Almost everyone knows that starting a business, contrary to appearances, is not difficult. And while it undoubtedly takes a lot of courage and perseverance to succeed in your business, it’s not impossible. It all starts with this one concept.
So if you want to start a business but don’t know where to start, read on because the last few paragraphs will teach you how to identify your best business ideas.
1. You need to identify the problem and solve it
In fact, examining problems in your community and understanding what you can do to solve them is a great way to generate business ideas. Small solutions work just as well as big ones when you’re just starting out. You know they’re solving a specific problem when you look at the things you use every day.
Let’s take a hot-water bottle, for example. It helps you keep warm on cold days.It’s just a more humble strategy to help you survive frigid conditions. The hot water bottle is effective and portable. Just boil some water, pour it into the bottle, seal it and put it by your bed or in a warm place.
And now the bottle is covered with a fabric that guarantees safe contact between body and bottle. I bet you’re wondering why we should waste time talking about a bottle of water.But here’s the catch, you see, such a solution is simple, effective, inexpensive and solves a real problem. The solution doesn’t have to be big; it can be as small and simple as a hot water bottle.
Look around you and notice the things that you are complaining about or that others are complaining about. Find innovative solutions for them, and this is how you find your business idea.
Edward Penkala, the inventor of the hot-water bottle, had to recognize this problem and come up with an innovative solution that made him a lot of money.
2. So adapt to changing needs
Again, it’s important to remember that you must adapt quickly to change and not fall behind. Technology and social media have brought about many lifestyle changes that have affected all of us in one way or another. Some needs are constant, such as B. Physical needs such as water, food, shelter.
And we all know that sometimes emotional needs can change and sometimes they can be constant.Transforming solutions are services and products that meet these emotional, psychological and physical needs. Other needs you can meet are our modern needs.
For example, phones had SD card slots for storing files, photos, etc. You can still find SD cards for sale, but they are not as popular as they used to be. Cloud storage was a game changer as people needed more space to store their memories.
There are cloud storages from Google, Apple, Microsoft, Dropbox and many other companies that have adapted to people’s needs. What can you create that innovates and adapts to ever-changing needs? Or maybe you can find an existing product and improve it?
3. Basic Experience
The better you get in an area, the better you understand it when you know where you need to improve. That’s why successful people read a lot. Millionaires and billionaires always know many topics that help them innovate new products.
Curiosity is very good in business. Don’t limit yourself to the things you know. Having good ideas means trying new adventures, traveling and seeing the world from a different perspective.Always look outside of your area of expertise for new motivations and additions to find new ideas.
For example, if you work for a marketing firm, you may experience a work culture. You meet customers, shop, give presentations, etc. After a while, with the experience you’ve gained, you might feel ready to go it alone because you know how the business works.
You can handle clients and negotiations, you can focus on a niche business and be exclusive to the client.This experience will help you rethink your product or service.
4. Try to focus on solving something that might become a problem
That’s why finding a problem and solving it is a great way to come up with a business idea, and it’s not the only MEANS . Why not find a solution to a problem you know is going to happen? Many things are happening and changing in the world right now.I get that it’s very futuristic, but it could be a great business idea.
One man who is in this case is Elon Musk. His passion is truly unique. In his projects like Tesla Motors or Solar City he has a feeling for the future. It understands that fossil fuels will soon be an issue and has the resources and knowledge to address it.Act to find solutions before anything happens. The advantage is that it has time to innovate and has market share.
Sometimes you may think that there is no market for a product, but if you think like this you can create your own market. Tell people what you see in the future. There will be people who share the same beliefs and over time your idea will gain popularity.Make these people your market and your business idea will be solid.
Many problems are foreseeable for the future. For example, climate change and changes in weather patterns can be a niche to choose from. There are diseases like Ebola and COVID, and some of them can recur in the future while others are preventable.
5. Use Emotions
We all know that we should make decisions based on emotions. When we are angry, happy, jealous, greedy, gluttonous, lustful, envious, at that time you can buy certain services or products. you can use it
Think about it!How many companies are there today that have somehow harnessed or addressed human emotions? When you look into your bedroom or bathroom, how many things do you have that have drained some of your emotions? Do you want your hair to grow faster? Well, there are many products on the market.
And now your hair grows whether you shave it or grease it.But this particular hair growth product makes your hair grow faster and there is a market for it. Brightening products and slimming teas also have a huge market created by beauty ideas on social networks.
