Getting A Spark Of Business Idea

DON EBUBEOGU 

 

A business idea is the first milestone in the process of building a successful business.

 

Sometimes, ideas are sparked from a existing product, person, or event, and other times they just pop into your head like a lightning on a windy, stormy day.

 

Some ideas are prompted by a careful analysis of market trends and consumer needs; others come from identifying unmet needs and service gaps.

 

You can also get creative and good business ideas from the circle of friends you interact with, the social media pages you frequent, and from successful business owners that inspire you and give you new perspectives on business.

 

Successful Business is all about being creative, innovative, and providing solutions, yet, these start with a flash of an idea.

 

Coronavirus has evolved the business dynamics. Traditional business is facing great difficulty whereas new businesses have started springing up from various horizons, with higher success rates.

 

A paradigm shift in consumer spending, preferences, and habits has opened the door to start-up ideas that are quick to adapt to the post-pandemic world.

 

With the shift in entrepreneurial thinking, greater numbers of people are discovering the skills needed to be a successful entrepreneur. And here are some of the business ideas that are grooming emerging millionaires in Nigeria today:

 

E-commerce – One of the most significant effects of Covid-19 is the realization that geographical location has become less relevant as long as there is an internet connection. This industry is top on the list of those that got a huge push due to the pandemic. People can’t go out and hence they want things delivered to their doorsteps. It is one of the most emerging industries and has continued to blossom today.

 

Food Packaging – Rising consumer demand for packaged foods due to the shift in eating habits and evolving lifestyles led to the increasing demand for packaged foods. Packaged foods offer barrier and contamination protection, convenience, and portion control. The global market is projected to grow from USD 338.34 billion in 2021 to USD 478.18 billion in 2028.

Digital service – The use of digital channels to market products and services to reach consumers has come to stay. This type of service involves the use of websites, mobile devices, social media, search engines, and other similar channels. The world is already digitalized. The one who steps in now to offer digital services in the industry will get a huge pie in the overall market. Most companies need a digital marketing team or agency to manage their business online.

 

Healthcare & Fitness Industry – Coronavirus has made people start taking more care of their health and fitness. People invest more in any product or service which improves their immune system like home gym setup, physical exercise and aerobics, and fitness club, while functional foods, health supplements, or health-related products are getting huge business margins. Spa and massage centers are increasing daily.

 

Food-on-demand – one of the fastest growing business ideas in Nigeria today is the Food-on-demand business. It is one of the most practical ways to get into the food business without taking on the risk of starting a brick-and-mortar restaurant. The selling point of this business idea is convenience. You can meet your customers where they are instead of having them come to you.

Additionally, by not being stuck at a physical location where people can walk in for food, you have the opportunity of attending to customers far away from your location by using the services of delivery companies.

 

Food-on-demand is becoming so acceptable that families now contract them to cook different kinds of foods for them on weekly basis. With the flexibility to cook and deliver off-the-menu foods, they are evoking the excitement of eating out-of-home occasionally.

 

The number of business ideas is not exhaustive. Take a pen and paper and start writing yours down. Expand your scope by discussing your ideas with people.

 

Your great business ideas will remain dormant until you have the conviction, resources, and time to put them into action.

 

So go ahead and dream it, think about it, plan it in your mind severally and you will be ready to transform that business idea into the business you have always wanted.

 

 

 

– Don Ebubeogu is of the Tiger Foods Group.