One of the hardest things about starting a business is identifying a business opportunity. A common misconception is that you have to create a new idea. This isn’t always the case, and most successful business ideas take from an existing one and innovate it. Here are some tips on how to identify business opportunities.
Look at what is already out there and selling:
When trying to find a business opportunity, the easiest way is to see what is already selling. Do some research, and if there are any recurring themes and pricing varies, look at what is in demand. Check reviews and what is working and how you can improve on that.
Evaluate personal problems:
If you’re having issues with something, the chance is other people who share this same issue. For example, you use a tool daily, but you find that it could be improved, so you try to find solutions for these issues and improve the product. This will help you to brainstorm new and better ideas.
What do people come to you for advice?
A great way to identify a business opportunity is by asking yourself internal questions like “what do people come to me for advice on”. If these are skills you can monetise, it shows people have issues and trust you to solve them.
Think of what people with similar backgrounds do
People come from different professional backgrounds; Finance, Technology, etc. Do a Google search to find business ideas relating to your background, and see what ideas you can find. Similarly, you can keep an eye out for what is trending in your industry.
Or analyse other industries:
Being in one industry doesn’t mean you can’t explore and branch out to others. Many businesses diversify and expand, and you can do the same and take advantage of the business opportunities in other industries.
Use your passion
Outside of what you do as a profession, what are you passionate about? Is it cooking, designing? That’s a business opportunity. With your passion, you can grow a business to its full capacity.
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