Welcome back to another of my article on how to develop profitable business ideas. I will be going pidgin on this one so enjoy. I say make I touch light some business ideas way dey very profitable in case you go like start something new to kick start your business career as an entrepreneur.
Everything way your eyes fit to see, from the device way you take dey listen or read this article on, to the internet connection way make am possible to access my site, the chair way you take sit-down, the floor way you stand on, etc, (everything!) don make and is still dey make somebody to dey very rich as you dey listen to dis podcast or reading this my article. Just think about it; touch light the matter yourself. It all started with an idea.
Having an idea is the very first step in developing and starting your own business. Watin I mean be say, for you to become an entrepreneur nor be something way you go just rush start o or jump into. You need to get not just an idea, but a profitable business idea. That one na the very first step way go make you start to dey make money.
Now, for this ogbonge tips on how you fit develop profitable business ideas, and how you go take get started sharp sharp – to becoming a successful entrepreneur. I go show you not just how – to develop the ideas them, but how to develop ideas that are perfect for you.
1. Identify a Need
Watin I mean be say, making money simply involves identifying a problem or need and proffering a solution. Na the Koko of the matter be that! Simply look around you, your locality, your area, you must see a problem in your immediate environment. People unconsciously need a service or product, just imagine say na you they supply watin these people them need.
If you still they think am, better fill up that space before another person think am. Because this kind of idea nor dey magnetized to you, once God shows am to you and you stay there they dull, another person go just start solving that problem or meeting to the needs of your environs including yours. Just like watin happen to me and my wife…………………….
2. Proffer a Solution to the Problem/Need.
You need to be the solution to that problem. And when them see that na you provide practical solutions for the matter, that one na stepping stone to your entrepreneurial story. E get one of my friend like that who is now a CEO of a transport company, from just helping his friend who ships things from abroad to this country, but needed someone he can trust to help him hold grown as per, he stays outside the country.
From the hiring truck to containing his friend’s goods to there various locations, one day he got this idea that instead of hiring trucks every time, why not get his own and use it to transport these goods for his friend. Today that idea has given birth to 21 trucks who not just solve the problem for one person but multiple clients in need. 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 or even first members of staff.
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 2010 will not stay relevant in 2025.
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 journey towards becoming a successful entrepreneur.