Do you want to start a business but have no idea which one? If so, you need to know the top sources of business ideas, come up with a list of opportunities, and screen them all to determine the most feasible one. There are hundreds of profitable ideas that you can implement to earn a living in today’s world, and you must be passionate about your venture for it to succeed.
The business opportunity you choose to implement is crucial because it should meet an existing need in the market. Before selecting one, you ought to create a list of possible alternatives and evaluate each. The best sources of business ideas are based on real-life situations and experiences.
What is a business idea?
A business idea refers to any concept you can implement for financial gain. Most opportunities are based on providing particular goods or services to a specific market for profit.
Examples of business ideas are blogging, retailing, wholesaling, freelancing in a particular field, videography, photography, etc. There are numerous options to choose from in the contemporary world.
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Top sources of business ideas and opportunities
Looking for sources of ideas for your new entrepreneurial venture can be daunting, especially if you want to establish your first business. As you look for these sources, remember to embrace creativity and innovation to make your venture outstanding.
The sources can be internal or external. Internal and external sources of business ideas differ – internal ones come from within, for example, talents, while external sources are inspired by things or scenarios outside someone.
Below is a list of various ways of generating business ideas that you can employ to help you decide on your next entrepreneurial venture.
1. Past work experience/ spin-off from employment
If you have been previously employed, you have learned many things. The experience you gain from your workplace can help you start an entrepreneurial venture.
Past work experience, especially in the business world, opens your mind to endless opportunities in the field. You can choose to start a venture using the skills and knowledge gained at the workplace.
If you decide to spin-off from employment, ensure you leverage the skills and experiences you have gained over the years. You must also embrace creativity and innovation to make your concept better than your workplace was.
2. Hobbies, talents, and interests
A hobby is something you enjoy doing during your leisure time. On the other hand, talent is a natural aptitude, while interest is something that catches your attention that you wish to learn.
You can turn your hobby, talent, or interest into a profitable business, especially if you conduct research on the target market and market your services or products. For example, if you enjoy painting in your free time, you can come up with an art-selling business.
For an interest to become profitable, you must be willing to pursue and master it. If necessary, get the relevant training before starting the venture.
3. Customer surveys
For a business to succeed, it must meet a specific consumer need. Therefore, customers are the best source of ideas as they know the products and services they need to make life easier.
Before you start your entrepreneurial journey, you should ensure you understand the expressed or unexpressed consumer needs. You can discover these needs by conducting consumer surveys online and offline.
Consumer surveys entail getting feedback from consumers to assess their needs, satisfaction, and expectations. The responses you get from these surveys help you to understand what motivates, excites, and frustrates consumers and guides you in selecting a suitable business concept.
Every human being has thoughts that could be potential enterprises. In brainstorming, you identify a challenge experienced by customers and allow your brain to come up with all possible solutions to the gap.
You can list all your thoughts down to avoid forgetfulness. At the end of the day, you will discover that you have many ideas or creative solutions. You can brainstorm alone or with others. Once you have listed all your thoughts, you can sift them and select the best one.
5. Expert consultations
In expert consultations, the person seeking business ideas meets with experienced or successful entrepreneurs to seek advice. The aim is to learn as much as possible about entrepreneurship.
Listening keenly to experts will give you tips on approaching the business world and the dos and don’ts. You can also get information on the most profitable ventures.
If you prefer to make consultations, have a budget because most consultants will charge you for their time and insight. Remember, they are also in business!
6. Market gap analysis
Wise people said that necessity is the mother of invention. Market gap analysis involves identifying products or services whose demand is greater than the supply. A gap analysis helps an entrepreneur to recognise the current state of products or services in the market in terms of time, money and labour.
You can identify a gap in the market by monitoring the trends in your area of expertise and keeping in touch with those in your industry. You can also evaluate your competitors’ offers and find a way to make your idea unique.
Entrepreneurs can also adapt an existing product or service to make it suit their own business. The aim is to identify possible gaps in the market and come up with ways of bridging the gaps.
7. Family and friends
Listening and talking with family and friends can help you come up with entrepreneurial concepts. Each family member has a different perspective of life. They also have different needs, wants, and ambitions.
Listening to your loved ones will give you insight into entrepreneurship. Once you get ideas, exercise caution when implementing them to avoid loss and frustration.
8. Research and development
An entrepreneur can also conduct research on the products that are available in the market and which ones have the highest demand. Resources for conducting research include books, the internet, journals, newspapers, research institutions, etc.
You can get the best business ideas over the internet by simply browsing on your phone at a minimal cost. With just a click of a button on your computer or phone, you can get numerous ideas.
Afterwards, you can screen the concepts and pick out the most feasible one. The goal is to identify the gaps in the market and develop creative solutions.
9. Current trends
Most people like being up to date with the latest trends in fashion, electronics, and other things. You can analyse consumer trends and take advantage of the prevailing trends to make a profit.
Ideas based on trends require flexibility because trends change overnight, and you do not want to be left with dead stock or offer outdated services. These ideas are for people who do not mind taking risks often and who have fantastic forecasting skills.
10. Mass media
The mass media, including television, newspapers, the internet, radio, and magazines, are a great source of information, including business ideas. Various mass media platforms offer great insight into consumer wants and needs.
Besides mainstream media, you can also use social media to find out what people want or need. You can also identify potential markets and competitors on these platforms.
Other important sources of business ideas
What other sources of business ideas should you consider?
Most people travel for fun or to fulfil certain commitments. What most fail to realise is that travelling opens your mind to new ideas. It clears your head of stress and allows you to think clearly. Besides, it exposes you to different cultures and communities from which you can borrow entrepreneurial ideas.
Complaints usually arise when people are unsatisfied with a product or service. Your role is to listen to the complaints and come up with creative ways of solving such problems.
Most countries hold business exhibitions annually. These can be government or privately sponsored. When you attend exhibitions, you see and learn a lot. You can borrow an idea from one of the exhibitors. Ensure you do not copy and paste other businesses to avoid infringing on patents and copyrights.
Did you know that there are numerous sources of business ideas in the modern world? You can use the sources listed above to come up with a unique idea that will earn you profit.
Tuko.co.ke also published an article on new untapped business ideas in Kenya in 2022. There are many opportunities that make Kenya an attractive business destination. Locals and foreigners alike can capitalise on these opportunities to earn a living.
Starting a successful business in Kenya is possible if you follow the proper procedures and work hard. To make it as an entrepreneur, you should have extensive knowledge of new untapped business ideas in Kenya.
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