Generating profitable business ideas is not meant to be rocket science. All you have to do is follow your curiosity and do plenty of research. Business ideas don’t have to be complex ‘reinventing-the-wheel’ endeavors. What you’re looking for is something that is at the intersection of what you love doing, what you’re good at, and what the world needs.
So, let’s discuss 6 areas you can get inspiration from when looking to generate business ideas:
1. Which problems around you could turn into a business idea?
Think about where you live for a minute; for example, is the trash picked on time? Is it handled properly? If the answer to these questions is no, try and see how you can help solve these problems. Generating business ideas out of a problem you specifically face is one of the most powerful ways to begin something that can gain traction.
Some of the biggest businesses today were built from the urge to solve a certain existing problem. A company like Uber was born out of a need to make getting a ride home easier at the touch of a button, Glovo was started to make deliveries faster and much more convenient while Facebook was created to make connections and sustain relationships among friends.
Village2nation Academy was created to make online learning more localised and more accessible to Kenya and Africa at large.
Try to be observant and identify what problems need solving in your area or your country as a whole. You might just be the next big thing!
2. Generating business ideas from what is trending
In these roaring 20’s, a viral online trend can be created from absolutely anything. From a simple dance to a cat video to something a famous person said. Very many successful businesses have been created from riding on viral trends.
Remember fidget spinners? That simple item became a global sensation and still is. Many people rode on the wave and started profitable businesses by selling them so much so that it was projected that fidget spinners made up to 17% of all daily online toy sales worldwide from 2017 through 2019.
The power of the internet today is simply unmatched which allows simple mundane things to turn into a worldwide craze or trend.
So, have a nose for current trends and be social media savvy. Generating business ideas from Tiktok and Instagram trends is a 21st century boss move.
3. Generate business ideas from what you’re good at
Building on your strengths may be one of the best places to start when looking to generate business ideas. If you are very good at something, there are plenty of ways to monetize your superpowers and make bank in the process.
For example, if you are good at keeping things clean and organized, why not start a home cleaning service?
What compliments do you get most often from people who know you? Is there a way to translate these strengths into a business idea that could be profitable for you?
Legendary golfer Greg Norman said, “Know your strengths and take advantage of them.”
4. Improve on already existing businesses and turn it into your idea.
Do you hate how much Google Maps can get you lost in Kenya? Why not create an improved alternative for the Kenyan environment or for your area?
Seeking ways to improve on already existing ideas might just be the strategy you need when trying to generate business ideas. Nothing in this world is perfect; everything either has a shortcoming that needs a bit of improvement or a complete change.
Being a little bit observant of what needs to be improved might lead you to a revolutionary business idea.
5. Your business idea could focus on what make lives easier
What is one thing you wish was easier in life?
Looking for new ways to make people’s lives easier may lead you to an incredible business idea. Mobile phones came to make communication easier, cars came to make transport easier, online check-in for flights made air transport easier. What else?
Try and see what process, that people do all the time, can be made much easier. Automation of services is the future, and that is a fact!
New ways to make more things much easier are being invented all the time. Do not be left out; all you need is to think a bit harder, do your research and be a bit more observant. The next big idea is within your grasp!
6. Generating business ideas that appeal to emotions and desires
Business ideas that speak to people’s emotions and desires can be a fastest way to profitability without much hustle.
For instance, common human desires include physical fitness, financial independence, flawless skin, love and acceptance, etc. What is it you can do that can help people achieve their deep-seated desires?
Could it be a fitness app or a consultancy business on how to save and invest for beginners?
Helping people achieve their goals is the fastest way to achieve yours.
Are there any others that I have forgotten? Please leave a comment below.
The process of starting and running any type of business needs some training along the way if success is to be achieved. And here at Village2nation Academy, we are passionate about that. We offer courses that prepare you for the future of work. We care about you and want to see you succeed in your business endeavours.