Solutions

Our world is continually filled with one problem or the other. If we are not at the brinks of war, we would be bugged with the growing trends of militancy and insurgency. The same plays out when there are pandemics, such as the Coronavirus that is currently holding the world to ransom.

Related: 4 Smart Ways Companies Are Weathering the Coronavirus Pandemic

You can use such situations as one of the ways to learn how to come up with business ideas. The rule of thumb is that you should look for the problems and go into researches to suggest solutions.

In the case of the Coronavirus, even though the Food and Drug Administration (FDA) has approved the use of chloroquine as one of the drugs to fight the virus, you can always look for other ways to cure the Coronavirus.

3.      Deploy Your Skill to Another Industry

If there is anything you mustn’t do in your career, it is to focus on only aspect or industry. There is a need for continuous reinvention and you need to be working towards that too!

For instance, someone who is a writer, (Chukwukadibia Abah of https://chukwukadibiawrites.com is a good example), can always look for other industries to delve into. Instead of just writing blog posts, a writer can also pitch his services to people that have ideas for their next books but they are looking for someone to write it for them on a ghostwriting basis.

In the same way, if you are a fitness coach, you can also consider using your mastery of fitness to instruct people on weight-loss diets on how they can juggle between dieting and exercise to get the shape they want.

4.      Make A Cheaper Version of A Product

In a world where people are working on a budget and are looking to cut down on costs, it is pertinent that you look for ways to provide valuable products at the lowest costs.

If you are running a business and you want to get more customers (and more sales too), the ideal thing to do is to look for the products that are selling out fast. Once you’ve identified that, spy on your competitors to learn how much they sell the product.,

Once you are certain of that, proceed to look for ways to make a cheaper version of the product. You may want to get in touch with the company manufacturing the product or the wholesaler so you can get some reasonable discounts that will enable you to sell cheaper and still make a good profit.

5.      Shoppers Can Help You on How to Get Business Ideas

No matter the kind of product you create or launch, there is always a customer base that is waiting to buy it.

Find Out: 7 Ways To Build Hype Months Before Launching Your New Business

But, when you make the mistake of launching a product that doesn’t resonate with the needs of the target market, you tend to run into bankruptcy.

Therefore, it is imperative that you talk to the shoppers and buyers to learn the kind of product and service they love the most. Their response will help you in having a clearer view of the right kind of product/service you need to bring into the market.

Since the shoppers are “the heart of every business”, talking and consulting them will save you the headache of launching products and services that wouldn’t sell. Also, it helps you to sell faster because you will be pitching those products and services to the customers that need them immediately they are launched.

It Is Easy To Come Up With A Business Idea

Contrary to popular opinions, it is easy to come up with a business idea. You only need to understand the important things that go into how to come up with a startup idea.

We hope you found the above ways of finding business ideas helpful? Do let us know how you come up with business ideas too!

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