How To Discover Small Business Ideas and Opportunities
Are you interested in ways of identifying business opportunities in the environment? Are you frustrated because you can’t seem to come up with business opportunities? Sometimes it looks as if there are no business opportunities again and all the opportunities available have been taken by one entrepreneur or the other. The true is that great opportunities are everywhere, thousands of them scattered everywhere.
You just have a problem to see them, in this post, I am going to be sharing with you how you can discover quality business opportunities. But you have to do me a favour.
Do you know how to find new business opportunities? There are many fields of business as well as opportunities inherent in each. In every field of human endeavour, especially economic activities, there are always loopholes that may be exploited for profit. However, it only takes a keen, skilled and experienced eye to spot these opportunities. These opportunities are never limited to particular fields, as they are found in every field of human endeavour.
Specializations like medicine, law, accounting, architecture, pharmacy, and several others all have business opportunities which can be quite profitable if fully utilized. Being skilled in the art of spotting these business opportunities can make a big difference. However, not having the skill in spotting or discovering business opportunities is not a hindrance as the services of experts can be hired.
Get these tools out for me;
• A pen
• A paper
• A working brain.
How Do You Discover Business Opportunities
Your brain only sees what you program it to look for, if you place good attention to most business organization around you, you will notice that they all have something in common.
They are all solving problems, solving needs and frustrations. They also make an existing product better.
Amazon took the frustration of order online and made it simple, where you can now order for products and services and get it deliver in minutes or hours depending on your location. Google looked at Yahoo and made a better product.
In order to discover good business opportunities, you need to train your mind to see opportunities and frustrations, needs that have not been met and find things that can be made better.
The secret is to pay close attention to your surrounding environment and notice opportunities.
1. Start from Yourself
Have you ever felt frustrated about something? Do you ever wish there were a better way? Chances are you are not the only one feeling this way, your job as an entrepreneur is to find problems and create a solution.
Look for people saying things like;
• I hate….
• How do I ….
• This sucks ….
• I don’t like ….
• I need help ….
• I can’t find ….
• I’m frustrated…
• I wish there was ….
Find solutions to the complaints and you find yourself a lucrative business. Always take a book and a pen with you wherever you go, try to write down at least 5 business opportunities you see as you go.
As an aspiring entrepreneur, it is important you learn to experiment any business opportunities that comes your mind after you have taken time to deliberate on it. Action need to be taken so you can know if you can build a business from your research.
Apple developed the touch screen phone as a way of experimenting if people will like a touchscreen phone to a button phone. After everyone welcomed the idea, it became an opportunity for Apple to produce more and this led Apple to being the highest valued company in the world.
The experimentation method is important in order to come up with services and products that might turn out to be a best-selling product making you a multi-millionaire.
3. Use Search Engine
Have you wanted to type something on Google search and before you completed, the engine gave you some list of options? It has happened to me and it is still happening. Search engine is another way to find business opportunities or what people are looking for.
The hits you get from searching for a word shows how many are also looking for that word and this should spring up something in your mind.
4. Check out Popular Sites
Sometimes do visit top sites and forums and read their comment, readers do post their problems. Go through many comments and see if many people are also having issues on that same problems and you can check out the ones you can comfortably help with and make it available.
There was a comment I saw on one popular blog and I created an eBook course about it, sold so many copies and made five figures from it. You too can grab many business opportunities from doing the same.
Make it a point to check out various sites daily, you may find business opportunities you have never thought about before.
One good way to also discover business opportunities is by travelling to another location. Travelling opens your eyes to a new world entirely, you might discover that what may seem popular and normal in your city might be rare and not common in a new city.
Many entrepreneurs has travelled to a new country to start up a business that they saw needed when they travelled for just a honeymoon.
Travel to a new city or country if you can afford it and take a walk round the places and you will be surprised by how many business opportunities are waiting for you to start up a business with.
Hope you have learnt something from this post on how to find new business ideas, you can make me happy by sharing it with your social media friends so they too can learn from it.
Identifying Good Business Opportunities
In discovering business opportunities, there are some set benchmarks that must be satisfied. When these are met, then the business opportunity is a good one. On the other hand, any business opportunity that does not meet these criteria or features is not a good business opportunity. But what are these features? They consist of the following;
How to Find and Recognize Good Business Opportunities
- Does it meet a Need or Demand?
In order to discover a great business opportunity, the individual should be able to provide a clear and concise answer to the above question. Every business exists to meet a need or demand. Establishing a business without thinking this through will lead to the business venture hitting the rocks in no distant time. If the intended business will meet a need/demand, then there is an increased likelihood that it is a good business opportunity.
- The Profit Margin
Before establishing a business venture, it is necessary to consider the profit margin. But how is that possible since the business has not been established? By conducting feasibility studies. A feasibility study has the ability of accurately predicting the profit potential of this business. If the profit potential is low, then this business has not passed the test. On the other hand, if the profit potential is high, then this would be a great business opportunity. This is one criteria of discovering business opportunities.
For this to be discovered, a perfect knowledge of where (destination) the business is headed to, is required. This is followed by analyzing the product and services to be offered by the business, and measuring same against the goals of the business. When the two are in alignment, then the business has the chance of succeeding and going far. However, if the reverse is the case, then the business idea is discarded as it would not go far.
- Coping with Competition
Competition is an important component of any business as there are several other businesses involved in similar ventures. Hence, this creates a competition which seeks to attract the patronage of clients/customers. Therefore, this yardstick for discovering business opportunities is used to measure the business.
A good business opportunity should be able to compete favourably and stay afloat in the midst of competition. Being unable to do this will result in a bad business idea which cannot be a good business opportunity.
- Abundance of Skilled Labour and Resources
Having a business idea is not enough in itself as it requires the availability of skilled labor to handle the affairs of the business. Without this requirement, the business will not last through trying times. The availability of skilled personnel greatly contributes to the chances of the business growing. Resources (financial) are an indispensible requirement as implementing a business opportunity is impossible without finances.
- A Good Return on Investment
A good return on investment (ROI) is a criterion for discovering a business opportunity. Because every business is established with the aim of making profits, return on investment always forms a critical measurement of how good the business opportunity is. When the return on investment far outweighs the startup cost and other expenses, then there is a strong chance that the business opportunity is a good one.
On the contrary, when the return on investment is low, it disqualifies the business as setting up the business becomes less attractive and chances for meaningful profits little or nonexistent.
With the information provided here, it is believed that the knowledge required on easily discovering good business opportunities is fully understood.