How to Generate Money Making Ideas



Money making idea

Making Business Ideas:

Thinking about money? Sure, almost everyone loves the alluring smell of freshly minted notes but one question arises as an afterthought; how can I make money? Moralists will argue that it’s inappropriate to think of money-making ideas that are not accepted by the law even when your mind is completely bogged down by the urgency of a financial need and the frustration of not having money falls on your lap.

However, it is more realistic that in the process of honing your moneymaking ideas, don’t wait till you are broke, out of job, or experiencing unexpected financial setback like salary reduction, income delay, significant loss of investment etc.

You have nothing to lose, if right now, you open your mind to all the possible means of making money; jot them down, sift through and get rid of ideas you consider unorthodox like selling babies for cash! A business considered to be lawful today may become unlawful tomorrow while a business idea not accepted by the law today may become legal tomorrow! Ask the guys in the stem cell business.

When do you develop a money-making idea? check Legit ways to make money online without investment 

You can make it a routine to think of a money-making idea everyday of the year! The current formal educational system is considered inadequate because it does not mandate you to have one or more money-making ideas, if this perceived gap is addressed, every individual will realize that it’s a personal responsibility to develop business ideas.

     Granted, we have tolerated the norm for so long but for how long shall we continue with this; go to school, acquire knowledge and skills, get jobs, and exhaust most of our lives and energy in the service of employers? Employers, in some instances, recruit some of us fresh out of school and keep you in service for long period till you are nearly ‘functionally unserviceable’ to do anything profitable after the service years.

 Definitely, some employees will get sacked, retrenched or made redundant by automation of employer’s operations. Surprisingly, most of the employees who get disengaged, rather than create or find a business idea to execute.

Writing Business Plan For Your Money-Making Idea: 

Writing your ideas

Now that you have at least a business idea, I usher you to the stage of writing business plan. The business plan is not a mere academic exercise required in business, it’s actually the “manual” of the business which contains the objectives and important details about the operation and finance of the business.

Writing your business plan presents an opportunity to creatively think ahead and carefully plan for the first few years of the business. You can use the business plan to apply for loans and as a tool for setting, monitoring and meeting business goal.

Although, there’s no set format, a good business plan typically contains:

     • Cover Page - Identifies your business.
     • Table of Contents - Organizes information for the reader.
     • Executive Summary - Provides a “big picture” or view of the plan, highlighting the factors that will lead to success.
     • Business Background - If it is a brand-new business, include your background qualification and skills.
     • Marketing Plan- Relates the business’s marketing strategy(leveraging on the advantage your products/services have over your competitors).
     • Action Plan- Summarizes how you will create and deliver your product or service.
     • Financial Statements and Projections -Illustrates how the business will perform financially based on the plan’s assumptions.
     
Technically, business plans can be divided into three sections;

     • A concise narrative section
     • A financial report
     • Appendix

The first section will outline the nature of the business and the marketing plan. This will include a description of products and/or services.

Funding Your Money-Making Ideas: Check this How to start a Blog Business

Without capital, your beautiful business plans may not be carried to completion except if you desire to sell your idea for cash or exchange it for a small holding in the business arising from your idea.

Access to capital and credit is required in starting or growing a successful business. Millions of people all over the world receive loans or grants to start or expand their businesses. You too can raise the capital and this requires knowing the different sources of finance to get the money you need to fund your business ideas.

You can make a choice from the following sources of finance: also check this How much of your income should you save

   •    Personal savings can be used for takeoff.
   •    Money can be borrowed from relations and friends where possible.
   •    Seek out an “angel investor” among your acquaintances or philanthropists. You can register with websites which link up entrepreneurs with angel investors (e.g http://www.angelstartups.com.ng).
   •    Associations (including religious groups) you belong to, can be approached for financial assistance.
   •    Equipment leasing which provides a loan in which the lender buys and owns equipment and then rents it out to your business at a flat monthly rate for a specified period of time.
   •    Use a written contract between you as a seller and the buyer or invoice purchasing order (I.P.O) from a “ready” buyer to raise fund i.e. “tying up”.
   •    Sell personal assets which include intellectual properties and/or financial instruments such as stocks, bonds, mutual funds, note (IOUs).
   •    Obtain loan from financial institutions such as banks and any other grant agency.
   •    Product or service launch allows you to use few of your products/services for presentation to a few select people in order to get attendees to contribute to your business initiative.

