Updated: Aug 31, 2020
The idea of owning your own business is so exciting!
If you are looking for business opportunities this year, 2020, you have to think of something that your target customers would value-- something that's related to what people face on a daily basis. Creativity (development of fresh/new ideas) and innovation (implementation of creative ideas leading to new or improved products or services) are of utmost important to your business success.
Creativity and innovation can be applied in solving an existing problem, inventing new products or services, improving customer experience or satisfaction on existing products or services in the market, producing products or services where there is less supply and more demand, and others.
Techniques to Find Business Opportunities
1. Research business trends worldwide and locally. In searching for a business to start, you must first decide whether there is an emerging trend on that market and determine whether it is really a trend or just a fad--something that will soon fade. It would be easier for you to grow you business if you offer hot products or services that consumers will most likely use long term. Hence, keen observation skills are important. Remember that the business world is constantly evolving and you need to capitalize on that.
Furthermore, in terms of trends, you need to monitor business ideas relating to:
Economic trends- aging population (Baby Boomers), conservation of resources, population of Generation X, Millennials and Generation Z
Technological advances- smartphones, camera technologies, digital marketing (blogging/ vlogging),
Changes in laws- consider laws related to health and business/ consumerism
Reading business articles from updated and reputable entrepreneurial websites, such as Entrepreneur.com, Forbes.com, and Bloomberg.com, is a good way to start your research on business trends on international and local levels. You can also look into social media groups (Facebook, Pinterest, LinkedIn, Twitter) and blogs to see what people are up to lately.
2. New approach to deliver products or services already existing in the market. As cited earlier, creativity and innovation are indispensable elements of successful business management. Think in terms like: How can I make it fun, unique, exciting, convenient, new, simple, or updated?
3. Identify problems people often face. Everyday, people have something to complain about. You may even start looking into your own problems. Examine if it is common to most people and determine what possible solutions can be done. Take these problems as opportunities to develop business concepts.
4. Fill the gaps. Have you ever searched for something in the market (that you really need to buy) and found it so hard to find? You can turn that experience into a business opportunity! Research the market whether you have a market to serve and determine how you can converge that need to the emerging trends as influenced by economic, social, technological and law-related factors.
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