There are several ways of finding business ideas. According to James Abola over at the Daily Monitor, his favorite source of business ideas is to start a business that addresses the frustrations of the customers. If you notice that so many people are getting frustrated by something then you could be on to a great business idea, provided you can alleviate the frustration and make some money from your solution.
Next time you hear people complain about something, ask yourself if you can provide a solution to that challenge. I recall the time when Celtel was the only mobile phone operator in Uganda; a person needed close to a million shillings to own a mobile phone and had to pay for calling credit through the nose. That is when MTN came into the picture to ‘help’ the frustrated Celtel clients; MTN offered affordable handsets and cheaper calling rates and customers flocked them.
Another source for business idea is something you love or are passionate about. My wife loves to shop for clothing and shoes and I am happy about it, here is why. My wife figured out that she could shop for other people and they pay for her effort that gave birth to her outfit business. I met another woman who transformed her love for health and fitness into a personal fitness business. So do you have a hobby that could give rise to a business idea?
You could also turn an old idea into a money spinner. A successful business idea does not have to be brand new. You could tweak an old or existing idea and rake in the cash. Have you noticed that up to the 1980s students going to boarding schools would go with packs of ground nuts, maize corn and sugar? Then some folks said wait a minute how about if we offer a five litre pack of juice, biscuits and crisps to students?
The last idea tip is hanging on to the tail of another successful business. Of late many soda drinkers have been raving about Mountain Dew, a Pepsi Cola brand. If you run a restaurant or grocery, stocking mountain dew is a good idea to pick up. I have seen several businesses hanging onto the tails of a successful telecommunication or paint companies and you can also join in.
Photo by PSDGraphics.