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How to Generate Business Ideas

by Biztraction Research

Have you been dreaming about starting your own business? Or you have saved enough from your 9-5 and you want to start a side hustle. Even if you have always wanted to be an employer of labour instead of working a 9-5. Whatever the case may be, you are in the right place, because ideas are the first capital you need to start your business.

People always ask us questions like ‘what business can I start with 100,000 naira’ or ‘I have about a million, and I don’t know what to invest in.’  

There are different ways to generate business ideas and start a sustainable business for yourself. In this article, we’ll share some tips on how to generate business ideas.

How To Generate Business Ideas

Many successful businesses today started out with their owners leveraging on their passion or hobbies. For example, Spanx founder Sara Blakeley started out by cutting pantyhose in her kitchen to ensure she and her friends looked good when they wore figure-hugging clothes.

This has evolved to become a billion-dollar business venture. There are so many other stories like this, and there is no reason you should not join this roll call. Invest in your hobbies and take them to another level.

2. Read Widely

How would you find business ideas when you don’t read. There are books written by successful businessmen, authors, and entrepreneurs. You might pick up one or two things from these people.

You do not necessarily have to follow their business ideas. Still, apart from learning how to do business, you might be triggered to think about a totally new concept.

Read up on books that discuss small and medium startups and how you can make your business idea successful and viable

You can also pick ideas from magazines. For example, many magazines feature successful businessmen who share their stories. They also feature recent happenings in the business world from which you can develop one or two ideas.

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3. Brainstorm with Friends and Family

Charity, they say, begins at home. This applies to the business aspects too. Consult your friends and family members on ideas you can explore.

They might be able to point out one or two great choices for you. Often, they can identify strengths in you that you can turn into business ideas or help you build your hobbies into something professional.

Have a brainstorming session with a group at a time, and you might even find someone willing to partner with you.

4. Network and Join Business Forums

Networking is important for business people. If you want to go into the world of business, then the best place for you to get an idea is definitely networking at forums with business gurus.

Forums like the Business Forum International in the UK organize workshops, conferences and meetings which help business-minded people and potential entrepreneurs learn more about business.

Joining forums both physically and online can help you meet people who have interesting business ideas that you can brainstorm with. You might even find someone willing to partner with you or invest in your vision.

5. Buy a Franchise or Existing Business

This might seem odd, but one significant advantage of buying out or joining a franchise is the visibility that comes from a pre-existing brand. This means you do not have to start building from scratch.

With a franchise, you have the advantage of small business ownership while getting the benefits and support of a big business. Sometimes it is even less expensive to buy and secure a franchise than starting a business from scratch.

This also applies to buying an already established business. Big tech companies are famous for buying businesses and turning them into billion-dollar enterprises. Facebook acquired Instagram and Whatsapp; Google acquired Youtube, which is just a few success stories.

Of course, not all such businesses are viable. Therefore, you should do homework on a business before buying it out.

6. Build on Your Existing Skill Set

If you have worked a 9-5 for years, you can use that skill you utilized while being an employee to start your own business.

This is easier for you since you are already a professional in that field. You can also use the contacts and networks you had while working to push your new business interest.

Analyze your skillset and how that can be used to address some societal needs look while also earning money for yourself

7. Travel

Travelling can make you see the world differently. Apart from being relaxed, you can find attractions in other parts of the world or countries that are not on your side.

For example, as someone who loves cooking, you might have dined at a restaurant that carries an exciting dish. Then, you can start a diner with those dishes and even with your own little variations on getting home.

You can pick up a lot just from visiting a big city like New York or Berlin, and you can implement those business ideas when you get back to your place.

8. Keep Up With Current Trends

Follow market trends and current happenings around the world as this can also give you ideas that can easily sell out.

A gym enthusiast who started Tone and Sculpt in 2019 saw her signups and sales increase since 2020. Why? Because people have not been able to go to the gym and resorted to online methods to keep fit.

Think about something that will flourish because of a sudden policy or decision by the government, and you might come up with a really great idea.

9. Look Around Your Environment

You can generate a business idea by looking at your environment and checking for what is lacking. For example, you can decide to invest in a supermarket or store if you know your area lacks that.

By providing people’s needs and wants i8n your immediate environment, you can become the next big thing in business.

10. Surf The Web

The internet is a repertoire of information on different subjects. In addition, you can effortlessly search online for other viable business ideas to invest in.

Add up what you read online to what you find out in the real world, and you can come up with a great business idea.

There you have it!!! Great ways to quickly generate viable business ideas that you can develop. If you use any of these tips, you don’t have to be confused about becoming an entrepreneur anymore.

Remember, start small and think big.

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