I am very lazy, and so are millions of others out there. Disregard all you’ve been hearing about hard work and others, business is meant to be fun. Just try to quote Bill Gates, he said: “if I have hard work to do, I find a lazy staff and ask him to do it”. The reason is very simple, he will find a faster way to accomplish the task.
Do you want some business ideas? Let me show you how to generate some for yourself, instead of always asking people for ideas. This guide will show you how to generate ideas and identify profitable business opportunities.
If you accept that you are lazy, you will have the advantage of thinking just like many other lazy people out there. That way, you can easily create ideas that will solve problems for people out there.
A profitable business is a business that can solve problems – which makes people always wanting to patronize your business. Let me show you some steps on how to get business ideas for yourself.
For the avoidance of doubt, I have two businesses that generate more than 4 million Naira annually. So everything I write here is from a practical point of view.
How to generate a profitable business idea on your bed
Right on my bed, I was able to generate a business that would go on to give me the money I needed to kick start my life. Let me show you how I conceived the idea.
Think of problems you wish that others can solve for you
That is exactly how it starts from; if you want to start a business that would later become profitable. You will need to solve problems for people whether in the form of selling them products or services.
- Banks help you with financial transactions
- Your mechanic helps you by fixing your car
- Uber gives you a faster way to move around without stress and when you don’t have a car
- The caterer gives you the choice to get food in your house without the stress of cooking and eating outside
- MMM allowed you to make money without working for money
Do you think that the business ideas have already been all taken up? The answer is NO. Once you’ve identified a problem that you wish someone can solve for you, there are others who are also in your shoes.
It shows that others can also pay others to help them solve that problem. So write down all the ideas down on a piece of paper.
Choose variables and eliminate
Take your time and generate up to fifty ideas. If it isn’t up to fifty, then don’t stop generating. This exercise can take you up to a week to complete, but the deeper you go, the more wonderful ideas you can generate.
After you’ve generated up to fifty ideas, then it is time to start eliminating some of them.
Here are some factors to consider to eliminate non-important ones;
- Too much capital to start
- Excessive competition
- Good location to start
- Low target audience
- Complex distribution chain
- Little profit margin
I don’t think any business can be perfect when it comes to the criteria I listed above. But you have to make sure that the downside of your business idea won’t affect the business that much.
If I choose a business that requires a large number of rich people, I can decide to relocate for the sake of the business. So in reality, it doesn’t really affect my business that much.
But if you choose a business with the excessive competition just like the Uber and Taxify business, it will take me so much just to break into the market.
Know the bad side of the business and check if you can deal with it.
Anyone doing the business? Identify a gap and fill it
Most likely – unless you want to run a transport company to another planet, there is someone doing that business. But on a lighter note, there are businesses that are not being operated already that needs to be started.
I started one of them and I am reaping the benefits immensely. But if there is someone doing the business already, here are some ways to modify it and know if it will be profitable.
- Can you reduce the price and still make a profit?
- Are they everywhere or just targeted?
- Can you reach more people than your competitor?
- Are they marketing aggressively?
- How good are their product and service?
- Is their customer service delivery okay?
If you notice any lapses in the way your competitor runs their business – alongside other factors I listed in point number two, then that business looks promising.
“Indriver is allowing customers to determine how much they can pay when choosing a ride. A good way to fight the Uber and Taxify competition. How long can they survive?”
Listen to People’s demand
Monitor the customers in that business sector and listen to their demands. Just like Glo users keep complaining about their poor network, MTN users complain about the expensive data tariff. Also, 9mobile users complain about the data value gotten from 9mobile, and Airtel users wish they had better network coverage around Nigeria.
Likewise in other sectors, there are gaps that need to be filled without excess investment capital. Listen to the demands of customers in that sector, complains, and proffer a solution.
Chrisvicmall started importation from China after those in mini-importation business complained about the stress of importing from China. People are still complaining about the prices, which means that there is still a gap to be filled in that sector.
Run a prototype test and business launch
Before you finally go into the business, create a demo business product, advertise it, and check if anyone would pay you for that service/product.
This is a cost-effective way to start a business without much risk. Before I started my travel agency to Canada, I ran an advert on social media, asking people to process their Canadian visa through my agency.
The results I found were extremely awesome, so I opened up an office and started the business. That was how I knew that this business was a profitable one and people would pay to secure my services.
Before you start that business idea you’ve conceived, stylish introduce it to people and see their reaction. That would show you if it is actually a great one to start.
P.S. Helping people with visa to Australia is a booming business with less competition. You can start it ASAP.
Have you gotten any business idea while reading this short piece? Let me know your thoughts using the comment section!!!