How to Spot a Business Opportunity

Magnify Glass and MoneyAre you thinking about taking the leap into self employment, but struggling to come up with a viable business idea? Then perhaps you need a lesson in how to spot a business opportunity. Here are a few top tips for figuring out where to look:

Have Your Finger on the Pulse

Keeping your eye on market trends and learning how to predict what people are going to want next is one of the most valuable skills for an entrepreneur to learn. Are there any new technologies coming out? How is internet usage evolving? Are there any trends emerging in your industry that you could jump on? Could you take advantage of something in a way few people have yet to do?

Be the First

That brings us to our next point: if you spot something that could be turned into a viable business, but no one else has done anything about it yet… run with it. Be the first. Being the first isn’t necessary for a successful business, and is often the riskiest way to start out, but if you come up with something good and are the first person to put it out there, you’re onto a winner.

Meet Your Own Needs

Is there something you wish existed? A product or service that would revolutionize the way you do something specific in your life? Well, chances are other people feel the need for that thing too. So what are you waiting for? Why shouldn’t YOU be the one to make it happen?

Look for Businesses that are ALREADY Successful

You might worry about competing against successful businesses, but the fact is, if a business is successful that means there’s a demand for whatever it’s selling. And if a business has plenty of customers, that means there’s room for you in the marketplace too… if you’re good at what you do. Many people count themselves out of the running, because they’re afraid there are other, more qualified people will who will bulldoze over them and leave them without a hope of succeeding. That’s good news, because it means there are less competitors for you.

Look Out for Crises

With any crisis, comes opportunity. New problems need new solutions, and if you’re on the ball, you could be the one to provide them. The housing crisis meant more people were turning to rental accommodation… so new letting agencies and landlords sprung up. During the SARS crises, the price of gas masks rocketed. War, natural disasters, economic downturns… all hold business opportunities if you’re willing to look for them.

Question Everything

Just because things have “always” been done a certain way, does not mean they should continue to be done that way. Without people like Steve Jobs and Bill Gates, we wouldn’t have iPhones or Windows computers… both things that have revolutionized the way we do things. But they didn’t invent the first mobile phones or computers, they simply improved on what was already there. If you’ve ever used a tool or service and thought there was a better way it could be done (and we’re betting you have), you were staring a business opportunity right in the face.

All you have to do now is act on it.

Alex Sebuliba is the Marketing Coordinator for Property Franchise, he enjoys reading writing and sharing anything to do with starting a franchise or searching for business opportunities.

Image courtesy Images Money

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1 Comment

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