Knowing the Types and Sources of Business Opportunities
Contrary to popular opinion, business opportunities abound in all kinds of economies; you just have to know where to look for it. And sometimes, you should consider creating business opportunities instead of waiting for them to come knocking at your door.
Types of Business Opportunities
There are all sorts of business opportunities to explore and which are already present in the market, but not all of them will make a perfect match for you. Choose carefully then because taking advantage of the wrong business opportunity can only cause you more financial burden.
Self-Discovery as Source for Business Opportunities
Create a Product for a Unsatisfied Need – There are a lot of unsatisfied needs in all types of markets and although taking advantage of these business opportunities promise a lot of rewards, keep in mind that they also represent greater risk. Also, be sure that your product or service satisfy needs and not wants because the former is for keeps while the latter simply come and go.
Improve an Existing Product – If you notice a particular product or service that is obviously unable to fully satisfy its target market, that situation can be immediately transformed into a business opportunity…if you have an idea on how to improve it, that is. These business opportunities represent lower risks and consequently lower rewards as well compared to those associated with creating a completely new product.
Use an Existing Product for an Untapped Market – Sometimes, business opportunities are discovered not by creativity but rather because of resourcefulness. These business opportunities definitely exist, but the process of discovering them is almost akin to creating a new product to satisfy an unwanted need. The rewards, however, are just as great. One good example for this is how a Philippine company was able to make use of coconut husks – which was once the least useful of all parts of the coconut tree – by grinding and turning them into a concrete mixing compound. It soon became not only a more affordable alternative but a more environmentally friendly one as well!
Joint Effort as Source for Business Opportunities
As they always say, two brains work better than one. And in the world of business, there are twice as much business opportunities available just as long as you’re open to working with others.
Buying a Franchise – What’s your first reaction when you see a thriving company? Do you feel envious? Do you immediately take action to become a competitor? These reactions, however, are somewhat negative, and they shouldn’t be your first and only options. Consider buying a franchise instead. And if they’re not yet offering one, approach them nonetheless because sometimes, all you need to do is name the right price and what you want will be yours.
Be an Angel – If you find it extremely difficult or impossible even to come up with a new idea for business then stop torturing your brain. Instead, find someone trustworthy to sponsor. If you feel his idea has merit, then you should provide the necessary funds and earn from his idea.
Become a Partner – Lastly, if you’re unsatisfied with the limited options that being a franchisee or investor afford you, you can always choose to take part in a joint venture. As a partner of the business, you have equal rights to affirm or veto any changes. And you don’t need to think up of any new idea for business as well! Instead, all you have to do is find a company you wish to invest in and offer a partnership. It’s always worth a try!
All the points above are not exhaustive. Share with us other ways of business opportunities.