Profiting From Your Money-Making Ideas:

The profit times 

This is the machine that drives your business and when used correctly can be the biggest profit- making tool you can find in business. It entails identifying what the consumers want, list them out, investigate and develop the means to meet up with these demands at a profit; then create awareness so people can patronize you. Build your strategy on the four P’s of marketing regarded as:

Product: What good or service will your business offer? How is that product better than those offered by competitors? Why will people buy/want it?
Price: How much can you charge? How do you find the balance between sales volume and price to maximize income?
Promotion: How will your product or service be positioned in the marketplace? Will your product carry a premium quality image with a price to match? Will it be an inexpensive, no-frills alternative to similar offerings from other businesses? What kinds of advertising and packaging will you use?
Place: Which sales channels will you use? Will you sell by telephone or will your product be carried in retail outlets? Which channel will economically reach your market?

     Your designed marketing strategy should summarize and utilize your findings about the key target buyer description, market segments the company will compete in, the unique positioning of the company and its products compared to the competition, the reasons why it is unique or compelling to buyers etc.
     
The following tips can be used to promote your business and increase sales;

Give your business a name that can be easily memorized.
Turn your business card and invoice or receipt into sales tool.
Print stickers and affix to car bumpers, inside and outside surfaces of trains, buses, cars.

Act Now!
Jean Buridan, the 16th century French Philosopher once told the story of how a bundle of hay and a bucket of water were each put equal distance before a donkey that is hungry and thirsty but just because the animal could not decide which to choose first between the water and hay, it eventually died of thirst and hunger! Just like the donkey, one’s indecision or decision not to decide to create and profitably execute a business idea today can completely jeopardize the potential in a great business idea or create a difficulty in the way of great enterprise.

This  serves to remind you that your purpose of reading this can only be realized if you act now. Since you have decided to create and profitably execute a business idea, I will list a few steps you need to take before you start your business.

Many people want to business, the difficulty people often face is not knowing exactly where to start, or what might be a good business and the capital to get into it. 

Step 1: Personal evaluation:

Do an honest personal evaluation of yourself and your circumstances, if you don’t have personal qualities to start and run a business, you can go for training and mentorship or allow trusted and experienced business managers to set-up and handle the day-to-day management of the business without undue interference. Ask yourself the reason why you want to start a business? Is it money, freedom, creativity, or some other reason? What skills or professional certification do you have? What industries do you know about? Would you want to provide a service or a product? What do you like to do? On what projects and initiatives does your conscience inspire you? How much capital do you have to risk? Will it be a full-time or a part-time venture? Your answers to these types of questions will help you narrow your focus.

 Step 2: Consider your interest and passion:

If you will be successful, you may end up doing this business for two, five, ten or maybe even for more years. Think about what you want to do and what would make you happy.  Conversely try not to get into business areas just for the money.

If you do business in an industry where you do not want to be or have no interest in,  you may not find yourself being fulfilled. Nor find the strength to make it through difficult stages through the ice time of the business  and worst of all, your lack of true passion maybe sensed by your employees, partners, investors and your customers.

Step 3: How can you change the world:

 This  section is very important,  what you want to do and what your strength are, your business is ultimately not completely for you, it is more of your clients and customers. Always think about your client because without them no business can exist for long. Every business need customer and your job is to find something you can do to make someone life better or create some benefits to someone or something out there.

You can solve problems, entertain them, teach them something etc. Your business foes not have to focus on consumers. As long as you provide some benefit somewhere in the universe, there is a potential for a business there.

Step 4: Should you keep your idea a secret? 

Discussing Your Ideae

There are many varying schools of thought on this issue.  Some people like to remain secretive about their ideas while others like to ask many people as possible as they can get more feedback.
The prons and cons are obvious, if you keep the idea a secret you will get less feedback, your only option to validate the product will be put it out in the market ( A relatively expensive step in terms of time of money)  but you do gain the benefit of less people being able to steal your idea. 
On the other hand if you tell more people you can get a broader range of opinion from which to learn and refine how you think about your idea, but a lot of people can steal your idea.

Step 5: Make sure you have a complete strategy:

Once you have a good idea and you talk to enough people about it, try to gain a sense of your complete strategy, that means taking  bigger picture view. 
For example you may have a good idea for a product but it might be difficult to market that particular product as you might have conceptualized it.

That is a big risk on the other hand it might be a good product that is easy to market, but there may not ultimately be much money In it. If there is plenty money in it, there may be very naturally be too much competition and in case you are relatively new to Entrepreneurship being in a fiercely competitive business environment is not playing your strength. Above all your goals should be to come up with a complete strategy.

Step 6: Once you have a great plan execute it:

Ultimately there is only one way to win in business, you have to execute your ideas as best as you possibly can.

Step 7: Starting on an idea before funding:

Many business idea never get funded which means you might have to grow it however, the best you can with the limited resources you Have, that is a process called BOOSTTRAPPING


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4 Comments:

  1. Wow I really appreciate for such vital information,have been searching for this kind of information for long at last here it is,Thanks once more

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