Today, I am going to help you figure out what the perfect business idea for you is. while an idea may be good naturally, it may not necessarily be the best idea for you in particular. This simple-looking task of finding the perfect business idea can be quite tricky and if you don’t get it right your entire business and investments will come crashing down. To successfully figure this out I will be answering three very important questions everyone who wants to start a business asks. At first glance, it sounds like a very simple straightforward question but many have found out it’s not that simple. Luckily for you, I am here to help you figure it out. Without further ado let’s dive in
- How do I know if my business idea is good?
- How do I come up with a great business idea?
- How do I find people who are interested in my product or service?
How Do I Know If My Business Idea Is Good?
Before I answer this big question, I want to tell you a story.
There was a young lady called Afia, she loves to party hard and is always eager to inform everyone about the latest parties and events, anyone looking to have a good time always come to her for information about the next big party. It amazes everyone where she gets all her information from. On one cold evening, she was enjoying two balls of banku and a fat juicy tilapia at her favorite joint. Just before she finished, her best friend Steve showed and started a conversation with her as usual. During their conversation, he encouraged her to try and use her time on income-generating activities and not just parties else she will always be broke, she agreed with him and asked for his help with some ideas she can try and he gave her these three options.
If you were Afia which of the options will you choose?
1. Selling clothes and hair on Instagram and Facebook since every girl is doing it
2. Start a home laundry business, a lot of people are getting too busy to wash these days anyway
3. Partner with the nightclubs and the organizers of the events she attends to event sell tickets for them
A business idea is good for you if it satisfies two conditions:
1. It is centered around something you enjoy and are good at.
2. There are people in your life you know for a fact are ready to pay you for that service or product.
In the case of Afia even though all three ideas are very good and lucrative business ideas, the best fit for her is to partner with the nightclubs and organizers of the events she attends, this way she gets to do what she loves and make money while doing it. And she has people who already come to her for information about events and parties and there is no doubt they will buy the tickets from her. I mean think about it, imagine getting paid for having fun? That’s a dream come true !! Now that is a good business idea for Afia. (NB: The other ideas were good ideas, but the 3rd one was the best fit for Afia because it is centered around what she enjoys doing and there are people ready to pay her for it)
How Do I Come Up With A Good Business Idea?
Aright, it looks like we know what a good business idea is, now it’s time to figure out how to practically create one. With the information above I’m sure it seems pretty obvious that you have figured out a good business idea by now, while that may be true the real trick is if that great idea is actually worth pursuing at the moment. Some ideas may seem great at the start but after a while, it doesn’t seem to be as powerful as it did some time ago, while other ideas may sound bad but with a little work can turn into a great idea. Honestly speaking there is no guarantee a business idea will actually succeed, there are however ways to increase its chances of success.
So how can you come up with a good business idea? The first step is to reflect on yourself and ask yourself 2 questions.
1. What skills do I have?
2. Am I passionate about it?
Try to take a pen and paper and write down one or two specific skills that you have and excel in, after that write down things you really enjoy. For example, I enjoy charity work and creating businesses. In terms of skills, I have a wide variety of I.T skills which include Web Development and management, Digital Marketing, Web Analytics, etc. It is possible to be good at something and not necessarily enjoy doing it but that is okay. Skills and passion are not always the same thing
After you have figured out what you are good at and what you enjoy doing, critically look at what you enjoy doing and see if there is a problem you and others who enjoy the same thing face regularly that hasn’t been solved yet and list them on the paper.
Now look at these problems one after the other and see if the skill you settled on in step one can solve that problem. If the answer is yes then you are on a good path. Using me as an example again, I enjoy charity work and creating business and have a wide variety of I.T skills, one of the many problems i noticed was that NGOs (Agencies that do lots of charity work) and small start-up businesses really struggle to go digital because it is really expensive and yet they really need. I realized that my Web Development & Management skills and desire to help people can help solve this problem, especially during the Covid-19 season, so I came up with an idea to design free websites for small startup businesses and NGOs while still making profits from the hosting and domain name registration and called it Blac Web. I worked on this idea and it worked like magic, in a span of one year, I was able to move from perching with friends to renting an apartment, got an office at Movenpick Ambassador Hotel, hired 3 employees, and created four independent divisions under Blac Web. Of course, it wasn’t a smooth road but it worked and is still working.