Top 5 places to get New Business Ideas

Having a new business idea is the first and often most critical phase of any business. Some ideas maybe innovative and brand-new frequently know as disruptive. While the vast majority of new start-up businesses will be based on tested business ideas, solutions or products.

Many businesses in Africa start off as subsistence entrepreneurs. Throughout the continent entrepreneurs start-up everyday as street vending businesses, selling crafts, reselling prepaid cellular, starting spaza shops or opening shebeens. These subsistence businesses are crucial and provide income to millions of families throughout Africa. The challenge is that many of these businesses are identical and sell the same products at the same prices.

So where are the top 5 places to get new business ideas

Create a new business based on something that you are passionate about.

Take the time to think about what truly makes you passionate and you will frequently find that you are not alone in having that interest. Then consider exactly how you could possibly monetise that passion or interest whether it is sports related, in the arts, creating something unique or offering your experience and expertise to others to build a business.

Improve the performance of a current product or service;

All around us are products and services that we utilise daily. Many of the most successful start-ups businesses take an existing product or service and repackage it and rebrand it. Offering better client service, a new related product range or focus on a very specific niche market. Examples would include home based hair dressers specialising in specific weaves or designs, home baking, garden / landscaping services and recycling services.

Offer a product or service that has proven to be successful in other countries or regions into your local market.

The key to taking ideas that have proven successful in other countries or markets is to really challenge yourself to ensure that it customised to your market. This includes taking into consideration your markets unique cultural, logistical, affordability levels and service expectations. Many E Commerce platforms are exploding internationally but struggling to gain real traction in Africa because these unique challenges have not been fully understood or taken into consideration resulting in many years of substantial losses.

Seek out opportunities with friends, family, colleagues.

This is potentially an excellent way to get started if you have skills or experience that complements others in a business venture. You maybe be very strong in financial management while your colleagues are strong in sales and marketing. It should be noted that often these opportunities require great clarity on the various responsibilities, expectations and measurable deliverables of each person so that there is no confusion or conflict at a later stage based on perceptions.

Downscaling big companies service offerings.

By taking services offered by big companies that have become either overpriced, disconnected from the needs of clients in your community and poor in service delivery has provided many start-ups with excellent opportunities to provide the same or similar service or product by simply providing what the big company has stopped providing.

There are numerous other ways to create business ideas and the key to sustainable, flourishing businesses is to ensure every day you ask yourself –

1. ‘Why should people buy from me and not from my competitors?’
2. ‘What am I offering that is: Special, Unique, Different and Valuable to my clients?

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