We believe that many readers of this article aspire to have their own business. However, have you ever found yourself stuck on ideas when asked what kind of business you want to start? This article aims to provide guidance and inspiration for those seeking ideas to kickstart their business.

Method 1: Eliminate Intermediaries

Nowadays, there are many intermediaries in our market who take a share of the profits with minimal costs. For example, motorcycle taxis that charge a commission or banks that impose transaction fees.

Many successful startups around the world have built their businesses by eliminating intermediaries or changing the distribution methods without them. For instance:

• Xiaomi sells phones exclusively online, allowing the company to keep all profits without sharing with distributors.
• LinkedIn reduces costs for companies seeking headhunting services.
• Uber X or GrabCar solves the problem of taxi drivers paying intermediaries, allowing drivers to use their own cars to earn income without paying fees to taxi companies.

In the financial sector, digital currencies like Bitcoin have made international money transfers faster and cheaper, posing a threat to companies like Western Union and MoneyGram.

Method 2: Address Pain Points

If you want to create a business, it should be more like a painkiller than a vitamin. This means that what you offer must solve a problem rather than just being a 'nice-to-have.' During tough economic times, people may cut back on vitamin purchases since they are merely supplements, while medications remain in demand regardless of the economic situation.

Ask yourself: Is your service better, cheaper, easier, or faster than existing services?

• Better: For example, Dropbox helps solve the problem of data storage on thumb drives, allowing users to avoid carrying USBs and easily share files.
• Cheaper: For instance, Shopify helps entrepreneurs reduce costs associated with hiring freelancers or web developers for e-commerce sites, enabling SMEs to create their own stores without incurring fees, saving over 100 times.
• Easier: For example, Eventbrite allows event organizers to track ticket sales and manage payments more effectively.
• Faster: For instance, PeerPower approves loans faster than banks and financial institutions, with borrowers receiving approval within three days.

Method 3: Create Value from Underutilized Assets

Under-utilized inventory refers to items that are not being fully utilized. For example, a factory may have machinery that is only operating at 70% of its capacity.

Many businesses have emerged from this idea, such as:

• Lyft, which utilizes space in cars, allowing drivers who are driving alone to share rides and earn money while Lyft takes a percentage of the driver's earnings.
• AirBnB enables homeowners to earn money from rooms they are not using.
• LendingClub (operating like PeerPower in the U.S.) allows investors with surplus funds to lend money and receive monthly returns.

You should look around to see if there are any underutilized resources that could be transformed into a business like AirBnB or Uber.

Method 4: Target Specific Customer Segments

Changing technology has led to a rise in individualism, with brands striving for personalization to meet the needs of each customer. In this era, targeting the mass market is increasingly challenging. Consider products or services that cater to specific groups or niche markets, such as:

• Torrid and LANE BRYANT, which create clothing brands for plus-size individuals.
• Products for the elderly, such as jewelry and organic cosmetics.
• Northface, which targets outdoor enthusiasts and adventurers.

Niche marketing not only clarifies your brand but also allows you to create more value than products in the general market due to less competition, resulting in lower supply than demand.

Method 5: Products for Businesses

Currently, there are many business ideas that cater to end consumers, such as banking apps designed for retail customers. However, there are still business opportunities for B2B clients that have not been fully addressed. For example, B2C mobile apps often have more features and better services than those for businesses, as banks seem to focus more on solutions for end consumers.

You can think of services that address business needs to help them operate more smoothly and efficiently. For example:

• Xero is accounting software for business owners.
• Grab has launched Grab for Business to help companies track employee travel expenses more effectively.
• Ocha is a POS software that helps restaurants manage everything from front-of-house to back-of-house operations.

SOURCE: www.peerpower.co.th