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One Way to identify a business opportunity is by OBSERVATION. You must be able to observe the environment in which you live.
Think through what you see, hear, Smell, touch or feel and you will see before your eyes business opportunities that cannot be seen by an untrained eye. A good business ideal could be an Invention, a new product or Service, or an original idea or Solution.
1• Gaps in the market that you can fill .
The idea can be a need not being satisfied by the MARKET or business opportunity exists unless a business fills a gap it cannot succeed. As a developing Country, there are so many gaps in our society waiting to be filled. Once you have identified a MARKET gap, Formulate a plan of action to tap the opportunity with a good idea or product.
2• A Business Related to The Work You Do
The idea can be an acquired experience or one related to the work you do or have done. Such idea can give you opportunity to launch into an existing market. This is an easy way of getting into a business since you already know your customers or clients and where you can get them.
3• Turning an Interested or hobby into A Business:
Your talent or hobby can be a good source of business idea. Think of what you enjoy doing and how it can satisfy human needs. Interest in sports, entertainment, academics etc, Can provide a good business idea.
4• A poor Delivery of Services or Products:
A business idea could be your ability to improve the quality of a service or product in the market. If you can find a solution to a problem, People will be willing to pay for it. You have to find out what people dislike and complain about, Eg. Problem of business people, housewives, working wives, professionals, etc Related to existing goods and services.
5• An Over-priced product or service:
By researching, you can determine whether a particular product or service is being over priced or not . If you can provide such a product or service to the market at a reduced price and better quality and still make a profit, then you can have a good idea.
6. A Monopoly:
If you can discover where a monopoly exists and not protected by law then you have a business opportunity and can establish competitive products or services.
7 .Failure of a product or Service:
A product or service can fail due to many reasons. If you can find out why it failed despite the available market for it and provide the solution, then you are on your way to setting up a business.
8 An Adaptation or imitation:
You can borrow idea from existing products or services that have a Market and Create a competitive product or service.
9. An Advancement in technology:
You can cash in on the introduction of a new technology, such as GSM, the internet, etc . By providing services that can meet the needs created by this technology.
10. Invention of a product or service
A new invention can create a good business ideal by using a method no one has ever applied before.
11. Joining A Franchise Business:
A franchise business is a partnership between a franchise who License trademarks and a tested system of doing business, and a franchise who pays a fee to the franchisor for adopting the business model. Training and , often promotional materials are provided by the franchisor. This has Many advantage, one of them being the limitation of risk . As it is an already operating and proven system, it’s harder to fail as opposed to when building a Completely new business. The biggest drawback of franchise business is the lack of control. A franchise must follow the business model and has little space for creativity or innovation. A franchise business can also be very expensive to start.
12 Buying A Business:
Another way of getting into business is by buying over an existing one. You can decide to buy an existing business existing with the prospect of doing better if properly managed and funded.
There are some business that are not doing well because of poor management or lack of fund; Such business can be sold by the owners at a very reduced price. The advantage of buying an existing business is that there is a market and brand already in place for you to cash in on.
13 By Starting up in direct selling:
One way to start your own business within an existing structure is by direct selling. Opportunity for direct selling exists where a manufacturer misses out the retailler by selling directly to the customer. These Sales are usually worked part-time. The manufacturers give their salespeople various title’s, such “independent” “sales rep” ., Being involved with a direct-selling Company has many advantages over setting up a business of your own. The market research, developing and testing new products, planning, pricing, and working out sales technique are all done by the company. All you need to do is absorb their sales training and sometimes purchase a starter pack of goods to sell. The sales procedure has been written by Experts, so if you follow the training you should, in theory, be able to make sales.
14. By Network marketing:
Some direct-selling companies operate a multi-level system of sales where a salesperson can recruit other salespeople and then receive bonuses base on the performance of his or her recruits. This Way of selling is called ‘network marketing ( networking) or ‘multi-level marketing’ (NLM for short) , and it accounts for about a quarter of total direct scale. It works like this: you sell the products to friends and Contact. One or two of them might think he or she can it to his or her friends and so agree to become a distributor. By recruiting them, you earn bonuses that are dependent on their sales. It those new distributors recruit more people you get a share of their sales bonuses, too.
Whatever your idea is, you have to be sure that it fits your need as a individual, as well as a method no one has ever implemented before.