I've come across a number of people who seem to have money but no ideas of what to do with it. The question is often how do u get a good business idea? how do you know u wont throw away the money? how do u run the business? hire people u can trust? These are every entrepreneur's fears but the issue is not to allow the fear deter you from starting a business.
To develop a good business idea, you should do a couple of things:
1) Highlight your strengths, weakness, Likes and dislikes, Hobbies and interests.
This will give you a picture of what you can do. Are you someone that can delay gratification and receive returns weekly, monthly or even yearly or u want something that gives returns daily?
2) Survey your area or target location for the business, what is lacking?
That may not be easy to answer but start by identifying the businesses in the area, salon, photo studio, club, fast food, supermarket, tailor, restaurant then you'll discover 'hey, there's no cold room, bread bakery, video club, chair rental, ice block rental, photocopy centre' etc.
3) What's the demography of the area?
Is the area populated by more of elderly people or young people, more of working class or schooling age or retired pensioners? this will determine what can sell?
4) Think Affliation:
Are their halls that are used for occasions, you can develop businesses that provide services for such, generator rentals, chairs rentals, canopies. Supermarkets require suppliers, you can identify what they dont have and supply for them to display, if it moves you start supplying.
I'm sure there are more things one can do, anyone got more juice on this matter, please contribute, and let's solve each other's business interest issues!
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