BIZ TIPS

How to Start a Business with No Viable Idea

There are times we get financially buoyant and the next thing on your mind becomes what to do with the money. Then, the thought of starting a business surfaces, or, we just feel like we are tired of the 9-5 job and we want to run a business too. The problem with all these wonderful thoughts is there are no business ideas forthcoming. You’ve brainstormed, asked around, researched, but you still haven’t gotten the perfect business idea. What do you do?

Don’t think of ideas, search for problems to solve
A friend once told me that if you think of ideas from now until the end of time, you will never get one. Rather, you should be observant, look out for problems people face daily and then think up solutions to solving the problems. When you have an idea without checking if it is solving any problem in the society, then you are just answering a question that was never really asked. Try finding out top priority problems people face on a daily bases and find a better solution to it (there might be solutions already). Also, find out if people will be willing to pay for your solution and find out the estimates on that. When it is certain they will be, then you can build a business with the solution as an idea.

Own a franchise of a reputable company
This is one of the best ways to start a business if you have enough capital to see it through. Franchising an established business is way easier as there is already an existing business structure with policies and procedures, stable financial records, vendors, suppliers, dependable employees, and most importantly, customer base. There is no need for predictions here as everything is already laid out. The financial records are there for you to peruse in order to determine if the business is a highly profitable one. The seller will also support you and help teach you things you might not understand about the business.

Do something you are passionate about
You have to identify what really interests you. What can you do happily without bothering about the pay? When you’ve got that figured out, learn more about it. Get trained and acquire skills that relate to what you are passionate about. When you have gathered enough skills, you can now start promoting your business with confidence because you know you will be able to provide value to your prospective customers.

Co-found a business
There are lots of people with business ideas but no funding. You can help bring their dreams into realization while you have a percentage in the business. This is a win-win situation. Just keep your ears open or look around for such people and when you find them, ensure you do all the necessary paperwork about equities and shareholding to avoid later disagreements.

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