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3 Ways To Find Ideas For A New Business

Every business starts with an idea, a vision for a product or service that the business then brings to life.

Harald Merckel

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Every business starts with an idea, a vision for a product or service that the business then brings to life. Sometimes, the greatest ideas and the most successful businesses can spring from some unlikely places. So if you’re hunting for some fresh ideas for starting a new business, try these tricks to get the wheels turning.

1. Ask People What They Need

A good product or service will fill a gap or meet a need that is not being met yet. So if you need a fresh idea, start by asking people what they need. Of course, you don’t just want to stop random people at the shopping mall and ask them what kinds of products they’d like to see. You need something a bit more targeted than that.

Related: 10 Business Ideas Ready To Launch!

So start by picking a niche group of consumers that you would like to reach. For example, you might decide you want to create a product or service to help make teachers’ jobs easier. So reach out to some teachers and ask them what kinds of problems the encounter most, and what kinds of things would help them. Odds are, they’re going to have a lot of answers.

Entrepreneur Sam Ovens started his first business out of his parents’ garage, and he did it by solving a problem for a very specific group — property managers. He reached out to this niche of consumers and learned that they spent a lot of time juggling notes and photos for the various properties they managed. So, Sam created an app that made it easy for property managers to take photos of properties, add notes, and send the documents out to their clients. The app, SnapInspect, was hugely successful and launched Sam into a multi-million dollar business career.

2. Find Something That Bothers You

If you don’t have someone else to ask, ask yourself what some of your pet peeves are. What’s something that you put up with, just because it seems to be the norm, but that you secretly wish you could fix? Find what that one thing is, and fix it. Odds are, there are other people who have the same problem, and they’ll pay you to fix it for them too.

Related: The 10 Best New-Age Business Ideas You Haven’t Heard About Yet

For example, one young college grad was irritated by something very simple; he didn’t feel like there was a quality no-show sock for men. As a young professional himself, he wanted something that he could wear with his slacks and dress shoes, but it seemed that the only option for professional socks were long. So he started a Kickstarter campaign, and he raised $50,000 to start producing quality no-show socks.

This simple desire to fix his own pet peeve led Kory Stevens to found Taft Clothing. The line now produces high-fashion men’s shoes, and the business now boasts millions of dollars in sales. Plus, Kory has those no-show business socks he wanted for himself.

3. Make a Cheaper Product

Certain products and services simply have a high price tag. But if you can find a way to take an existing product or service and provide it for a steep discount, you have a recipe for a successful business. Consumers always want to save money, and if you give them the chance to save money on a product they already use, they’ll take it.

Related: 11 Uniquely South African Business Ideas

One example of this is an eyeglasses company called Warby Parker, which was launched in 2010 by four friends who attended the same business school. They looked around and noticed that most prescription glasses were selling for $300 or more. So they decided to offer the same kind of product for just $95. Since the company’s launch, Warby Parker has grown to 100 employees and is still expanding.

The opportunities for new business ideas are all around you. If you know where to look, you could end up with the next big thing in the business world.

Harald Merckel is a freelance writer whose primary focuses are business, e-gaming and marketing. Although he loves tech gadgetry as much as the next guy, Merkel prefers to write with pen on paper. Merkel has a B.A. in Business and Communication from HWR-Berlin, where he was active in the Studentenwerk Berlin organisation. He has been a proud Berlin resident since the late 1990s.

Company Posts

With Hundreds Of Franchise Options Out There, Choose The One You Can Trust

If you’re looking to invest in a business venture that offers you years of experience in the industry, the trust and loyalty of its customers, and franchise support from an expert team – then Hi-Q is the one for you.

HI-Q

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What you’ll become a part of

Since opening their doors in 1999, Hi-Q has gone from strength to strength, growing a humble three store enterprise into an extensive 130-store franchise network with a unique multi-product and multi-services automotive offering.

Hi-Q’s approach to business is centred around being ‘the one you can trust’ to their customers, their suppliers and their franchisees.

“That has always been the key driver in everything we do,” says Sean Harrison, Hi-Q’s Managing Director. “For example, when it comes to our customers, they need to know they can rely on us to put their safety first.

Related: Don’t Tread On Toes – Why Investing In A HIQ Franchise Will Offer You More Opportunities

That we’ll always strive to offer them expert, friendly service and top of the range products, while also keeping up-to-date with the latest technologies and advancements in our field.”

An acclaimed and awarded brand

Hi-Q has again and again proven themselves to be a leader in the industry.

They’ve been voted South Africa’s No.1 tyre retailer for eight consecutive years (2010 – 2017) by consumers in the Ask Africa Icon Brands Survey, the biggest of its kind in Africa – a clear indication that they are respected and trusted by their customers.

Business support

Hi-Q Franchisees all have the support of an expert and knowledgeable team with years of experience in the industry, who are available to guide them on their business venture. This includes areas of business such as marketing/promotional, commercial, organisational structure, tools and equipment, sales and more.

Franchisees also have access to various skills training opportunities for members of their team.
Hi-Q is invested in providing their network with the tools needed to thrive and grow in an ever-challenging market.

Relationship with Goodyear

Hi-Q has the support and backing of international tyre of multinational premium tyre manufacturer, Goodyear, and its full value proposition. This means access to incredible promotional and marketing opportunities in partnership with the brand.

Franchising opportunities

Hi-Q has embarked on an extensive expansion plan and have identified areas of opportunity to extend their Franchise footprint growth countrywide.

