New Business Ideas

7 Steps to take in identifying new business ideas:

Step 1: Take stock of yourself

Statistics prove that new businesses have a much better chance of success if the person starting the business has sufficient skills and experience in that industry. It’s also very important that the potential business suits the owner.

The most important questions to answer are:

1. What knowledge do I have?

2. What am I good at?

3. What do I love doing?

Step 2: Keep track of events, news and trends

There are many other events and trends that create opportunities, just like the current credit crunch did for debt counsellors.

A great way to keep track of events, news and trends is to follow the news and passing of new legislation.

By looking at your personal skills and experience and combining that with what’s happening in the world, you will be able to identify a trend or event that you can capitalise on.

Step 3: Inventions, patents and copyright

People often forget the thousands of archived patents and inventions that are not being taken to the market. These un-used inventions are just waiting for someone to exploit them.

Maybe you don’t have the ability to invent something but you might know how to market and sell it profitably. This can benefit you and the inventor; who might lack your business skill.

Creative thinking requires no action. Innovation requires action and implementation

Step 4: Look at adding value

This means taking a raw product and putting it thru a process that changes it and adds value to it, then selling it for a worthwhile profit.

Examples:

• Someone who buys fruit and vegetables in bulk and then repack it into smaller packs to sell in convenient sizes. The fruit and vegetables can also be chopped and peeled, adding even more value to it.

·         Get rich by solving someone’s problem and offering value!

Step 5: Investigate other markets

A popular product or service that are in abundance and inexpensive in one area, might also be popular and profitable in another area. You can make money by taking these products or services from one area to another.

Why do people pay a lot of money for Microsoft products when they can get everything Microsoft offers, for free? (Linux and Open Office can be downloaded and used free of charge). The Microsoft organization claims to have a superior product.

Step 7: Getting on the bandwagon

A sudden increase in demand for a particular product or service creates opportunity. It’s like the current need for debt counselling, or the demand for generators during the ESCOM Power outages