How to Spot a Good Business Opportunity

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By: Ana Margarita Olar| Executivechronicles.com

Are you planning to put up a business this year? Do you have any idea on what business venture you would try? If not, here are some tips on how to spot a good business opportunity:

THINK ABOUT NECESSITY

Necessity is the mother of all invention.” We can also say that when there is a necessity, there is a business opportunity. Remember any enterprising or business venture must answer a particular human need. It may be a service or a product. When you think about business, think about what your target market needs or wants.

CREATE A NECESSITY

If you cannot identify a necessity, or it looks like every current business in your area have answered all the necessity, then you must create one. A business opportunity will spring if you can convince the customer that they need your product. If you have a good sales talk and convincing power, you’re up for a good business opportunity.

Business Opportunity (2)

STUDY ABOUT DEMAND AND SUPPLY GAPS

You have to find out how a present demand for services or products is being met. Even if there are already existing business establishments in your area, a large gap between the supply and demand can still be a good business opportunity. By studying these gaps, you will identify a good business opportunity. You can also avoid venturing into an already saturated business.

LOOK FOR BOOMING AND BLOOMING BUSINESSES

Aside from demand and supply gaps, you can also look into booming and blooming businesses. Booming businesses are those products or services with high demand. The examples are endless: food cart business, poultry business, a hardware store, etc. you can also look for a booming business, where one business opportunity springs into another. Examples are a spa where you can also sell beauty products, a poultry business where you can also put up a fast-food business, etc..

STUDY WHAT BUSINESS WILL WORK IN YOUR LOCATION

Do you have a vacant lot, a farm, or a limited space in your garage? No matter how big or small your space is, you can still find a good business opportunity. It is good if you can put up a business right on your own location. This way, you can cut off the start-up cost because you don’t have to rent a business space.

Those are just some ways on how to look for business opportunities around you. Put your heart in seeking to help other people through your products or service. This way, you can spot a business opportunity that suits you best.