1. Identify a Need
This one explains itself. No matter how you want to look at it, making money simply involves identifying a problem or need and proffering a solution. There is a need or a problem in your immediate environment. People unconsciously need a service/product even though they have survived without it. A gap needs to be filled. In solving that problem or meeting that need a business idea is planted.
2. Proffer a Solution to the Problem/Need.
You need to be the solution to that problem. When you proffer practical solutions to the needs around you, you are providing service and that’s a stepping stone to your entrepreneurial story. A CEO of a haulage firm told me he started by hiring trucks to help send stuffs for his friends across the country. It all began when his friend needed some things sent down to the eastern part of the country from Lagos where they arrived from China. Now he owns a haulage firm with no truck to his name yet with a fleet of trucks working for him. Profitable business ideas are all about the solutions they help bring to the problems/needs people have.
3. What Are You Passionate About?
Again, this one goes without saying. If you interview 100 successful entrepreneurs, at least 70% of them will tell you they are doing something they are very passionate about. Most of our featured entrepreneurs say the same thing. What are your passions? Identifying your passions is outside the scope of this article. A lot has been written on the subject. I urge you to read up on it.
4. Develop Profitable Business Ideas Through Your Skills/Talents
In his book Talent is Never Enough, author and motivational speaker, John C. Maxwell, explains the difference between skills and talents. It’s one book I encourage every aspiring entrepreneur to read. Find out the things you are very good at, apply the right leverage and there are lots of great business ideas there waiting for you. Read this article on how to make a goldmine out of your hobbies.
5. Discuss With the Right Minds.
You know people who are optimists and constructive critics, not the dream-killers. You could churn out great business ideas with better prospects just by being in their company and talking with them. Two good heads are better than one, emphasis on ‘good’. They could turn out to be your partners.
6. Your Environment
Your environment has a lot to say about how profitable your ideas would be. For instance, it is a great business idea to sell electricity generating plants/sets in Nigeria but you will die of hunger and poverty if you consider doing such business in the UK or other developed countries.
7. Times and Trends
In addition to your environment, time (era) is another important factor. You cannot decide to go into a business in which the products/services are now obsolete. A good business idea in the 1960s will not stay relevant in 2016.
And there you have it, 7 tips for developing profitable business ideas. Remember, having ideas is not just enough. You need to act on the ideas you get. According to David Allen in his book, Getting Things Done – The Art of Stress-Free Productivity, never allow yourself to get the same ideas twice. Once you apply these 7 tips and get the right ideas to start your business, it is up to you to take action and start your journeytowards becoming a successful entrepreneur.