Contrary to what people believe, opportunities abound in our environment and surrounding. All we need to do is to critically look out for these opportunities and utilize them. What others see as obstacles may eventually turn out to become profitable business opportunities in disguise.
There are numerous streams of business ideas to explore, but the ability to get the one that is profitable, requires a lot of research and planning. Below are seven streams of business ideas:
An individual may decide to convert his/her personal life experience into a profitable business venture. One good thing about this income stream is that people may be willing to pay for products and services which are created from your own life experience. There examples of entrepreneurs who are making residual income streams from what they have experienced in their career or business. They hold seminars, training and workshops in various cities sharing and selling materials to individual who desire to live successful life.
Improve on an existing product
Products are always changing with time and seasons. As an entrepreneur, one way of creating a stream of business, is to look out for more creative ways to improve on an already existing product. The ability to discover defects or errors in an existing product can open new windows of business opportunities to the creative entrepreneur.
One may be surprised at the mention of the word “God”. There is no need to be surprised, because God is our most reliable source of creative ideas. I once met a young lady who is presently making a living as a designer. When asked about the secret of her business, she said: “When I sleep in the night, God always open my eyes to see new designs and styles”. She never attended a formal school; neither did she undergo training in any institution of higher learning.
Talent and Gift
This is when an entrepreneur is able to convert his/her natural talent and gift into a profitable enterprise. The first step is to discover your gift or talent and look out for opportunities to showcase what you are capable of achieving.
This is a key factor in wealth creation, because each person you partner with can open doors of business opportunities for you.
A joint venture between two persons of like minds, having similar visions, ultimately brings out the best in both partners to the attainment of their joint goal. When you team up with an individual, your ability to become successful is greatly enhanced. The legal framework of this stream of opportunity must be carefully worked out, before it is implemented.
This is when a formal permission is given by a company to another company or individual who desires to sell its product or service in a particular business area. This is a unique stream of business opportunity, as one can leverage on the brand name of the mother company to enhance profitability.
Seminar, Training and Workshops
Seminars, training and workshops are veritable sources of ideas which can culminate into profitable business ventures. These seminars and training programs are also avenues for interacting with fellow entrepreneurs. Ideas are birthed in the course of such interaction.