7 Methods/Approaches to Generate New Business Ideas

Ideas rule the world! Generating new business ideas can be very difficult at times. This is why we take the pain upon ourselves on this site to generate new business ideas for you on constant basis. We’ve published numerous articles on new business ideas you can start on this site. Typical examples are:

thinking on how to generate new business ideas

Our professional writers, business researchers adopt different methods to generate new business ideas. However, if you are actually thinking you want to do it your own way, generating the business ideas yourself; I share with you solid 7 methods/ approaches used to generate new business ideas.

7 methods/approaches to generate new business ideas

If looking to start up a business in nearest future, here are methods to generate new business ideas;

    1. Match your skills with community Needs – list your skills, starting with the strongest. Cover a broad range of skills such as thinking skills, personal skills, health and safety as well as your actual or potential technical skills. Then list the needs that exist in your community. When you have identified the needs, indicate which of your own skills can be used for a business venture that can address those needs.

Create a table of your skills and needs in your community as shown below;

My skillsNeeds in my community
1.       Programming………………..
2.       Computer

 

………………
3.       Cassava processing skill………………
4.       Soap/detergent production………………
5.       Tailoring skill……………….

 

    1. Think of your Hobbies and interests – this could be basis of business, example do you enjoy computer (ICT) then start computer business center with cybercafe; cooking (food processing) then go into restaurant or catering business or people and travel (hospitality/tourism), start a hotel or recreational centre.
    2. Partner – Partnering with someone of the same interest and skills is the best method of generating a business idea. if you have or know potential partners with similar interests and complementary skills, you can hold a discussion with the person, then here comes a new business idea. Two good heads are better than one! A tree can’t make a forest. These English adages are quite correct when it comes to generating new ideas can serve as business ideas.
    3. Research Franchise – usually exclusive local distribution of a good/service in exchange for royalties. Research franchises offered as a possible business or to generate ideas for business. You can read newspaper, local products exchange updates for available franchise.
    4. Mass media – look at general business news, commercial advertisements and requests to supply goods and services. Often there are specialist trade magazines and papers for particular sector. Listen to business news both local and foreign, there are usually locality with one or two shortage of supply. Take advantage.
    5. Attend Exhibition – exhibitions and trade fairs may help you generate ideas and allow you to meet existing business people. Attending exhibition, can give you clue to the new business trending. It will expose to whole lots of ideas.
    6. Look into Local Advantage – are there local conditions such as business cluster, example auto industry at Nnewi, raw material example leather at Kano or market example tourism in Calabar that favours certain industries? This kind of advantage should be taken to generate new business ideas. So, it is just a question of you looking into your locality and thinking outside the box.

Finally, you can brainstorm and generate some potential business ideas using the above 7 approaches or techniques. Don’t hesitate to try the approaches and methods now, they are practicable, time tested and they work like magic.

 

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