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How to identify a good business opportunity

by The Ghana HIT

To succeed in the entrepreneurship sector, you need to be alert and creative enough to come up with new opportunities or even identify new ones. You can recognize a good business opportunity regardless of your skills, talents, or even passion. The process of identifying a good business opportunity involves understanding your environment first and then finding any gap that turns out to be a successful business. The ideal ways of identifying a good opportunity include;

Identify any existing gap.

A gap is a difference between the demand and the supply of a particular product. Identifying an existing gap involves finding out what customers want but are not getting it. This can quickly increase the number of customers you serve. Customer information is very significant and can quickly help you identify key business opportunities or expand an existing business.

When talking to your customers, pay attention to what they say about particular commodities and the entire industry. Listen to the frequently asked questions, any complaints, feedback, and experiences. You can even identify gaps in the things your friends, family, or colleagues want to buy, but they are not able to get them because no one is supplying them. Additionally, you can survey your target audience and market.

Use your skills and talent to come up with business.

Your skills and talent can turn out to be a perfect business opportunity. Some people have more than one talent; therefore, it is good to identify your favorite talent that can efficiently market yours depending on the existing market gaps. Most skills do not require any capital to set up a business, but there are some that require capital. For instance, most people work from their home, those who are good at art and plaiting. Others make their business mobile by moving from one client to another.

Offering a solution to an existing problem

Coming up with a solution to any problem facing other entrepreneurs and customers can be a great advantage to your business. Some clients desire better services, and since no one in the market provides such services, they end up settling up for whatever is being provided. Such problems occur when the target market is very small or the capital for initiating such business is very high. For instance, most customers want to feel secure and therefore identify any insecurity issues, and then coming up with a solution can be a huge benefit to your business.

Refining an existing idea

Introducing a new business idea or entirely new commodities is somehow tricky. Improving an existing idea can turn out to be a very significant business opportunity. Adding some features to an existing product to address the needs of your target audience and markets can quickly increase the base of potential customers. For instance, if your competitors only sell fruits, you can start blending juice and selling it cold, especially during the hot season; this makes your business stand out from other businesses and therefore make good profits. The additional features make the business more lucrative.

Search for industry trends and insights

You can follow industry experts on social media, join any relevant associations, set a Google reminder for significant industry updates and terms, or subscribe to industry publications. Be committed to your business and industry and constantly educate yourself about any emerging trends and techniques in your field.

Consider what your competitors offer.

You can conduct a competitive analysis to know what other similar businesses offer and what they don’t offer. Understand why some customers prefer their commodities over yours. This survey can easily help you identify new business opportunities to increase your market reach.

There are various ways of coming up with a business idea; however, supporting the idea always relies on the quality of the commodities you are offering and how well the business idea is implemented. Additionally, delivering quality customer services consistently increases your target market.

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