Generating Business Ideas – Part 1: Skills-Based Business Ideas

Written by on August 6, 2019

Last week, I published an article on Factors to Consider Before Starting a Side Hustle. A business idea was the first factor I shared that you should consider before embarking in any activity.

A business idea is a concept that can be used for financial gain that is usually centred on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole. Therefore, before any business is able to earn money; an idea is at the core and the idea should be mainly focused at solving a problem for someone or adding value to someone for exchange for money.

Characteristics of a Promising Business Idea

  1. Innovative
  2. Unique
  3. Problem-solving
  4. Profitable

I promised to share with you tips of identifying business opportunities or generate ideas for business ideas; in today’s article, I will share with you one of the methods to use.

Skills-Based Business Ideas

One of the methods used in generating business ideas is the skills-based method.

People in full-time employment possess technical skills or professional expertise that could be used for their side hustle business.

EXERCISE: Get Your Hands Dirty

  1. List at least two technical skills or professional expertise that you possess.
  2. State at least two kinds of businesses you can start that are based on your technical skills or professional expertise.

EXAMPLES: Inspiration

  1. If one has writing skills, he or she may publish a book for sale OR write articles for sale to magazines.
  2. If one has teaching or presentation skills, he or she may offer to teach services after work or become a resource person for seminars, workshops or conferences.

This week I’ll be sharing more methods, be sure to come back everyday. Share a method and feel free to ask any question that you may have in the comment section.

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