You’ll find more information on our website www.hiq.co.za We’d like to invite those who are interested to become part of our team to contact 011 663 2431 or bernie_andrews@goodyear.co.za

Related: We Want To Invite You To Join Us On The Hi-Q Journey And Become A Franchisee

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Company Posts

Get The Edge This Winter

Five short courses from WITS kicking off in July will give you the competitive edge.

Wits Plus

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From Gauteng’s most trusted provider of the best learning experiences, come five WITS-curated courses starting in July 2019. Use the longer, colder days to curl up with a “good book” and emerge from winter with a new edge.

There are three online short courses offered via the WITS Digital Campus, starting 15 July.

Managing Labour Relations

This 10 week course will equip you with sound knowledge of South Africa’s complex labour landscape and an understanding of your legal rights as an employee or employer.

You will also learn skills for navigating employer / employee relationships successfully, and get tools for managing disputes effectively. There are eight modules, covered in online lectures over eight weeks, requiring a commitment of five to seven hours per week. The exam is in week 10.

Logistics and Supply Chain Management Practice

This 10 week course is packed with practical and theoretical information to help retail managers, supply chain supervisors, stock controllers and even CEOs drive efficiencies in the value chain.

It covers everything from improving exporting transportation, warehousing, order processing and procurement to financial management and managing waste. There are eight modules, covered in online lectures over eight weeks, requiring a commitment of five to seven hours per week. The exam is in week 10.

Applied Digital Marketing

We operate in an increasingly digital world and traditional marketing must include digital aspects and channels to be relevant.

This 10 week course will teach you to think digital, talk digital and deliver effective digital campaigns to elevate marketing and brand-building initiatives. You will learn to conceptualise and implement successful digital marketing strategies that drive customer acquisition, optimise your digital footprint and deliver business results.

There are eight modules, covered in online lectures over eight weeks, requiring a commitment of five to seven hours per week. The exam is in week 10.

Related: Thinking of Immigrating to America from SA? Now Is The Time

Comprehensive onsite courses in July include:

Real Estate Investment Analysis

This intensive five day course is for people who have been introduced to the real estate discipline at NQF 4 and NQF 5 levels. It is designed to provide higher level, more focused training as well as tools for analysing different types of real estate investments at the individual asset level, and measuring investment performance.

The course will benefit property practitioners who do not have property degrees; past graduates of SAPOA programmes in different aspects of the real estate business and people from different disciplinary backgrounds considering entering the profession.  The course takes place over five days from 1 to 5 July 2019.

Advanced Performance Management

Presented by the School of Accountancy together with Wits Enterprise, this course is designed to prepare students for the Association of Chartered Certified Accountants (ACCA) Professional level exams.

On completion of this course, you will be able to:

  • Use strategic planning and control models to plan and monitor organisational performance
  • Assess and identify key external influences on organisational performance
  • Apply strategic performance measurement techniques in evaluating and improving organisational performance
  • Advise on business performance evaluation as well as recognize vulnerability to corporate failure

The course will run from 15 July to 22 October 2019.

For more information on registering for any of these courses, criteria for registering, and costs, visit.

Related: The Importance of Outsourcing Your Payroll

This article was originally posted on Entrepreneur.com/sa.

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Accounting & Payroll

The Importance of Outsourcing Your Payroll

One of an organisation’s biggest overheads is that of salaries and wages. And yet, if these are not processed on time, it can negatively impact staff morale and create the impression that the company is not financially stable.

CRS HR And Payroll Solutions

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For a small business, payroll is normally the responsibility of an accountant or bookkeeper, but even administrators can sometimes be roped in to do the job, even though they have no expertise in the matter. This is where the value of outsourcing your payroll comes in.

When should you outsource?

  • If you want to grow your business but are not aware of ongoing legislative changes that could pose a risk to your company, then it is better to get professionals to assist.
  • Accountants and bookkeepers are not specialists and do not keep up with the compliance environment. If you outsource your payroll, you enable them to focus their core duties and not get bogged down by legislative complexities.

How to choose an outsourced service provider

Understandably, payroll is a sensitive subject dealing with highly confidential information.

This is often the last thing a small business owner wants to outsource. It is therefore vital that the company does its homework and researches the potential outsourcing partner thoroughly.

Instead of going with the first available service provider or the cheapest one, here are some questions to ask:

  • Is the service provider a one-man band and, if so, what backup resources are available?
  • Is the service provider a recognised payroll provider belonging to a professional body?
  • Do they have the necessary training and skills on payroll?
  • What does the service provider do to ensure it stays up to date with legislation?
  • How secure is the payroll data and can the service provider take on historic data?
  • How easy is it to recover your payroll data in the event of a disaster?
  • What value-adds can the service provider offer? These can include anything from leave management and third-party payments, to employee self-service, time and attendance management, and any other related human resource service.
  • Can they process salaries and/or wages hourly, weekly, fortnightly, or monthly?
  • Can the service provider accommodate your growth requirements if you open new branches?
  • Is the service provider able to assist with payrolls in other African countries, manage their currencies, and deal with their regulatory environments?
  • What processes are in place to ensure the timeous processing of payrolls?

The advantages of outsourcing your payroll

One of the most obvious benefits of going the outsourcing route is freeing up your resources to focus on your core strategic objectives. This ensures you provide quality of service and control costs while an experienced partner takes care of your payroll.

Here are a few other benefits:

  • Reduce operating costs.
  • Statutory compliance and consistent service delivery.
  • Access to the latest technology, as well as skilled and dedicated payroll resources.
  • Access to a secure, risk-free and confidential payroll environment.
  • Increased flexibility and responsiveness.
  • Streamlined internal processes and procedures.

This article was originally posted on Entrepreneur.com/sa.

Related: Thinking of Immigrating to America from SA? Now Is The Time

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