BUSINESS

10 Sources Of Business Opportunities

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Many people have interest in business, but most people find it difficult to find the business opportunities. Despite of the fact that many of the individuals have money to invest but still they do not know what to do with that money.

There is no scarcity of ideas and there are no closed doors for opportunities. Business ideas or opportunities are everywhere in your mind an in your surroundings. Few sources of business opportunities are discussed in the article that can help in getting profitable idea.

Looking Within Yourself And Examining Skills, Talent, Passion

The very first place to start looking for business ideas and opportunities is to look within yourself. Self-examination is an important thing that can help in reaching to different decisions. It is important to examine your own skills, talent or passion that can fit into the business. Therefore, such businesses, which corresponds according to your skills is the most appropriate and are expected to be successful in future.

Keeping Up With Current Events And Ready To Take Opportunities

Staying updated with social events and modern trend is a great source for getting business ideas. These events can result in exposure to market trends, industries, new fads etc. Therefore, resulting in generation of new ideas.

Inventing New Product Or Service

Another great source of business opportunity I inventing a new product or service. Different people are creative with a mindset of thinking out of the box and solving problems with the best appropriate solution. One need to think like great entrepreneurs such as Steve Jobs, Mark Zuckerberg etc. However, for winning ideas you need to be specific on your target market and analyse the problem.

Adding Value To Existing Product

Rather than inventing a product, one can also add a value to existing product. These kind of innovations can be prove to a great source of business opportunities. Since most of the inventions has already taken place, so it is prevailing as innovation.

Franchising

Another investment or business opportunity can also be franchising. By looking on the demographics and the need for a particular service or product, one can also start business franchising. It can be really profitable since much of business modelling is not required because a person uses the rights of another retailer. Franchising can be in several business forms.

Mass Media

Mass media has become comprehensive from past few years. Magazines, TV, Newspapers etc. are a great source of ideas and opportunities. Different business are on sale and different commercial advertisements are available to choose.

Read More: Social Media Brand Awareness Tips for the Social Solopreneur

Exhibitions, Trade Shows and Expos

For discovering some of the market needed business opportunities, it is better to participate in several trade shows and expos. Mostly they can be found as advertised on newspaper or the internet. Attending these events can help building a social network and can help in gaining an exposure. It can highly help in meeting and greeting different businesspersons, which are source of great ideas.


Industrial Surveys

Another important source for a business can be industrial surveys. Since, the main point of a business is to fulfil the needs of a customer. Therefore, surveying and analysing the underlying need of a customer can help in reaching a rational decision that addresses the customer’s problem and result in a profitable business.

Listening Customer Complaints

Complaints are a part of customers’ relationship that led into development of new or improved products and services. Whenever customers report badly it means that the customer satisfaction is not being achieved and there is some issue with the product. These things can help in achieving maximum satisfaction. Similarly, on the other hand they can help in generating new business ideas for addressing problems of customers.

Brainstorming

A creative problem solving technique such as brainstorming is an amazing source of generating ideas. The purpose of brainstorming is to think as much possible ways about a particular thing that you could achieve the maximum point of efficiency. This is a highly acceptable practise and many entrepreneurs work this way. This thinking style can help in getting a lot ideas, which are not just opportunities but are profitable opportunities and worth investing.

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