Identifying online business ideas requires some skill, which many people that aspire to begin a home internet business lack in most cases. Normally, identification of the right business ideas should start with searching for the environment. Online business ideas can also be generated through the identification of problems that need to be solved, through identifying other people’s needs or desires, your skills, talents, knowledge and available resources.
To identify the right online business ideas, you should commit yourself, first of all, to scanning the environment. This means that you have to search everywhere on the internet and offline like in directories and newspapers. It means involving your family, colleagues, peers or workmates. The outcome can always be a generation of ideas for a service or a product that you can think of.
The ideas generated are always valuable, irrespective of whether they are good or not. Even bad ideas are good since, at times, they lead to a generation of better ideas. The ideas generated act as the basis for the identification of online business opportunities and new better ways of solving people’s problems.
In this article, I would like to share with you how ideas can be generated using key components like skills, problems, resources and needs.
1. Skills mean business.
When you have a skill, you can use it to either provide services or to make things for your business. Use the skills you have to generate the right business ideas. If you intend to provide a service using the skill you have, you can provide that service for either businesses or people. First of all, you need to understand yourself well as to what your strengths and weaknesses are. You need to know the skills you already have and those you can easily acquire. Then use the following questions to generate the right ideas.
i. Which service can I offer with my skill?
ii. To which people am I going to provide the service?
iii. Which businesses are going to use my services?
As already mentioned, you can also use your skills to make things (products). Generate your business ideas by asking and answering the following questions.
i. Which products can I make using my skills?
ii. For which people am I going to make the products?
iii. Which businesses are going to use my products?
2. Resources can be used to make money.
To make money, you should scan the environment to find out which things you can use to make money. The following tips can guide you on how to generate good ideas using the resources you discover around you.
i. Consider identifying things that you can use as substitutes for other existing products.
ii. Think about packaging differently your products or services.
iii. Use the resources to provide a service.
iv. Alter the size, shape or color.
v. Consider recycling or reusing the disposables.
vi. Combine with other things to get something better.
vii. Think about using bits or parts of the product.
3. People want things.
Remember that people or groups of people always have needs or desires they want to be fulfilled. It’s therefore good for you to look at their needs and desires as a good opportunity for you to come up with good ideas. The following guiding questions can be helpful for a generation of online business ideas.
i. Which services or products do people want but are not available?
ii. Are the available products outdated? Do the services no longer answer the needs of the people?
iii. Do people find the quality of the available product or services not good?
iv. Do people find the product or service too expensive?
v. Do people find the available product not easy to use?
vi. Have people ever seen the product but cannot find it on the market?
4. Problems mean opportunities.
Where there are problems, there are always opportunities. While the death of a person is so sorrowful to some people, it’s also a great opportunity for other people to make money from selling coffins. While some people are crying, others are smiling for benefiting from the situation. That’s how life is.
Scan the environment to look for the problems that people have and for which you can find a solution. Think about the causes of the problem you have identified and the solutions as well. If you do it rightly, you obviously come up with very good business ideas that you can use to start your own business.
As I wind up, I would like to remind you that the world is full of great opportunities for all of us. Creativity is a key ingredient in the generation of ideas that can eventually turn into profitable businesses. It facilitates and leads to the identification of great business ideas. Use the process above to generate good online business ideas.