Advice for When You Want to Start a Business But Have No Ideas

If you’re looking to start a business, the first step should be to do a self-assessment of your skills. As yourself why you want to start a business in the first place. Is it to fulfil a life-long dream, or to meet a demand in a particular market? Start by listing the things you are good at. This should give you an idea of your general interests as well as the type of business you may be successful at.

You can follow this up by writing a list of 3 to 5 products or services that would make your personal life better.  The main reason many entrepreneurs start their own businesses is because of a frustration with a certain product on the market or lack thereof in some cases. Many ideas may come from just looking around your environment or reading. Look at what’s bothering you and try to come up with solutions. You should aim to come up with products or services that improve the lives of people in some way.

You could also take an idea and customise it to the needs of your community or target market. Identify specific needs and create a niche market if possible. Alternatively you could apply your skills to an entirely new field.

Make sure that you assess the risks before you start a business. You need to consider how much you could lose by starting a business. Be clear about the type of business you want to start and the associated risks.

Do as much research as possible. You should find out as much as possible about business trends, industry patterns. Consider trends and technologies on the horizon and how these will affect your business. Your business should be able to withstand various challenges.

Find a business you admire and emulate it where possible.

For business financing, consider Nedbank Gap Access here.

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