Home Articles 4 Strategic Steps to Develop Profitable Business Ideas – Part 1

4 Strategic Steps to Develop Profitable Business Ideas – Part 1

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Developing a business plan sounds so easy, but it can be one of the hardest things to craft and come up with something, and keep up with. Yea you heard me right, KEEP UP WITH, because the problem is not in developing a business plan, its actually in keeping up with the business plan.

As the saying goes “becoming RICH can be easy, but staying RICH is way difficult”. We will be going through some strategic steps in Developing a business plan, and on the next Chapter we will discuss on how to KEEP UP WITH A BUSINESS PLAN.  

  • THINK OF A BUSINESS IDEA

This can be seen as the act of taking some quality time to draft out a list of all the possible business ideas of interest you would want to venture into.

Most times you can get a full page of business ideas but it’s very important to give it a good thought, as Some of us must have come across friends talking about some business’s they would want to venture into, and if you listen carefully, you would notice that they, must have taken their time to come up with such ideas, which means they had to choose a particular idea from a pot of options. It will also interest you to know that no business idea is a brand new, thereby saying that different people, in different places of the world are already running the same type of business just with different business approach.

  • NARROW DOWN YOUR OPTIONS

The next obvious step is to narrow down your options. There is no way you can list up to 20 business ideas and thinking being will support you to venture into all the listed ideas all at once.

So it’s clear that you need to narrow down your options to a few ideas you are so sure that even if you have limited resources you would still venture into, here are few guide points you can use to narrow down your options…

  1. Can this idea be researched?
  2. Can this idea be improved or expanded?
  3. Can I cope with the demands of this idea?
  4. What are the chances of the business in a long run?
  5. What is the level of competition?

You can use this few points to narrow down your choice of business ideas, then after that you can move to the next step/phase.

  • CARRY OUT A FULL RESEARCH ON THE BUSINESS IDEA

After you must have narrowed down few choices, you will proceed to carry out strategic research on the ideas.

This step almost stands as a point of choosing a business plan, but you will agree with me on the fact that until you have concluded your research on the few listed options you have on business ideas, you cannot proudly say you have a business idea.

This is where you have to convince yourself by asking questions about the business ideas you must have narrowed down, you will search on google, YouTube, and if possible, it’s widely important and demanding that you have a sit down chat with people who have been in that line of business. If you carried out your research properly the only sign you will get to show the success of your research is that you will have only but one business idea to pursue or venture into. These research will help you to understand what exactly it is you are going in to.

  • CONSIDER YOUR RESOURCES

Resources can also mean CAPITAL. Your resources will be the fuel you need to get your business running and keep it running.

Your resources will determine if you will start small or big; but no matter how big your resources might be, we have always advised through our articles and lectures that it will be in your best interest to start small and grow with the business so as to monitor and learn the business till it matures.

If you consider your resources and see that you don’t have enough CAPITAL, don’t be discouraged rather see it as the first challenge you will face and if you believe in yourself that you are willing and more determined to pursue the business idea, you will find a way to get that CAPITAL. The most common/popular means have always been to get a loan from a bank or from friends, both the former and the later will need a collateral to back it up.

This is where we wrap it on choosing that ideal business idea, go through the process’s and if you feel this write up has been helpful or not please drop your comments below for further review and improvements, Thank YOU.

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