6 Ways to Generate Lucrative Business Ideas

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You may not be a business expert but you have the drive to do something in order to generate personal income for yourself. Generating lucrative business ideas can be both challenging and fun if you are a complete newbie in the business world. You must know what to sell, produce or market before entering into any venture.

It doesn’t really matter what kind of business you are interested to set up, whether home business, online or offline business. You must have facts about what to do and how to start it. You must not start wrongly lest you crash even before the business takes off from the ground. Since government alone cannot create lucrative jobs for everybody, you need to do something to be self-employed and financially independent. You need to be able to afford whatever you desire with ease without having to pester anyone for financial assistance.

What kind of business should you consider?

This article is not intended to dictate for you the kind of business to go into because business opportunities abound everywhere – towns, cities, rural areas, schools, hospitals, industrial areas, internet, etc. So it is you who should determine where to fit in and maximize opportunities. But one thing should be at the back of your mind while starting out: provision of service, and profit generation are the two driving forces that should make you think of becoming a business man or woman. Nobody should dream of venturing into areas where it is impossible to succeed.

How to get lucrative business ideas

There are several areas where to derive ideas if you can’t possibly think out one yourself. It is not how you get the ideas that really matter, but how you utilize what you get.

1. Look around you:

Lucrative business ideas abound all around you; you only need to have the eyes to see them and harness them. Things to find out are, what do people around you need? You interact with them day in day out and hear them voice out their frustrations. You hear people talk about what they would really love to own – mobile sets, galaxy tabs, sleek cars, bikes, nice shoes, wrist watches, etc. When these things are expressed by several persons then it s a sign you could make fortune out of it if you decide to go into it.

2.Think about the past:

Just think about the immediate and distant pasts and remember things that were difficult to come by. Things that could not readily be found in your environment, yet they were badly needed. Have there been anyone supplying them now? Do people still experience same difficulty getting them as it were in the past? Why not fill that void by supplying them to meet the demand of the population around you?

3. Vogue:

From time to time new things come in vogue and as long as they are in vogue almost everybody goes for them. Sometimes the market gets saturated with producers and suppliers. Think of complements to these goods and services. For example Nigeria is an emerging Telecom business area; why don’t you think of jumping into the band wagon to supply mobile phones, headsets, batteries, chargers, recharge cards, etc.? So long as the telecom business booms these other accessories would be needed by phone users. Cash in on them and make your cool dollars as a small business owner.

Social media has come to stay: almost everybody now uses facebook, twitter, pinterest, Google+, etc. You may not be able to build another facebook or compete favourably with them. But you could do something that help add value to facebook and make huge money from it. You could build apps that can help the social network site manage their users’ profile pictures, reduce account fraud; you can help people and business owners design and customize their timelines for a pay. You could also help people set up their business pages on facebook and profit from the business.

Besides, if there is a hospital around your area, think of setting up a patent medicine or pharmacy store close to it; open a shop where you can market antiseptics, soaps, beddings, or even open a decent restaurant to cater for patients on admission and those who come to visit them. How about opening a bookshop, business centre, call centre, boutique, etc. close to a tertiary institution and get a lot of students with taste and class patronize your products?

4. Prices:

have you noticed there are some goods in your environment that are being sold at exorbitant prices? Are people comfortable with their prices? Then think of how you can get something with same value but cheaper prices. Once you do that and your quality is guaranteed, you are sure to take over the business environment.

5. Questionnaires:

use questionnaires to find out what the people are willing to spend their money on. This can be done by printing them out and sharing them to individuals or you can use your blog/website to find out from your visitors what they think you could add and they are willing to pay money to get the services. When through with your survey, make your cost analysis and think of how to start a business that should meet those needs.

6. Forums: Don’t sit down in one place and struggle with your own ideas alone, visit forums and hear what the users talk about. Check out forums that are specifically designed for health, autos, tech, business, web designs, etc and you will be amazed the business ideas you could gather from them. Put such ideas into use and make a difference.

Recommended Reading:

1. 13 Areas Where You Can invest and make money as a Small Business (part 1)
2. How You can Benefit From The Economic Meltdown
3. Top 10 Affiliate Programmes I Would Recommend To You

Lucrative business ideas are basically the foundation necessary for building home based business, or any other form of business you may consider setting up. Ideas in themselves do not give you anything in return; you have to take action in order to get something from the ideas you have gathered. So take action today and stop procrastinating. Is this post helpful to you? Share it with your friends. Remember to sign up for our updates immediately.

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