4 Sources Of Business Ideas You Need to Know

Have you for once envisaged where an entrepreneur comes up with the idea for his/her business? Basically, great sources of business ideas abound. And it is always required to conduct an Effective Business Research before embarking on any business quest.

Observation is one of the best way to identify viable business sources. You must be able to observe the environment in which you live. Think through what you see, hear, smell, touch or feel, and you will see before your eye business opportunities that cannot be seen by an untrained eye.

 “Even if you don’t have the perfect idea to begin with, you can likely adapt.”  –Victoria Ransom.

The benefit of owning your own business can’t be over stressed. A good business idea could be an invention, a new product or service or an original idea or solution. Below are some of the sources of business ideas for start-ups:

. 1. GAPS IN THE MARKET THAT YOU CAN FILL:

The idea can be a need not being satisfied by the market currently. If there is such a need, then a market or business opportunity exists. Unless a business fills a gap it cannot thrive.

Without doubts, there are so many gaps waiting to be filled. Once you have identified a market gap, it is left for you as an entrepreneur to formulate a plan of action to tap the opportunity with a good idea or products.

  1. INVENTION OF A PPRODUCT OR SERVICE:

A new invention can create a good business idea by using a method no one has ever applied before. I believe this is where most young entrepreneurs should spend more time. Although it is not easy to craft and design new products and services. With all the stress and competition already existing, it can be extremely difficult to break into the market and stand out completely. But, I believe starting is the key, even if it’s small.

“There’s nothing wrong with staying small. You can do big things with a small team.” – Jason Fried.

  1. JOINING A FRANCHISE BUSINESS:

Practically, a franchise business is the partnership between a franchisor who license trademarks and a tested system of doing business, and a franchisee who pays a fee to the franchisor for adopting the business model. Training and often, promotional materials are provided by the franchisor, this has lots of merits and one of them being the limitation of risks. As it is an already operating and proven system, it’s   harder to fail as opposed to when building a complete new business. A franchisee must follow the business model and has little space for creativity or innovation. A Franchise business can also be very expensive to start. So , be prudent when making a decision.

  1. BY NETWORK MARKETING:

Some direct selling companies operates a multi-level system of sale where a sale person can recruit other sales people, then receive bonuses based on the performance of his/her recruits. This way of selling is called “network marketing” [networking] or “multi-level marketing” (MLM for short), and it account for about a quarter of total direct scales. It works like this: you sell the product to friends and contact. One or two of them might think he/she can sell it to his/her friend and so agree to become a distributor. Recruiting them, you earn bonuses that are dependent on these sales. If those new distributors recruits more people you get a share of their sales bonuses as well.

Whatever your idea is, you have to be sure that it fits your need as an individual, as well as a method no one has ever implemented before.




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