Most people who promote brighter skin, tanned skin and a well-groomed body are selling you a product that speaks to your emotions. Think about it! Harnessing people’s emotions can be a manipulative business approach, but if you can find a product that can help improve people’s emotions, why not give it a try?
6. Make your life easier too
Many products and services are designed to make your life easier. From a time when you hand washed your clothes to owning a washing machine. Buy a vacuum cleaner or cleaning robot. These are all inventions that have changed over time.For example, using a previous idea to create a new and better innovation.
The robot vacuum cleaner is a new technology that cleans the house on command. The robot charges in its charging station. It wakes up when you program it to start vacuuming the house. Thanks to special functions, it knows every corner of your home and moves from one room to the other while cleaning.When it’s done, it dumps the dirt into a bin and returns to the charging station for the next scheduled vacuum.
This new idea has made your life easier because you don’t have to be at home when it works. You just emptied the trash. In this example, your business could be born out of the development of an old idea. After all, we all want products that make our lives easier.
7. People save money too
I’m sure everyone is always looking for a way to save money, no matter how small. It’s a business idea you can develop to save people money. Accessibility is a big selling point in the market. If a product is energy efficient, it means it saves on your electricity bill, which means it saves money and attracts the market.
When gas is cheaper at a gas station, people go there. Products or services that are reusable and save money at the same time are also a great business idea.
For example a solar lamp in rural communities in Africa. The lamp is charged by the sun during the day, the same lamp can also be a radio and have a connector for charging the phone. These are things that are useful and save your customers money. Instead of buying a lamp and a radio, you get two in one. The lamp can be charged with both electricity and solar energy, which means savings on your electricity bills.
8. Then turn your passion into a career
Most people enjoy many activities and spend most of their free time doing things they enjoy. Now you can start thinking about turning your passion into a business. When you have free time, you usually engage in various activities. If you enjoy writing, painting, researching, gardening, photography, traveling and other activities, make a business out of it.
First of all, you already love your hobby and it pays to make money doing something you love. It doesn’t look like work. If you are good at gardening, start making videos to teach others how to manage nurseries, use organic fertilizers, water, transplant, etc.
Create a blog or YouTube channel. Expand your audience.Create a video tutorial and sell it online. Partner with companies by promoting their products, be it rakes, fertilizers or planters. Start your own consultancy and work on other people’s gardens. You will find yourself improving your skills and knowledge in your passion while making money at the same time.
Remember, as you turn your hobby into a full-time passion, consider the work aspects as well. Your hobby will change as you meet customer demands and your business goals. It may not be as exciting as it used to be.
9. Exchange the activities for the ones you want.
Find out what you or your friends don’t like. There are tasks that you don’t have time for and that you want to make doable.This is where the entrepreneurial idea was born.
Thanks to the Internet, many tasks can be completed with a simple touch of the phone. You will find remote controlled blinds for the home, efficient delivery of packages and groceries or paying bills quickly thanks to the application on your phone.
There are apps on your phone that allow you to track your daily steps, plan your run, log kilometers traveled, calculate calories burned during the day and reward you with a trophy if you break your previous record. what do you hate to do. This could be your answer to your next adventure.
10. Hierarchy of needs
So do you remember Maslow’s hierarchy of needs? It is a psychological theory composed of five hierarchical levels of human needs. Starting at the bottom, we have psychological needs, needs for security, love and belonging, appreciation, and self-actualization.
If you are interested, you will find that most of the products and services meet all of these requirements. For example, for psychological needs we can mention water, food, sleep, respiration.
Products that ensure a good night’s sleep have been developed by companies. They have developed bolsters, box spring mattresses and memory foam mattresses that ensure restful sleep. Anything to quench that thirst.
water is another example. According to research, we should drink 2 liters of water a day. Many people find it difficult. As a result, companies have developed flavored water to fill this need. In addition, modern homes have plumbing fixtures that meet the same water needs.Still, a lot can be done.
Conclusion
Yet, one thing is for certain: attempt to innovate while enhancing currently available technology to better meet a certain requirement. Here are some suggestions to aid in your search for a business idea.
Finally, everyone here hopes that one or two of the aforementioned suggestions will help you get your business off the ground and propel you to the top, where you and your company deserve. If you think this is useful, try learning more about it and telling your relatives and friends.
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