Ideas
Starting a Business? Here’s 5 Tips on How to Get an Excellent Business Idea
Starting a business has always been a boss move, everyone wants to start a business and become their own boss. However, starting a business is different than starting a successful business.
While being your own boss is a good thing, it does not come easy. One has to take the risk of moving out of their comfort zone and security of the regular end month pay to a more uncertain financial future. It takes lots of physical and mental planning. Today I want to take you through steps through which you can take to generate a business idea,
As you endeavor to brainstorm what business you want to start, here’s what you can consider;
- Are you employed? Look at the internal processes of the company you are working for (Human Resources, Finance & Accounting, Marketing, Management, Sales, etc.): What processes could be made more efficient? How could they be improved with the use of technology?
- Analyze trends: Read, read, and read. Pick an industry and spend weeks, reading everything about it. Read, research and meditate on that area until you get to the point where you can spot and predict upcoming trends yourself.
- Explore your experience: Look at your past job roles and analyze what you liked/did not like about them. Think of industries and types of businesses that would allow you to do more of what you like. For example, if you loved working with people in your customer service job, why not build coaching or consulting business?
- Build on your strengths or area of training: This is exactly how I started Inversk Magazine after my communication studies at the University of Nairobi. What skills do you have and how can you make extra income from them? For example, if you are good at writing articles in your past marketing job, you could start a business as a freelance writer.
- What bugs you? All businesses exist to solve a customer pain point. Check out reviews of companies in a particular industry. What do people complain most about? How can you help?
These are just a few ways to get business ideas. There’s thousands of way you can generate and evaluate one. Just do your homework.
This article is an excerpt from a bigger article I published two weeks ago. Check it out here,
PS: Want to get smart on how to build and scale your business? #ReadInversk. Inversk Magazine shares analysis, analytics, and business building tools and advice from industry readers and experts. Start today by downloading a FREE e-copy via this link www.inversk.co.ke/magazine
