By Michelle Wanjiku
With an increase in unemployment the cost of living, it is important that you find alternative ways to earn money. This is where businesses and side hustles come in.
However, starting a business can be challenging especially if you don’t already have an idea. You need to ensure you come up with a viable idea that will turn into a successful business otherwise you would end up losing the money you invest in starting the business.
So how do you come up with a good business idea?
1. Satisfy a need
Look around you, what are some of the things people in your area need the most? By answering this question, you will able to come up with a good business idea.
For example, let us say you live in an area where people have to walk a long distance to find a shop, you can decide to open a shop, or your area is plagued by lack of water and people have to travel far to fetch water, you can choose to start a water transporting business where you deliver water to people.
When you identify a problem in society and use your business to fix it, you manage to help the community as well as start a successful business. It’s a win-win.
2. Look at your skills and talent
What are you good at?
Another great way to come up with a good business idea is focusing on what your skills and talents are.
For example, if you are a great cook, you can start a catering business; if you are good at baking you can start selling baked goods.
You need to look at what you are good at and see if there is a way to make money from it.
What experiences do you have, I know of someone who used to work for a recruitment agency and he later decided to quit his job and start his own recruitment firm.
Using the experience and skills he acquired while he was working he managed to start a business that is now thriving.
If you have experience as a salesperson, then you can buy decorations, clothes, toys etc. and then sell them to people at a profit.
4. Use a borrowed Idea
The truth is, there are no original ideas unless you are coming up with a completely new product, there is a huge chance that whatever business idea you think of already exists somewhere else.
So another way to come up with a business idea is to look at what other people are doing. You just have to ensure that even if you borrow an idea you don’t borrow everything including the execution of the idea.
Try and make borrowed ideas you own by adding on to them.
5. Look at available resources
It’s also possible to start a business using what you already have available to you. This will also help you solve the issue of capital. For example, if you already have a tractor that you are not using, you can decide to start renting it out.
So you need to look at what you have available to you and if you can make some money off of it.
When it comes to choosing what business to start, you just have to ensure that you look at where or not that business has a chance of survival or not. This will ensure that you don’t end up starting a business that has no hopes of success.
But you also have to remember that the success of your business depends on the work and effort you put into it.
Do you have any tips on how to come up with a business idea? Leave them in the comment section below.